$/yen continued moving down as global worries come from all the world, and the yen is enjoying safe haven flows. BOJ Governor Masaaki Shirakawa’s speech and Japanese trade Balance are the major events this week. and. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Last week encouraging figures were registered for the Japanese economy with a…

Euro/dollar couldn’t really recover from the recent fall and eventually close a bit lower as Spanish worries intensified. Will it make a bigger break out of range? Two major German surveys are the highlights awaiting us. Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

Spain is under growing pressure from all sides: EU inspectors landed in…

Gold started off the week strong as the concerns over the Debt crisis in Europe rose. This time, Spain and Italy were in the headlines.  The week also started after Easter and Good Friday was celebrated over the weekend. As a result the markets were closed on last Friday so that the effect of disappointing U.S non-farm payroll report, which showed a growth of only 120k in…

The EURUSD tested the broken support - low of 03 Apr 2012 - at 1.3212 and declined strongly last Friday,by taking a quick look to 4 hour chart, bearish breakout has been confirmed at 1.3068 , suggests further losses but we need a clear break below the double bottom at 1.3033 to resume the down trend , a clear break below this level would test the key support level 1.2860..

Remember the pair is facing some challenges around 1.3080 area, we have the rising support of triangle , the…

As I mentioned in a previous update the USD CAD is attempting to put in a bottom off the 2012 lows however as of yet the bottom has yet to be confirmed. A daily close above the 1.0050 double top is required to take the pressure off of this pair.…

GBP USD has been an interesting pair. While many have watched what seemed to be a huge head and shoulders formation on the weekly chart the pound bounced off the apparent neckline to make a new yearly high.

Since the most…

Oh boy the EURO USD, everybodys favorite pair - well lets start with what everyone knows we have a head and shoulders formation on the daily. We clearly bounced off that neckline with…

It was bad end to the week with US stock market suffering its worst weekly fall in the calendar year, European financial market  once again faltered, China’s economic growth was very disappointing, though Australian job condition improved reducing the odds for next month’s rate cut. But the size of its economy is not good enough to boost global sentiment.  

Gold moved both ways trading in a $ 50 band and currencies traded in a narrow…

As shown on the daily chart , the pair breached above the 70 at 1.5882 last Feb , showing strong bullish momentum, later the pair continued to rise and broke above 1.5882 while RSI declined .

A bearish divergence means the chart shows rising price, but the indicator highs, in this case the RSI highs are flat or declining,this suggests a lost of momentum, it should be noted that divergences can be extended in a trending market…

While AUD USD seems to have clearly broken out of it's daily down trend, it immediately ran in to trouble with the 100 EMA (blue line) twice. As long as we remain below the 100 day EMA we seems headed down to test the bottom of that band near the W2 around 1.001 and possibly lower toward the bottom band of the 200 day EMA (dotted red line)…

Next Monday early European opening range breakouts based on the previous week data.

Click on the table for more.

$EURUSD

What ProAct Forex Target Traders See:  We are currently sitting @ 1.3076.  We are bearish from here having broken the bear flag to the downside.  The initial downside targets are the double bottom @ 1.3034 (watch for a bounce here)  and then the S5/Day chart bottom @ 1.3008 (watch for a bounce here)  and overall target is the-0.270 Fib extension @ 1.2944.  The average daily true range (ATR) for the cross currently is 102 pips.…

EURUSD: With EUR selling off and reversing its Thursday gains, the risk is for the pair to decline further towards the 1.3033/03 levels. We may see price hesitation at this level but if taken out, further declines should target the 1.2975 level where a violation will call for a run at the 1.2879 level, its Jan 23’2011 low. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, to annul its present downside pressure, EUR will have to break and hold above the…

Currently we are @ 106.44 after breaking out of the downtrend and we are now building a descending wedge.  We are looking for a move to the 105.99 and then the support  @ 105.42.  A break up  here targets the S5 @ 107.52.…

Australian employment figures brought a lift to markets overnight, as the much stronger figure surprised traders with a rise of 44,000 new jobs for the month.  Consensus estimates were looking for a rise of 6,500 jobs and for an increase in the unemployment rate, but this figure also managed to hold steady at 5.2 percent.

But while the figure is relatively impressive, the monthly average for the year still remains weak and this is likely to bring a rise in the unemployment figures in…

You might say that the EUR/USD response to the release of last month's US CPI report defied recent historical norms.

I discussed last month's report and the post-news trade on the euro here.

Although the…

The EURUSD maintained another bullish move yesterday , topped at 1.3212, bottomed at 1.3101 and closed at 1.3187...

Today I assume another bullish move testing the key resistance 1.3180/1.3210 zone, a clear break above this area would test 1.3250/1.3280 zone.

Immediate support is seen around the key…

Euro dollar continues sliding lower after hitting high resistance yesterday. The relatively weak Chinese GDP weighs on the common currency, as global demand is essential for European growth. A busy day in the US closes the week, including QE3 related inflation figures and a speech by Ben Bernanke just before markets unwind. Will Bernanke hurt the dollar on Friday the 13th?

Update:…

USDJPY; A trend continuation of 83.45 at 81.12 opens risk towards 79.00/78.00 levels

As shown on the hourly chart, last month we had bearish breakout at 83.45  - USDJPY, Bearish Breakout Suggests Further Weakness ! - according…