The 0.7050 level has also played a key role in the last few months first providing resistance to the AUDUSD and more recently supporting price. Should the support at 0.7050 fail, this level may reverse roles and provide some resistance again. The 0.6750 and 0.6850 levels are also a chance to support the AUDUSD should they be called upon.
We also covered the US30 index which spent the remainder of the week rallying a little back to the key 28000 level, after dropping sharply through it from a six month higher above 29000 back to a one month low near 27000. Any support received at 28000 was convincingly broken after having provided some support for a few days. It had previously broke through the key 28000 level which provided stiff resistance for more than one week, on its way to the high, and this level may provide some resistance again. For a few weeks in July the US30 index meet resistance at another key level of 27000 whilst bouncing off support at 26000, and the 27000 level is highly likely to offer some support to the index if needed. For the most part of the last two months, the US30 index has traded in a range between support at 25000 and resistance at 28000.
In the last week XAUUSD has moved very little trading in a narrow range just above strong support at the now key $1900 level. Several weeks ago, it fell sharply from its all time high around $2075 however it was stopped well by strong support around the $1900 level which has been able to buffer the fall and allow it to consolidate in the time since, even allowing it to rally back above $2000 before returning to support. In the second half of July, gold exploded higher surging to its all time high with few detours. In the last two months or so it has steadily climbed higher off support at the key level of $1675, before the recent surge and consolidation. Just before its recent surge, XAUUSD consolidated around eight year highs above $1800 after moving steadily higher in the previous few weeks, and this level may provide some support should gold fall back through support at $1900 and decline from its current consolidation.
To finish out the week we covered the GBPUSD which finished the week at its lowest point in six weeks below 1.28 after falling sharply from a nine month high near 1.35 down through some key levels. Several weeks ago, the GBPUSD made repeated attempts to break through the significant level of 1.3250 which had repelled prices, before breaking through and reaching the nine month high. It was quickly rejected near 1.35 and then was quickly sold off. The resistance level at 1.3250 didn’t offer much support on the way down and then the other key level at 1.30 was also broken through quite quickly. Just prior to the surge in July, 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, whilst enjoying support from the 1.25 level. The 1.2650 level may be called upon soon to offer some support should the GBPUSD continue to decline.
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.