From the fundamental point of view the biggest attractions we do have in Australia and UK. First one were the minutes from the RBA which gave the boost to the AUD. Second one was the CPI data from UK, which negatively influenced the GBP.

GBPUSD before that data was doing great. We just made new mid-term highs and we were on a yearly tops but the worse CPI caused the price to decline. Currently the situation is more bearish in the short-term as we do have a double top formation and a false breakout in the same time. The price could not hold above the 1.3040, which opens the way to the mid-term up trendline, around 90 pips lower.

USDCHF after three trend continuation patterns is continuing the movement south. Currently we are crashing through an important support and we cannot see any bullish reaction. With this momentum we should get to the next one, 45 pips lower, easily.

Gold is using the weaker USD but we are about to test a strong looking resistance. It is created by lows from the end of June and by the 38,2% Fibo. If the demand for the Gold is driven mostly due to the weaker dollar I do not see any chances for the breakout here.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

This article was originally posted on FX Empire

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