Market Analysis: Gold and Commodity Currencies Resume Their Decline


Despite the fall in the US CB Consumer Confidence Index for September and the decline in new home sales for August yesterday, one could observe a strengthening of the dollar in major currency pairs. It is worth noting that in addition to the decline in the euro and pound, commodity currencies with precious metals are also approaching current annual minimums.


The US dollar/Canadian dollar currency pair yesterday managed to gain a foothold above the important level of 1.3500. If today dollar buyers manage to gain a foothold above the alligator lines on the daily timeframe, a test of the upper fractal at 1.3690 is possible. In case of a rebound from 1.3520-1.3540, the price may test the lower fractal at 1.3380.

Important for the pair’s pricing will be today’s publication of basic orders for durable goods in the US for August, which is scheduled for 15.30 GMT+3. It is also worth paying attention to weekly data on crude oil inventories in the United States, the publication of which is due at 17.30 GMT+3.


Despite the slowdown in the Chinese economy, the AUD/USD pair remains confidently in the range of 0.6400-0.6500. For more than six weeks, Aussie buyers have been holding the area of 0.6400-0.6350 as important support; if, in the coming trading sessions, the price updates the current annual low, the beginning of another downward impulse in the direction of the extremes of 2020-2022 is possible. Cancellation of the downward scenario can be considered if there is a confident consolidation above 0.6600.

Early tomorrow morning, we are waiting for data on retail sales in Australia for August. Analysts predict an increase in the indicator, which could lead to a corrective pullback in the pair.


A repeated test of resistance at 1947.00 with the XAU/USD pair contributed to the formation of a sell reversal bar on the daily timeframe. At the moment, the signal is being processed; the price has gone below the alligator lines. In the case of a positive news driver for the American currency, we can expect a test of the recent low at 1884.00. Tomorrow's news on US GDP for the second quarter will be important for the pair's pricing.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

Start trading commodities with tight spreads. Open your trading account now or learn more about trading commodity CFDs with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Falls to Its Lowest Level Since Mid-August EUR/USD Analysis: Price Reaches the Level of 1.1000 Market Analysis: EUR/USD Extends Rally While USD/JPY Nosedives USD/JPY, GBP/USD, and EUR/USD Market Analysis: The US Dollar Continues to Fall Market Analysis: Australian Dollar Reaches Its Highest Since Early August

Latest articles

Forex Analysis

EUR/USD, GBP/USD, USD/JPY Analysis: US Dollar Falls to Its Lowest Level Since Mid-August

EUR/USDThe euro strengthened on Monday as the dollar fell on expectations that the Federal Reserve will not raise rates again. Traders this week will have to weigh data on how the US economy performed in the third quarter, as


NASDAQ Composite Index Heralds a Fine Time for Tech Stocks

In the ever-fluctuating landscape of financial markets, the NASDAQ exchange, home to some of the world's most prominent technology stocks, has been a bastion of volatility over the past two years. This week, the NASDAQ index continues its upward trajectory,

Trader’s Tools

Fibonacci Retracement Strategies

Fibonacci retracements are a cornerstone in the toolkit of many traders, offering a mathematical approach to identifying potential areas where reversals may occur. This article delves into the intricacies of using Fibonacci retracements, covering everything from basic understanding to strategies

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.