Loading ...Looking for $AUD near term support
Norvast pointed out the $AUD and $GOLD should bottom together. I am re-posting the $AUD chart, this time overlaid with $GOLD. A cursory glance confirms that when the Ozzie turns up, GOLD does in fact turn up right along with it.
Magic.
The chart is a bit cluttered, but may be useful.
Thank you – much appreciated.
The currencies AUD and CHF (Swiss Franc) provide a very good guide for gold’s direction.
Sometimes they run out of cycle sync (ICL for CHF may equal DCL for gold) but they are both very strong indicators for the strength of gold. In fact IMO gold will not go anywhere unless these two currencies move significantly higher.
Plus they will not move higher unless the USD moves lower so as the USD has advanced out of an early YCL (and quite possibly an early 3 year cycle low) these two currencies have been smashed.
The interesting thing is that if the USD low in Feb marked the 3 year cycle low, at only 21 months, then there is every chance that the next 3 year cycle will be longer, which is brilliant for all commodities, the AUD and CHF as it means the USD will make lower highs and lower lows for 3+ years.
So from that perspective these next few weeks are important and interesting for members who follow the commodity cycle and in particular the future of gold as we hone in on an important turn date.
Stay posted!
>>The interesting thing is that if the USD low in Feb marked the 3 year cycle low, at only 21 months, then there is every chance that the next 3 year cycle will be longer, which is brilliant for all commodities, the AUD and CHF as it means the USD will make lower highs and lower lows for 3+ years.<<
Am having difficulty following that, Norvast. Have placed 3 year (approx) cycle lines on a monthly USD chart. The 3 year cycles seem to line up going back to mid 1992. I must have the cycles laid out incorrectly. How is the Feb 2018 bottom happening only at 21 months- oh, unless early 2016 was a cycle bottom. There must be criteria that I am not aware of for determining the USD 3 year cycle bottoms. There is no chance the Feb bottom was on time, maybe a few months late? Will post the monthly chart, then call it a day. Just ignore it if you want.