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Market Recap: 29 July - 2 August



On Tuesday last week we covered AUDUSD which spent the remainder of the week falling sharply down to its lowest level for this year around 0.6750. This simply continued the strong fall from above 0.7050 however many would have considered the 0.6850 to offer strong support like it has had done on two occasions is as many months. It was only a week earlier that the AUDUSD surged strongly back up to the current key level of 0.7050 as it then looked poised to threaten this level and possibly move higher.

Two weeks earlier it tested the level as it reached a seven week high on the back of a steady climb higher over three weeks as it moved from support at 0.6850. Whilst this level has helped prop up the currency pair twice in the last two months, now that it has been broken, it may now offer some resistance.




We also covered the US30 index which spent the remainder of the week falling sharply to a two month low below 26500, after not so long ago reaching an all time high. In falling as sharply it has returned all of its gains from the last two months. Before its recent surge higher, the index had consolidated a little in a narrow range roughly between 26500 and 26900, and it has used that period of consolidating to great effect pushing higher to the new highs. It may now receive some support from around 26500 and consolidate again. The consolidation is also of little surprise after its price action over the few weeks beforehand. Several weeks ago the US30 index rallied strongly to return to back above the 25000 level and continue beyond another key level in 26000 to reach a then one month high, before consolidating a little and enjoying some support from 26000.




Last week the EURUSD finished the week rallying a little higher to return back above the 1.11 level. For the last month or so, it has been one way traffic lower. In the last three weeks the EURUSD has fallen sharply and push through any support at 1.11 and fall to its lowest levels in more than two years. It had been enjoying some solid support from the key 1.12 level again after rallying and trying to push through the other key level of 1.13, although the 1.12 level may now be another layer of resistance the EURUSD has to work through if it is to rally in the near future.




To finish out the week we covered XAUUSD which finished the week trading near its six year highs.  In the day earlier, gold surged higher off support at $1400 towards the recent six year high above $1450, which was reached two weeks ago.  It has been well supported by the $1400 level for the last month or so, and any time it has moved lower, it has been quickly bought up and supported, pushing it back above this level. In late June, gold enjoyed a strong surge higher through resistance at the $1350 level, which had been repelling prices despite multiple rallies to push through that level, after having provided stiff resistance to gold on numerous occasions in the last couple of years.  The $1350 level is now likely to offer support to gold should it decline from its current levels.

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