Gold markets rallied significantly during the week, breaking above the $1350 level, an area that has been resistance in the past. There is a bit of noise just above, and at this point I think we are trying to do is build some type of basing pattern for a longer-term move.

On Friday price failed to break the previous high and ended the week off with a bearish engulfing pattern. For the short term I am looking for a short position to the trendline which is based on a technical basis.

USDJPY’s overall momentum is descending in which the structures current momentum is also descending. Within USDJPY most recent price action, it failed to gain any bullish momentum and continued to push to the downside. USDJPY did however close just above our channel level and printed a bullish hammer on Friday signalling a positive start to the week.  News data out this week could push price action back up to resistance.

USDCAD’s overall momentum is descending and current momentum is ascending. USDCAD is currently trading within a bullish flag on the daily time frame. Price is currently heading towards 1.262 level where it will be met with some resistance on the channel trend line. A break out of the channel to the upside would warrant the long position, however rejection of the channel trend line could mean another push lower.

NZDUSD’s current and overall momentum is ascending however today we have started seeing a pull back after failure to break above the trend line 0.73100 level. After this small pull back it is expected to see further upside to create another higher high.

GBPUSD is currently ascending and trading in a bullish flag formation. However we have seen the GBP come under huge pressure of the past couple weeks and further downside is expected. Last week on the final rally GBPUSD failed to break out of the channel and has retreated since then. Further downside to the channel support is expected.

GBPJPY overall momentum is ascending and current momentum is descending. Price has been created lower lows and lower highs for the week and this week I expect further downside. Next major support is the 146.800 level which if it hits will break the daily trend line signalling further bearish action.

GBPAUD overall momentum is ascending and current momentum is descending. We have seen both a double top and head & shoulders pattern formed on this pair on the daily time frame which could signal bearish action for this currency pair.

EURUSD overall momentum is ascending and current momentum is descending. Last weeks rally retraced after just breaking this resistance and then printing a bearish engulfing pattern on the daily time frame. Further bearish action is expected in the short term.

EURCHF overall momentum is ascending and current momentum is descending. Last week the currency pair broke out of a major long term bullish channel and now the sentiment has changed from bullish to bearish

CADJPY overall and current momentum is descending. Further downside is expected on this pair so selling on the rallies is what I am looking to do.

AUDUSD overall momentum is ascending and current momentum is descending. Last week we had the pull back to a couple weeks of bearish action and now the bearish momentum is expected to resume this week.

AUDJPY overall and current momentum is descending. This pair has been on a long bullish run and it seems now after the recent break of the neckline on a daily head and shoulders pattern we should expect further downside potential.