The Dollar saw some decent declines last week and this week may continue to follow that same trend, however with recent trouble in the oil market on Sunday, there is some news to be digested, so expect for today a slightly stronger Dollar with weakened fx pairs.
Speaking of weakness, the US stock market continues to pretend as though the US unemployment is not hitting the hardest it ever has, so let’s see if this week we get a sign of further continuation to the downside!
As it is Monday, volatility is quite low, so be careful with your trading.
We are still expecting to get levels around 1.0970 for today and possibly 1.1060 to the upside later on this week, for now, we may see EURUSD consolidate until later in the day and then gradually trade to 1.0970.
We are still looking for 1.2780 to the upside with GBPUSD, with short term target at 1.2550.
Finally, today and for the remainder of the week, we should see the move we have been anticipating to the downside at our target 1.3550.
Since a weaker Dollar is expected today and for the week, our targets on gold have changed from a sell to a buy to 1790.00 as the next upside objective.