Today I wanted to look back on some of the charts that were discussed in the last few weeks.
First up is the Australian Dollar, which has been falling for a couple of weeks. On August 21st we looked at the rising channel that the Aussie had created as well as the sideways action in momentum based on the RSI indicator. We saw momentum and price breakdown, taking $XAD down almost 3%. From here, momentum has flipped over and is approaching a level that has shown $XAD to be oversold, we’ll see what happens if and when it gets there. There is still some fundamental impacts that could affect the price action in the Aussie Dollar as the RBA considers taking action to help prop up their struggling economy.
Next up is natural gas. We’ve been watching the ping-pong match happening between the 50-day and 200-day moving averages. We had a slight break below the 200-MA before we see the spot price of nat gas bounce back up to its 50-day.
