EUR/USD - We are once again headed towards strong support at 132.05. If this support breaks, which I eventually expect it will, the downside towards 128.75 and 125.85 springs wide open.Looking at the short term picture the price action from 135.49 was quite messy, but that might be to the fact, that we have seen a series of waves one's and two's. If this is correct we are now in the powerful wave three down, which could send us right through support at 132.05 for a move towards 130.60.
USD/JPY - Went a little deeper than the expected 77.50 (the low was 77.13), which change the short term count slightly, but did nothing altering to the bigger picture. We should soon see a break above 77.90, which will confirm a firm test of the long term downtrend line near 78.50 and a break above here will confirm that a firm long term bottom is in place with the test of 75.50.
AUD/USD - In my post I yesterday wrote "One thing that should be observed is, if we only sees a minor quick break above 103.40 and then a return back below 102.30, which would call for a failure break to the upside and will indicate a firm move to the downside" We did get exactly that. A quick break above 103.40 followed by a return back below 102.30 and this fact has set the stage for a very powerful move to the downside. We have broken below support at 101.50 and should now see a decline towards 99.15 and likely also strong resistance at 96.63.Longer term I'm looking for a much deeper decline, but let's look at that scenario a later day.
GBP/USD - Just a short update on Cable (GBP/USD). We have broken minor support at 156.10, which call for a firm test of the triangle support at 152.70 and a break below here will open up for a powerful downside thrust towards the high 118 area.
S&P 500 - As I wrote yesterday the move down to 1,249 could be it, but the rally to 1,267 could as easily be it too. That means a top being in place for the next move to the downside. However it's to early to call of the chance for one more rally towards the 1,290 - 1,299 area, before the next powerful decline really sets in. That said, and as I said yesterday, this is not a time to be buying aggressively, but a time to look for an exit-strategy on longs and enter shorts. Longer term I'm looking for a decline towards the 1,089 area, where we find neckline support.
Gold - We saw a bearish long wicked bar yesterday, which tells us, that support near 1,693 will be under fire soon and a break below here will open for the test of strong support near 1,607. The big question is whether this support will hold or break? If it's holds firm the uptrend is firmly alive and we should see a new high in Gold during early 2012, but if it break we will be looking at a much deeper decline towards 1,453 area and possibly even the 1,312 area.
Crude oil - The break below 98.70 confirmed, that we saw the top of minor wave ii at 102.40 and we should now be headed for support at 95, but this support should not be able to hold for long and the next important support is in the 89 - 90 area.
GBP/USD - Just a short update on Cable (GBP/USD). We have broken minor support at 156.10, which call for a firm test of the triangle support at 152.70 and a break below here will open up for a powerful downside thrust towards the high 118 area.
S&P 500 - As I wrote yesterday the move down to 1,249 could be it, but the rally to 1,267 could as easily be it too. That means a top being in place for the next move to the downside. However it's to early to call of the chance for one more rally towards the 1,290 - 1,299 area, before the next powerful decline really sets in. That said, and as I said yesterday, this is not a time to be buying aggressively, but a time to look for an exit-strategy on longs and enter shorts. Longer term I'm looking for a decline towards the 1,089 area, where we find neckline support.
Gold - We saw a bearish long wicked bar yesterday, which tells us, that support near 1,693 will be under fire soon and a break below here will open for the test of strong support near 1,607. The big question is whether this support will hold or break? If it's holds firm the uptrend is firmly alive and we should see a new high in Gold during early 2012, but if it break we will be looking at a much deeper decline towards 1,453 area and possibly even the 1,312 area.
Crude oil - The break below 98.70 confirmed, that we saw the top of minor wave ii at 102.40 and we should now be headed for support at 95, but this support should not be able to hold for long and the next important support is in the 89 - 90 area. Longer term I still looking for a clear break below 75, which will call for a decline towards 63 and possibly even below the 2009 low at 32.79.
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