AUDUSD RSI bearish divergence + Major resistance level
TECHNICAL
As you can see on the chart, there is a bearish divergence on the RSI. You can also see that the area above 0.7721 was tested many times and faced rejection every single time.
FUNDAMENTAL
The Australian dollar is correlated with China and gold because the country relies a lot on exports of raw material to Asia.
On China...
China’s gross domestic product expanded by 6.7% in the first quarter from a year earlier, down from a 6.8% reported gain in the previous quarter, the National Bureau of Statistics said Friday.
The figure was in line with a median 6.7% increase forecast by 14 economists polled by The Wall Street Journal. It was the slowest quarterly growth for China since the first quarter of 2009, when the economy expanded 6.2% from the year-earlier period.
On gold...
XAUUSD is trading at an interesting level and my outlook on the metal is bearish for the week to come.
As you can see on the chart, there is a bearish divergence on the RSI. You can also see that the area above 0.7721 was tested many times and faced rejection every single time.
FUNDAMENTAL
The Australian dollar is correlated with China and gold because the country relies a lot on exports of raw material to Asia.
On China...
China’s gross domestic product expanded by 6.7% in the first quarter from a year earlier, down from a 6.8% reported gain in the previous quarter, the National Bureau of Statistics said Friday.
The figure was in line with a median 6.7% increase forecast by 14 economists polled by The Wall Street Journal. It was the slowest quarterly growth for China since the first quarter of 2009, when the economy expanded 6.2% from the year-earlier period.
On gold...
XAUUSD is trading at an interesting level and my outlook on the metal is bearish for the week to come.
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