Gold is to retest 1600 Support near term ??

Gold has climbed rather slowly over last three months without any significant retracement.

The imminent strengthening of Dollars and weakness in Euros may trigger the rapid decline of Gold as  similar in September month this year.

However, as long as the trend line support is intact , we will not expect its rapid weakening  unless the immediate Support  near 1741.50 ( Ichimoku Bottom Support),  and 1735.00 ( its recent Low) are breached.

 And Breaking Both  Supports may expose 1600.00 next.

Gbp/Jpy is to retest its recent Low at 117.00 near term ?

Technically, the currency pair Gbp/Jpy is now testing the support at 120.80 ( 38.2% Fibo Retr) inside the Ichimoku Cloud in the Daily Chart.

The next immediate Ichimoku Cloud bottom support located near 120.00, and breaking it may reveal the recent Low near 116.50.


Fundamentally, the all time strengthening of Jpy and the imminent weakness on Gbp near term may speed up the bearish decent rather rapidly.

Euro/Chf is to retest its recent Low near 1.2130 again ?

The endless problems on  political/ economic / Bond spread and upsurging Bond yield over 7.0% , and with free pouring of bad news from EU, we predict that the Euros -Chf  currency pegging policy may fail rather quickly.

The currency Pair Euro/Chf has stalled near the 1.2450- 1.2420 region which may signal the formation of Temporary Top.

The Trading indicators on Longer term time frames (H4, Daily, Weekly) have shown bearish divergence.

We predict that Euros/Chf currency pair may retest the 1.2300 shortly, the Ichimoku Cloud top support on the H4 / Daily Chart.. The breaching of this support may expose the recent Low near 1.2100-1.2000

Gbp/Usd is to retest its support near 1.5540 soon ?

The economic calender on GBP is heavy on this Wednesday (Today).

We predict the downgrading of Economic growth numbers by more than -1.0%, and the Employment may hit sky high above expected numbers.

With the risk aversion momentum and the relative (positive) up move of Dollars right now, , we therefore expect the currency pair Gbp/Usd will go down considerably which is also conformed by the Chart Indicators in Bearish momentum..

Technically, The currency pair will retest the 1.5710 support (Support #3 on the chart)., and  Breaching this level may expose the next structural support at 1.5543  rather quickly.

Euro/Usd to breach 1.30000 by end of November ?

The  positive  retail sales numbers especially the Autos Sales  has strengthened  the Dollars.
Tomorrow, the Italian new PM Monti is to announce his new economic policy which has slowed down the dumping of Euros upfront..
The  weak Spanish auction, and the  Italian 10-year yields back over 7.3% and blowouts in periphery spreads have brought negative sentiments to Euros too.


Technically, the Euro/Usd is now retesting the structural support near 1.3360( See the Attached Daily chart). The bearish sentiments with  confirmation from all the Indicators are pointing down towards the psychological 1.30000 level near terms

The wave "e" has been the forecast dip near /below 1.3000 near term,

Aud/Usd is to retest its next support near 0.9528-0.9500?

Technically,  the Weekly chart shows that  Aud/Usd currency pair is now submerging in the Ichimoku Cloud , testing both the Supports 1.0045(38.2% Fibo Retr) and 0.9774 (23.6% Fibo Retr), and  breaking both these supports may expose the Critical Ichimoku Cloud bottom supports near 0.9528.

The seemingly Double top formation (near May and July 2011) has further enhanced  the Bearish sentiments on this Aud/Usd currency pair near terms.

Longer terms we forecast the Aud/Usd may go down near 0.9500 by December , 2011