AUD/USD

The AUDUSD has once again returned to test the key price range of 1.02-1.04, pulling back from the recent slide down to .9900.  The 50 and 200 EMA curves have converged and are moving sideways, indicating the market is largely trendless.  A break below the recent .9900 swing low could indicate a resumption in the downtrend, while a break through 1.04 would mark an attempt to move higher.

USD/CAD

A large consolidation triangle is forming in the USDCAD, as the price range between peaks and valleys grows increasingly narrow.  Price is currently consolidating just below the 50 EMA, and is likely to push down slightly towards the lower triangle line, before attempting another bounce.  A break below the lower line would mark a significant breakout, but would need to cross the 200 EMA to indicate a real change in direction.

Gold

After plunging in early December, gold pulled back slightly, tagging both the 200 EMA and resistance near 1625, before reversing lower.   A break below last week’s swing low is likely, and could trigger another round of fierce selling.  Conversely, a break back above the 1625 level would warn of a potentially larger pullback.