Is gold predictable now, at all? Let's consider some facts and observations.
AUD/USD: 11-year lows
Information is not investment advice
Performance in 2020: -6%
Last day range: 0.6582 – 0.6620
52-week range: 0.6582 – 0.7203
Rarely a monthly chart adds much value to short- and mid-term assessments of a currency pair performance. But not this time. Currently, the AUD/USD is at 0.6617. The last time it has been this low was March 2009. 11-year low! That tells something.
The country of origin for 24% of Australian imports is the same as the destination for 35% of exports - China. And now China is hit by the virus. Consequently, Australia gets hit as well. That doesn’t answer why the AUD has been in decline against the USD since 2011, but it does tell us what the mid-term direction for the currency pair will be. Add there state-wide bushfires resulting from climate change, and you will have even more certainty.
Gold has been losing value lately. But recently, it is back up. Is it a good time to buy?
S&P falling this much, this stock falling that much... Not all the stocks are like this! Some of them keep standing and defying the virus damage.
AUD looks stronger, RBA keeps the rate steady. How positive is the picture?
On the H4, we can see that EUR/USD has found a temporary bottom in the 1.0770 area. The pair is now trading above the former short-term resistance line going down from March highs (1.0835).
The USD/CAD price has been falling down since March 19. What are the reasons?