GU broke a long term trend line on the Daily chart, sending price below support around 1.30460s. Today's rebound happened synonymous with the US market, which occurred for no clear reason other than investors might have been looking to buy up to level out their accounts before another major sell off. GU also sank with poor news on Brexit which may continue GU's decline. Possible short setups look clean at 1.30460s.
This pair looked to be recovering off the 200 period moving average on the 4H chart, but it is now showing some clear rejection from the candles. Gold is still trading mostly sideways so, there is a different reason for the pair to continue its dip below highs. We have a short term bearish sentiment on this pair as Aussie is still favored by most investors, but a down trend looks probable in the short run.
The 4H chart shows clear rejection on that falling trend line, but a lot can change from now until market open. Jobless claims reports, which have been major drivers of market direction, is expected to be a little lower than last week's. This could be a good sign for bulls if claims are as expected or better, but a greater problem looms: big tech is now losing momentum after a long August run. A break in that trend line would be good news, although it does not look like it has enough momentum to carry passed that level. Shorting the market is always too difficult as the market tends to sell off hard before it recovers twice as much. With the newly mounting millions of retail investors trying to place a stake in the game this year, strategists see this as a possible concern for the market since it's brought stocks up to well overvalued. What we may likely see over night on smaller time frames is the price creep up before a big sell, and repeat.
Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.
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