EUR is in a consolidation ahead of the ECB rate decision on Thursday. Until that i expect the consolidation to continue with a bearish tone. We have two major resistances which may reverse the bearish outlook. First one is at 1.2580 and the second one is at 1.2620. breaking of them both and closing the week above will reverse the bearish outlook. On the other side bears have the excellent opportunity of testing 1.2360, as the ECB is expected to leave the interest rate at the record low level 0.05, but everything depends on mr.Draghi's speech. I doubt he will say something so positive as today's Germany's PMI data is not good. On breaking 1.2360 the way downside will be opened with target 1.2220 and 1.2100.

GOLD has made an amaizing jump higher today. Breaking several resistances starting with 1168 and 1186, finally 1192, which now serves as support we are trying to break above 1200 again. There is no doubt that the upside move here will continue with first target 1230. But first we need to close the day above 1202. Remember these both levels 1192 and 1202. Breaking of either will move the metal in the same direction. It is interesting that these important levels are extremely close to one another. First long target is around 1230 and then 1248 finally 1268. On the downside the last support is 1178, breaking below will start a massive sell, be careful.

NZD is also in a consolidation waiting for more significant data from the US on Thursday and Friday. The price is pressured by the Senkou Span A price at 0.7930. Current support is at 0.7870, followed by the 0.7835. Below the last downside will resume. Breaking above Span A price will target prices above 0.8020, but we shall see what will be the USD answer.

AUD started the week with significant gap lower, however late asian market offered some profit taking and the pair has recovered all losses till now. H4 indicators show some recovery is going on, but Daily and Weekly ones are still heavy bearish. We have the first resistance at 0.8520 and the first support at 0.8480. Breaking of either will continue the move is the same direction.

JPY gained back some of the losses since the beginning of today's trade. However the pair is still bullish on Monthly, Weekly and Daily frames. H4 shows some correction, but the pair seems well supported above 117.30. Only a clear break below that level may triger porfit taking to 116.40 for example. Upside target is 119.60.

GBP also reversed bearish movement from today's open, but the recovery is still weak. only H4 is bullish all other time frames are bearish. we have to watch for breaking these levels: to the upside 1.5765 and 1.5885, to the downside 1.5700 and 1.5670. BoE rate decision is on Thursday, it is quite possible to see sideways trade until then.

RUB reached a fresh all time bottom against the dollar. The pair almost hit 54.00, the massive profit taking appeared then and now we have the price around 51.60, but i expect to go even lower to 51.25. It is good to know that above 50.90 nothing has changed and the pair is ultra extremely bullish. Watch support levels, which may triger another massive profit taking.

For Tuesday 02.12.2014:

LONG EUR above 1.2470 SL 1.2460 TP 1.2520-1.2545-1.2585-1.2620-1.2660

SHORT EUR below 1.2420 SL 1.2430 TP 1.2390-1.2360-1.2310-1.2290-1.2255-1.2235

LONG GOLD above 1204 SL 1201 TP 1214-1222-1232-1238-1248-1264

SHORT GOLD below 1190 SL 1193 TP 1178-1164-1152-1144-1131

Good luck!

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