Euro Trading Lower on Financial System Worries, Positive U.S. Consumer Confidence

AUD/JPY:

A breach of the upper Bollinger Band is evident on the daily chart with the 2 hour, 4 hour, 8 hour and daily RSI are floating in the overbought territory. A bearish cross is evident on the 8 hour and daily charts’ Slow Stochastic. Forex traders may be advised to go short for today.

Volatility for Sterling Forecasted Following UK Indicators

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Non-Farm Payrolls Week Begins

USD/MXN:

The hourly and 2 hour charts’ RSI is floating in the oversold territory, indicating an expected an expected upward movement. Furthermore, a bullish cross is evident on the 4 hour chart’s Slow Stochastic. Forex traders may be advised to go long for the day.

EUR Drops to 10 Month Low over Trichet’s Criticism of IMF Involvement

Gold:

After a previous head and shoulders pattern failed to capitalize, a descending triangle pattern has formed on the daily chart for spot gold. The lower line of the triangle begins at the reaction low of the previous bullish trend on February 24th. The downward sloping hypotenuse of the triangle begins at the swing high of daily chart at a price of $1224.70, extending lower to form the vertex of the triangle. Forex and commodity traders may want to go long with a price target at the descending hypotenuse line above the price action.

EUR/USD Falls on European Fiscal Concerns

Crude Oil:

A head and shoulders pattern may have formed on the 4-hour crude oil chart with the downward sloping neck line drawn underneath the price levels of $79.93 and $78.83. The future price move could be estimated by measuring the distance from the head of the pattern down to the neckline, for a price move of roughly 430 pips. Forex and commodity traders may want to place an entry stop sell order below the neckline for the possible breakout.

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