Originally published by AxiTrader
AUD/USD has lost some momentum above 0.78, but remains well bid and the technical outlook is positive. Expect strong support in the former major resistance area between 0.7740 and 0.7750. A clear bounce off of that area would confirm the bullish outlook and signal another rally towards at least 0.7850.
USD/JPY has come under increased pressure following the rejection at 114.50 resistance. However, the currency pair has been performing quite well given the current broad US dollar weakness. Solid support is noted at 111.80, where the 200 DMA lies, followed by 112.25 (close to the 50 % Fibo of the June rally).
GOLD is looking increasingly bullish following the break above $1232 resistance. However, the short-term downtrend remains intact and gains might be limited to $1250 in the near-term. Also expect resistance in the form of the falling trendline from the May high.
