Intraday Analysis – Gold still in correction

Jing-Ren has extensive experience in currency and commodities trading. He began his career in metal sales and trading at Societe Generale in London. He went on to work as a senior analyst within the FX industry where he developed and refined his own trading and risk management strategies. Having a solid understanding of market dynamics, he founded his own research and asset management services and works with Orbex to provide timely market commentary on the global financial markets.

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The Australian dollar fell after the RBA held interest rates for a second straight month amid cooling inflation. The pair’s previous struggle to stay above 0.6720 forced buyers to liquidate their positions in a sharp sell-off. A subsequent bounce has failed to turn the tide by stopping short in the former accumulation area around 0.6740. The daily support of 0.6600 is an important level to see if buyers make their way back or the Aussie could retreat into a M-shaped dip towards 0.6500. 0.6660 is the first hurdle to lift in case of a rebound.

NZDUSD tests support

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AUDUSD falls back

The New Zealand dollar slipped after an uptick in the Q2 unemployment rate. A break below the demand zone formed by a consolidation area in early July has brought into question the validity of the rally last month. A brief bounce hit resistance at 0.6220, suggesting that the path of least resistance might be down. A fall below 0.6120 would expose the daily swing low of 0.6050. The RSI’s oversold condition may attract some bargain hunters but the buy side will need to clear 0.6220 before they could push back.

XAUUSD struggles for support