EUR/USD
Anyone who has expected an increase of EUR/USD in the past week, was wrong. Last week, wave A was breached and the market weakened and dropped below 1.2700. This week we are expecting a consolidation and return to wave A, however the overall trend will be rather decreasing. If wave C is breached, we can expect a decrease up to the 1.2500 level.
GBP/USD
Although GBP/USD seemed to start to grow in the past week, its breath run out and opposite happened. It tested the 1.6200 level. In a long run the GBP/USD has decreasing trend, therefore we expect a movement from wave B toward wave A during this week. The decrease trend will probably stop at this point and have attempt the support level of 1.6000.
USD/JPY
The USD/JPY is still following a growing trend. After several breakouts and a rapid movement of wave B towards wave A we expect a cooling of the growing trend followed by consolidation. If consolidation is accompanied by attempts to break the EMA (50), it can lead to a decline up to wave B, and if it is breached it can likewise breach wave C.
GOLD
As wave C was not breached last week (did not drop below 1200USD), a strong support has surfaced. If there is no breach of wave C during this week, we can expect a stagnation below the EMA(50) level and slight growth, which should not exceed 1250 USD.
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