Leading in to that range, the AUDUSD had spent several weeks pushing higher to reach 0.7050 however it ran into a wall of resistance, as it had previously offered stiff resistance to the AUDUSD last year, reinforcing how significant that level is. It has since enjoyed support from another key level in 0.6850 however should support at 0.6850 fail, then the 0.6750 level is also likely to step and offer some support having been a significant level earlier in the year.
We also covered the US30 index which spent the remainder of the week moving very little and finding support at the key 26000 level. In the last week or so, the US30 index has eased away from resistance at the key 27000 level, which has stood tall for the last two weeks now. In the few days leading up to the resistance, the US30 index pushed higher through the 26000 level reaching its highest level in three weeks, before running into a wall of resistance at 27000 which has applied significant selling pressure on the index. In the last month or so it has enjoyed solid support from another key level at 25000, while receiving some resistance from 26000 remaining in a range between these levels, up until the break three weeks ago. Several weeks ago, the index fell strongly after having moved strongly higher through the key resistance level at 25000 and 26000 on its way to a three month high above 27000.
In the last week or so XAUUSD has exploded higher surging to its all time high above $1980. In the last month or so it has steadily climbed higher off support at the key level of $1675, before the recent surge. Three weeks ago XAUUSD consolidated around eight year highs above $1800 after moving steadily higher in the last few weeks. It consolidated well for three months being well supported by the key $1675 level, which set up conditions for the recent push higher. Just prior to the recent move higher, gold was trading in a very narrow range around $1730 after having recently bounced off the solid support at $1675, and the $1730 level may provide some support should it decline. In the few weeks prior, gold had eased a little from its then eight year high around $1765 back towards the key $1675 level. At the start of May, gold rallied higher to reach an eight year high above $1760, again off solid support at $1675.
To finish out the week we covered the GBPUSD which finished the week consolidating around a five month high near 1.31, after surging higher the last two weeks. Just prior to the surge, it was meeting resistance at the key 1.2650 level, remaining within a narrow range consolidating between another key level of 1.25 and 1.2650. During this time, it has met some support from the 1.25 level.Any of these levels are potential support levels should the GBPUSD move back down through 1.30 and decline further. Several weeks ago it had also been well supported by another key level of 1.23 allowing it to return to back above 1.25, whilst the 1.25 level had offered some resistance during this time too.
The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.