Seems like someone just burst the recent bubble 2 March
After weeks of gold/commodity related support but with many traders questioning the defying of gravity someone has just decided to burst the balloon as gold and oil both retreat with USD demand also prevailing.
AUDUSD down to 3 week lows 0.7616 in a rush having breached Asian lows of 0.7643 and triggering stops. NZDUSD down to 6 week lows of 0.7096 having breached 0.7130. USDCAD is also up to 6 week highs of 1.3375
Expect demand on AUDUSD into 0.7600, NZDUSD into 0.7080 and res/offers on USDCAD into 1.3400
Gold down to $1242.83 Brent crude $55.95 WTI crude $53.44
Patience can often be a virtue it's said. I hope the commodity related bears amongst you were patient enough to reap the rewards.
GBPUSD and EURUSD also on the back foot again as the USD demand continues.
