Originally published by AxiTrader
AUD/USD still remains resilient despite several failures at 0.77 resistance. It is currently consolidating within a channel, and the short-term outlook remains mixed. It would need a clear break below 0.75 support for short-term techs to switch to bearish, while the major obstacle for AUD bulls remains the 0.7700-50 area.
AUD/USD
USD/CAD is trading within a rising channel, and had a bounce off the lower trendline today. Techs remain bullish, as the pair continues to post fresh highs (despite rising Crude Oil prices) and it is still not in overbought territory. However, keep an eye on that trendline and support around 1.3050, as a break below would confirm the top at 1.3310 and pave the way for a move back into the lower 1.28s.
USD/CAD
The Mexican Peso rallied sharply on Monday, as the market saw the odds of Trump winning the election as decreasing. The outlook for MXN/USD remains positive overall given a number of factors (rising oil prices, higher odds for Clinton winning the election, extreme short positioning and bearish technicals), but traders should be cautious, as weekend gaps usually get filled during the same trading week. Friday's close lies at 19.30, and for those looking to short USD/MXN, it might be better to use a rally towards that level instead of chasing it lower.
USD/MXN
Crude Oil is approaching a major resistance level at $51.62. Momentum continues to be strong, but the RSI is not showing overbought conditions yet, suggesting Oil has further room to advance. A daily close above $51.62 would be a strong signal, and suggest that a move towards $60 is possible.
WTI
Gold had a rough week. It has been able to bounce off $1241 support on Friday though, and extended gains to above $1260 on Monday. Overall, short-term techs remain bearish and selling interest is likely to be high ahead of the $1300 level.
Gold