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AUD/USD drops after NDRC suspends China-Australia economic development talks

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  • RT @KyleR_IG: First gaslighting, and now the silent treatment. This isn't a healthy relationship.
  • NDRC halts activities under China-Australia economic dialogue [update via Bloomberg] - cites Australia's disruption of cooperations with China $AUDUSD slipping lower, falling to lows of the day, China is AU's largest trading partner, feeling disruption woes #AUD #NDRC https://t.co/xQ8W11UVL2
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Gold: 0.00% Oil - US Crude: -0.13% Silver: -0.37% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/rO6XynukTE
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  • S&P 500 Index May Lead Nikkei 225 and ASX 200 Higher Amid Reflation Theme https://www.dailyfx.com/forex/market_alert/2021/05/06/SP-500-Index-May-Lead-Nikkei-225-and-ASX-200-Higher-Amid-Reflation-Theme.html https://t.co/7bBBmKeVUR
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Trading Outlook: USD, Cross-rates, Gold/Silver & More

Trading Outlook: USD, Cross-rates, Gold/Silver & More

Paul Robinson, Strategist

Paul conducts webinars every Wednesday, Thursday, and Friday. For details and a full line-up of upcoming live events, please see the DailyFX Webinar Calendar.

The US dollar continues to trek higher, crossing over an area of resistance in focus; DXY could be on its way to trading to new 14-yr highs. GBPUSD still has room to fall towards the 12100/000 area. EURUSD remains firmly entrenched in a downtrend, while AUDUSD which had been strong for several weeks finally buckles.

Cross-rates in focus are GBPJPY, NZDJPY, EURAUD, EURNZD, GBPNZD, USDMXN, and USDZAR. Each has techs which provide a roadmap for potential trading opportunities looking out over the next few days.

Gold broke below a confluence of support, and looks to have more downside on the way. Silver struggled at resistance around 18.50, finally giving way to strong selling pressure. It sits on a key line of support right now, but with a little more weakness the door could be opened up for another thrust lower.

Crude oil sold off sharply in recent sessions, and looks poised to roll over more broadly speaking, but is sitting on support by way of the bottom-side of an ascending wedge. Should the underside crack, look for oil to take a spill as large speculators are holding a very large long position.

Generally, global indices are strong and don’t present a good opportunity for shorting, however; longs established at elevated levels are at risk without a consolidation period. The DAX is trading just below a confluence of resistance which will need to be overcome if it is to continue higher. There is good trend-line support on a pullback. The FTSE 100, so far, is holding onto Wednesday’s monster rally, a little breather here might be all it needs to trade to higher levels. The U.S. indices remain in bull-mode despite yesterday’s small set-back.

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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