Based on Friday’s price action and the close at $1560.30, the direction of the February Comex gold futures contract on Monday is likely to be determined by trader reaction to the minor top at $1564.20.
Based on Friday’s close at .6872, the direction of the AUD/USD on Monday is likely to be determined by trader reaction to the main 50% level at .6876.
Monday will be the eighth session up from the last main bottom at 107.651. This puts the USD/JPY in the window of time for a closing price reversal top. This chart pattern won’t change the main trend to down, but it could trigger the start of a 2 to 3 day correction.
Based on Friday’s close at .6611, the direction of the NZD/USD on Monday is likely to be determined by trader reaction to the minor pivot at .6625.
The Aussie and Kiwi were also underpinned by the inking of the trade deal, but domestic economic concerns limited gains as well as increasing chances of central bank rate cuts. Demand for higher-yielding assets drove the Japanese Yen lower.
The Credit Suisse global strategy team’s annual surprise predictions include a surge in U.S. stocks and a bursting of the Chinese bubble.
After rallying more than $165 since November, gold is taking a well-deserved breather. A brief pause, then gold should continue to fresh highs and $1700 by March.
Gold markets rallied slightly during the trading session on Friday to in the week, showing signs of resiliency yet again. It looks as if we are very comfortable with the bullish uptrend.
The gold fell a bit during the week, but then turned around to show signs of life again. We are above the $1550 level, but also have a shooting star above.
The US dollar broke above the ¥110 level during the week but continues to struggle above there. That being said though, this is a market that looks as if it is ready to go higher over the longer term, as we are now above the 200 week EMA.
The British pound went back and forth during the course of the week, as we get a lot of push back and forth from both buyers and sellers. The Friday session had a very poor retail sales figure release, and that of course weighed upon the market.
The British pound rallied against during the trading week to break above the 200 week EMA against the Japanese yen. This is a be decidedly “risk on” move, but there is a lot of noise above that will continue to make this messy.
The Euro tried to rally during the week but ran into a lot of trouble at the 50 week EMA. At this point, the market looks very likely to continue to drift a little bit lower, as we are in the middle of a larger range.
The Australian dollar went back and forth during the course of the week, trying to break out to the upside but then pulling back. Ultimately, this is a market that will be paying attention to Asia, because that will give Australia its clues.
The US dollar rallied a bit during the trading session against the Japanese yen, as we have broken above the ¥110 level. However, it doesn’t look like we are in a hurry to go anywhere right now.
The British pound pulled back after initially trying to rally during Friday as the retail sales numbers were miserable in the United Kingdom. That being said, we are still very much in an uptrend and it will be interesting to see whether or not we can continue.
The British pound did get a bit of a shock during the trading session on Friday as retail sales missed the expected figures. That being said, it looks as if the market is ready to recover.
The Australian dollar continues to be very choppy and noisy right around the 200 day EMA, an area that will cause a lot of attention for longer-term technical traders.
* Chile's peso gains on higher copper prices * Latin American FX index climbs after two days of declines * Brazilian miner Vale hits over one-year high * Mexican peso, Peruvian sol, Colombian peso firm By Sagarika Jaisinghani and Ambar Warrick Jan 17 (Reuters) - Gains in the Chilean peso lifted Latin American currencies on Friday, as stronger-than-expected economic data from China added to optimism about faster global growth in the wake of a Sino-U.S. trade truce. Chile's peso was on track for its best day in more than a week as a surprise acceleration in Chinese industrial output sent copper prices near an eight-month high.