EUR/USD - The minor support line near 133.60 is putting up quite a fight and as long as it's holding firm we can't exclude a break above 134.54, which would call for a move towards the 136 area before down.However a break below the support line at 133.60 will invalidate further risk to the upside an call for a decline towards important support at 132.05.
USD/JPY - Is locked in an ending diagonal and we will probably see it move closer to the support line near 77.50, before the next rally higher towards long term resistance at 78.65. If resistance at 78.65 is broken too it will confirm, that the test of 75.50 was a firm bottom.
AUD/USD - Top or sideways consolidation? I prefer the top-building scenario, but we need a break below 102.30 and more importantly 101.50 to confirm this call. If however 101.50 is broken we can expect a decline towards 99.17 and likely strong support at 96.70.That said the possibility of a break above 103.40 would call for a move closer to 107 again before down. 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.
S&P 500 - Was the decline to 1,249 it? It could well be and if it's the case we should be looking for a continuation higher towards the 1,290 - 1,300 area, but we are clearly in the final part of the rally from 1,160 so this is not the time to overly aggressive, but more a time to fine-tune the short term exit-strategy.
S&P 500 - Was the decline to 1,249 it? It could well be and if it's the case we should be looking for a continuation higher towards the 1,290 - 1,300 area, but we are clearly in the final part of the rally from 1,160 so this is not the time to overly aggressive, but more a time to fine-tune the short term exit-strategy.
Longer term I'm looking for a firm test of strong neckline resistance near 1,080
Gold - Decision time is within this or next week. I'm still looking for a break below support at 1,693 as the most likely scenario. A break below support at 1,693 will call for a firm test of important support-line near 1,607, which will decide the faith of the direction in the medium term.
Crude oil - I still think we saw the end of minor wave ii at 102.44 and a break below 98.70 and more importantly 95.00 will confirm the next powerful decline in wave iii down towards support at 75.00.
Gold - Decision time is within this or next week. I'm still looking for a break below support at 1,693 as the most likely scenario. A break below support at 1,693 will call for a firm test of important support-line near 1,607, which will decide the faith of the direction in the medium term.
Crude oil - I still think we saw the end of minor wave ii at 102.44 and a break below 98.70 and more importantly 95.00 will confirm the next powerful decline in wave iii down towards support at 75.00.
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