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Nial Fuller

NIAL FULLER
Professional Trader, Author & Trading Coach

Market Commentary: AUDUSD Sells Off, Spot Gold Weakens, 7th May 2013

Trading Setups / Chart in Focus:

AUDUSD – Aussie/dollar breaks down toward key support

In recent commentaries, we’ve discussed the potential for the AUDUSD to move lower and retest key support down near 1.0100. Today, the market lost significant ground and broke down and out of its recent trading range between 1.0350 – 1.0220, ending the day at 1.0182. If this current weakness continues, we could see a re-test of key support down near 1.0100 soon. Traders can look for two potential scenarios in this market in the coming days; the first one is to look to trade with the current bearish momentum if the market rotates back to resistance and forms a price action sell signal. The second scenario is to watch for an obvious / large price action buy signal from that 1.0100 key support area if the market does indeed move lower and tests it soon.

audusd

Spot Gold – Spot Gold hesitating below resistance after fakey

The Spot Gold market has had trouble closing above $1,485.00 over the last couple of weeks and we can see in the chart below a bearish fakey setup formed last week, showing a false break and rejection of that resistance up near $1,485.00. We’ve been talking about this fakey setup recently in our members commentary and discussion forum, and there’s still potential for the market to fall lower from it if this current weakness persists. Key support is not seen until down around $1,360.00 – $1,330.00 area, so if this market does come off to the downside we could see a quick re-test of that support. Alternatively, a move back above $1,485.00 would nullify the fakey and open the door for more upside.

xauusd

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Forex Commentary:

In the currency markets today, the Australian dollar dropped 0.7% today against the U.S. dollar as Australia’s central bank cut its key interest rate.

The euro ended today basically unchanged against the greenback after rallying modestly intra-day but paring gains into the NY close.

The U.S. dollar lost slight ground to the Japanese yen today.

Other Markets:

In the U.S. markets today, The Dow closed above 15,000 for the first time ever and the S&P 500 moved up to another record high as German industrial data was stronger-than-expected and more investors bought into the up-trend in equities.

The Dow added 87.31 points, or 0.58 percent, the S&P 500 gained 8.46 points, or 0.52 percent, and the Nasdaq added 3.66 points, or 0.11 percent.

Upcoming important economic announcements (New York time): 5/8/2013

Tentative: China – Trade Balance
3:15am EST: Switzerland – CPI m/m
6:45pm EST: New Zealand – Employment Change q/q
6:45pm EST: New Zealand – Unemployment Rate
9:30pm EST: Australia – Employment Change
9:30pm EST: Australia – Unemployment Rate
9:30pm EST: China – CPI y/y

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About Nial Fuller

is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. In 2016, Nial won the Million Dollar Trader Competition. Checkout Nial's Professional Trading Course here.
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