Aussie Long initiated

Following on from my comments on Gold in the previous post; we can also find a similar set-up in the AUS/USD pair.  As a commodity currency, the fate of the Aussie is often correlated with Gold so it is unsurprising that a similar set-up has materialized in both markets simultaneously.  That being said, they are not the same market and a position in both is somewhat diversified.  However, your position risk should obviously be carefully managed if going long both the Aussie and Gold as they are highly correlated when it comes down to global Macro economy especially China during the overnight session (GMT).