Gold moving sharply higher. Oil moves higher but USDCAD and AUDUSD don’t react.

Written March 16, 2010 at 9:18 AM EST by  

gregmike-00846

Gold just spiked above the 200 hour MA level at the 1119 .48 level. This is now the support area for the pair. Oil is also up on the day with the Oil futures ups 1.09 currently.

The USCAD has not been able to fall through the 1.0153 low from last week on the rise in oil/gold . AUSUSD has also moved lower – falling below the 100 hour MA at the  0.9148. This is not what you would expect given the move up in commodities.   Watch 1.0253 support in the USDCAD and the 0.9148 resistance level in the AUDUSD. Support on the AUDUSD comes in at the 0.9112 level which is the 200 hour MA on the chart below (green line).

gregmike-00847

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