By Orbex
XAUUSD tests trendline
Gold continues on its way up as investors seek to hedge against inflationary pressures. The rally picked up steam after a break above the triple top at 1833. Price action is grinding up along a rising trendline.
The bulls are pushing towards 1884, a major resistance where last June’s sell-off started. Strong selling pressure is possible in that supply zone as short-term buyers may take profit and reassess the directional bias.
1855 on the trendline is the first support. A bearish breakout may trigger a correction to 1823.
AUDUSD breaks above bearish channel
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
The Australian dollar softened after the RBA minutes reiterated that there will be no rate hike until 2024.
The pair has found buying interest at the base of October’s bullish breakout (0.7280). A break above the falling channel indicates that sentiment could be turning around.
0.7390 is a key resistance and its breach could prompt sellers to bail out. In turn, this would raise volatility in the process. Traders may then switch sides in anticipation of a reversal. An overbought RSI has so far limited the upside impetus.
GER 40 rally gains traction
The Dax 40 climbed after upbeat retail sales and industrial production in China lifted market sentiment.
The index is seeking to consolidate its recent gains after it cleared the previous peak at 15990 which has now turned into support. Sentiment remains optimistic and 16300 would be the next step.
An overbought RSI on the daily chart may temporarily put the brakes on the bullish fever. But a pullback may once again attract a ‘buying-the-dips’ crowd above 15990. A deeper correction may send the price towards 15770.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- The diplomatic deadlock between the US and Iran is undermining investors’ appetite for risk Apr 23, 2026
- EUR/USD Falls for Third Day as Geopolitics and Strong Dollar Dictate Terms Apr 23, 2026
- Negotiations between the US and Iran have failed. Oil prices are back above 90 dollars per barrel Apr 22, 2026
- USD/JPY Pulls Higher: Yen Doubts Bank of Japan Apr 22, 2026
- NZD and CAD strengthen amid rising inflationary pressure Apr 21, 2026
- Pound Declines Amid Geopolitics and Political Risks Apr 21, 2026
- EUR/USD Starts the Week Higher, but the Outlook Remains Unstable Apr 20, 2026
- The situation in the Strait of Hormuz remains uncertain Apr 20, 2026
- The CHF exchange rate has reached a 15‑year high – the SNB signaled readiness for active currency interventions Apr 17, 2026
- USD/JPY in Positive Territory: Yen Erases All Weekly Gains Apr 17, 2026
