Today we saw a sizable retrace of the AUDUSD pair to the upside for well over 170 pips. We did, however, hit a key fib level and are now starting to see the downward momentum pick up once again. We expect this pair to continue its downward move and re-test or break the key 0.8100 level and continue to sell on spikes short-term. Coinciding with this key break lower, we expect the short term price of gold to fall slightly from it’s highs, with targets in the $1200/ounce range.
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Until next time, happy trading!
Jason Gospodarek, OD
www.FastPips.com
www.ForexImmersion.com
