Euro/Usd------ Heading towards the next Resistance near 1.3780 ??

The disappointing US November jobs report (+39K NFP vs. +145K consensus and +0.2 pt increase in unemployment rate to 9.8% vs. 9.6% consensus) adds to expectations of full QE2, thereby sending US 10 year yields back below 3% and weighing on the USD across the board.
On the positive side, the Nov jobs report showed the first back-to-back monthly increase in jobs since April-May. EURUSD makes a vital rebound above $1.3410, lifting 3.2% off this weeks 3-month lows of $1.2980.
Next weeks Irish budget may be among the remaining obstacles for EUR sentiment, followed by Spain auctions (Dec 14-16). In order for EURUSD to break off its 5-week downtrend, it must attain a close above $1.3420-30 next week, which coincides with the important 55-week MA as well as the lows of Nov 15-16 and the low from Sep 28. Subsequent technical barriers for the euro stand at $1.3780. 


H4 Euro/Usd Chart 

Daily Euro/Usd Chart

From the H4 Chart, 1.3428 is the Ichimoku Cloud  top Resistance,, but RSI / MACD and Stochastic are bullish near term.


From the Daily Chart, we note that 1.3618 is the 50% Fibo Retr level, , Breaking above it will expose 1.3780 , which is both the Ichimoku Cloud Top resistance and the 38.2 % Fibo Retr  level.(All indicators are pointing Bullish near term)

Usd/Cad--- ready to go bullish Reversal towards 1.0300 ??

The Canadian economic activity is forecast to pick up with an Ivey index reading of 59.3 from 56.7 in the previous month. 
Although economic activity has improved and inflationary pressures have increased recently, the Bank of Canada is expected to refrain from raising interest rates as policy makers prudently allow some time to assess domestic and global economic conditions, and decide whether to extend their campaign of rate hikes into 2011.
The Bank of Canada also announces rates Tuesday and is likely to keep them steady at 1% given that economic growth has stalled. Stagnant job creation in the U.S., Canada’s largest trading partner, as shown by the very disappointing US monthly jobs reports results is also likely to influence the BoC’s moves. In addition, a surprisingly weak 3Q GDP growth of +1% annualized may have Governor Carney wondering if he was too early with his tightening policy earlier in the year.


Daily Usd/Cad Chart 

Near term, Support 2 near  0.9988 is the immediate support, follows by 0.9959, its recent Low. From the Technical outlook, A Long opportunity may be well presented from the area near 0.9950 which is  oversold  as extreme level.


Strategy: Looking to Long Usd/Cad near 0.9950 ,for target  near 1.0300

Gbp/Usd--- to head above 1.6000 near term ??

The pound has been tarnished with the euro because of geography and the debt problems in Ireland. The market action last week, with a Tuesday low of 1.5483, followed by a recovery above the 1.57 handle is showing signs of a reversal. Economic news from Britain has been not robust, but OK, and they do have some economic rehabilitation plans, unlike the Washington group. We do not favor new trades on a Friday, but will be looking for a long entry point next week.


Daily Chart Gbp/Usd

The Gbp/Usd shows bullish near term. On the above chart, a lift above 1.5865 (The Ichimoku Top Cloud Resistance will further confirm its bullishness toward its next level near 1.5986 (36.2% Fibo Retr), , follows by 1.6105 (23.8% Fibo Retr). 


However,  a drift below 1.5632 (Support 2) may confirm its longer term bearishness towards its next Low at 1.5000 , (Its 161.8% Fibo Ext.)

Usd/Jpy---- to revisit 80.00 level ??

The imminent selling down of Dollars and the  Risk aversion activity may push down Usd/Jpy  to   80.00 near term.  As Yen is still considered a safe heaven  Currency in the midst of the instability status of both Euros and Dollars.

Daily Chart Usd/ Jpy

From the Daily Chart above, we note that 82.25 is the Ichimoku Cloud bottom Support, which is also near the 61.80% Fibo Retr level. The Bearish sentiments may push down this currency pair towards the next  recent Low at 80.27 , and breaking below 80.00 may force BOJ to intervene .