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Gold is testing the resistance area and pivot around $1,024-$1,030. A break higher on a weekly close basis would be a significant development that would likely be a strong indication of USD weakness while a failure at these levels again
would suggest a period of short term USD strength.

Foreign Exchange and general markets– We are very focused on Gold at this stage given that is continues to be a great indication for the USD.

Gold: Pushing against the resistance area around $1,024 - $1,030 again. A weekly close above $1,030 would be a bullish break that would suggest a trend up towards $1,300 and would likely indicate USD weakness. For now the resistance is still in place and a failure to push higher again would suggest a short term period of USD strength.

EURUSD: Short term focus is on the 76.4% Fibonacci retracement against the high which is at 1.4758. A hold of this, particularly if gold fails to break higher, would suggest a turn back down in the short term. Note that we are still focused on 1.4720 on a weekly close basis. A Friday close above there would reverse concerns of a decent pullback in EURUSD and bring the longer term bullish charts back in focus.

USD Index (DXY): Remains choppy overall though has tested and held the short term 76.4% Fibonacci retracement against the low which is at 76.21. A continued hold here would suggest a bounce back up especially if the resistance levels on Gold remain in place. A test of the 55 day moving average at 77.83 cannot be written off in the short term.

Crude: Testing the channel top at $71.60 and a continued hold of this would suggest a move back down to support levels and possibly the channel base around $64.20. A rally through here opens the way for $73.20+ in the short term.

GBPUSD: Remains below the head and shoulders neckline and will post a bearish daily reversal on a close below 1.5903 today. Watch the support area around 1.5803 – 1.5770 as a breach of that (if indeed we get a USD positive move generally) will suggest extended losses over the days ahead.

AUDUSD: Makes new highs for the trend. Watch 0.8944 which is the 76.4% Fibonacci retracement of the whole move down from the high in July '08.

NZDUSD: The 76.4% Fibonacci retracement of the whole move down from the Feb 2008 high comes in at 0.7431 which is now in focus.

EURNOK: The short term target at 8.38 has been met. A close below here would open the way for the longer term target at 8.24 (200 week moving average)