EURUSD : The Euro retreated sharply in Friday's trade to 1.4820 levels closing below weekly trendline. We need to see a break below 1.48 for a target towards 1.46 levels again. Break of 1.50 would again make the outlook bullish.(EURUSD - 1.4888) Neutral.
GBPUSD : The Sterling (GBP) also fell post the excellent data of Non Farm payrolls. It is still holding bearish though Bounce could be seen towards a 1.6550 levels where shorts could be initiated for target of 1.6383 levels again. (GBPUSD - 1.6496) Bearish.
USDJPY : JPY continued its bearish momentum on Friday, topped at 90.76 and closed at 90.52. On the charts a potential bearish scenario at least targeting 91.30 before aim for 92.32 area. Immediate support at 89.50. Break below that area should lead us into no trading zone in nearest term but overall the yen still looks weak.(USDJPY - 89.98) Bullish.
AUDUSD : AUD had a bearish momentum on Friday, bottomed at 0.9106 and closed at 0.9144. On the charts we can see that after making a false breakout from the trendline resistance the pair has been under pressure to the downside testing 0.9030 areas. Immediate resistance at 0.9180. Staying below 0.9200 would lead to bearish scenario. (AUDUSD - 0.9154) Neutral
Gold : Gold soared to new record high of 1227.5 last week but failed to sustain above 1200 level and dropped sharply to close at 1162.3. While a short term top is no doubt in place at 1227.5, it's still a bit early to call for reversal yet. We'll stay neutral for the moment and expects some sideway trading between 1130.1 and 1227.5 first. There could still be at least one more rise in gold towards medium term projection target at 1258 before turning into medium term consolidation. However, sustained break of 1130.1 will suggest that rise from 931.3 has completed and deeper correction could then be seen towards 55 days EMA (now at 1092.9).(Gold - $1159) Neutral.
Dollar Index: The break of 75.58 and 75.88 resistance on Friday revives the case that the whole five wave medium term fall from 89.62 has completed at 74.19 after hitting 74.31 supports. Ideally, we'd like to see the dollar index to continue the current rise and sustain above 55 days EMA (now at 75.84) to give us more confidence on this case. Additionally, 76.82 resistance needs to be taken out too. In such case, we should be looking at the prospect of a rebound to 38.2% retracement of 89.62 to 74.19 at 80.08 in the least bullish scenario. However, a break below 75.0 level again will argue that the rebound was just a false dawn and reopen the case for more down trend in the dollar index before bottoming.(DI - 75.58) Neutral to Bullish