AUDUSD may see limited bounce

The Australian dollar continues to struggle as a proxy to China’s slowing growth. The price has remained under pressure after it broke below May’s trough around 0.6500. Consecutive lower lows are a sign of bearish momentum which may continue to attract sellers. 0.6330 is the next target and its breach would expose last October’s low of 0.6180. As the RSI recovers into the neutral area, profit-taking has driven the quote higher, but 0.6480 is the first hurdle where bearish trend followers are expected to jump in.

XAUUSD struggles to bounce

Gold retreats as the dollar holds onto recent gains ahead of the Fed’s Jackson Hole. A break below the daily support and the psychological level of 1900 has put buyers on the defensive, confirming the bearish MA cross on the daily chart. 1880 is an intermediate support and 1870 at the base of a breakout rally in March is a key level to see if buyers return. Otherwise, bullion might sink towards 1800. On the upside, 1900 has turned into a fresh resistance level and only a close above 1920 would make a rebound sustainable.

GER 40 tests major support

Technical buying helps equity markets stabilise after a global sell-off last week. The Dax is testing the July low of 15470, a critical support to prevent a prolonged correction to 14700. A combination of bargain hunting and short-term sellers’ profit-taking has led to a bounce with 15790 as the first hurdle to clear to ease the downward pressure. Then the top of a previously faded rebound at 16050 is the ceiling to lift to help the bulls regain control. 15570 is the closest support to keep the current momentum intact.

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