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Monday, December 5, 2011

EUR/USD; USD/JPY; S&P 500; Gold and Crude oil

Sorry for the very late update, but have had serious trouble with my normal charting system. Therefor the charts will be a little different today.

EUR/USD - Not much to add here. We might see a move towards 135.00, before the next decline sets in. Actually we could already have seen whatever reaction from 133.63, that was needed, but just in case accept a slightly higher reaction before a break below 134.22 indicates, that the next downside pressure has begun. Longer term I'm still looking for a break below 132.10.


USD/JPY - Not much to add here either. I'm still looking for a short term break above 78.15 to confirm the next challenge of the long term downtrend line at 78.70 a break above this downtrend line will confirm, that an important bottom is in place with the test of 75.50.


S&P 500 - Could we see a move closer to 1,300? Yes, but we still should be relatively close to strong resistance, which should turn us down again for a break below 1,243 and more importantly 1,233.20, which is the clue that a top is in place and the next decline towards 1,159 has begun.


Gold - Is holding up well too, but I still look for strong overhead resistance at 1,768 for a break below 1,722 to confirm the next test of support at 1,690.


Crude oil - is trying to regain the 103 level, but I don't expect it to be a success. I'm still looking for a break below 97.23 to confirm a new decline to 95 and most likely the 86 area too.

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