The price of EUR has jumped this morning, after the release of the French Industrial Production way above expectations. The dollar lost pretty much everything it gained yesterday. For today I am looking for a sideways move between the support from 1.1290 and the resistance from 1.1330. A break below the support would trigger a continuation of the down move most probably towards 1.1230, the next important support. On the other hand a break above the resistance could trigger a rally towards 1.1350.
The USDJPY seems to be drawing a Descending Triangle with the base on the support from 106.36. Though this pattern is usually signaling a bearish move, sometimes might actually give bullish signals. In this case if the price will break above the upper line of the triangle, I would expect it to rally towards 107.85.
The price of USDCAD has drawn a corrective move for the downtrend. Currently the currency pair is trading below the resistance area from 1.2750. A break above 1.2770 could trigger a rally towards the next resistance from 1.2815. On the other hand a break below the local support from 1.2700 would signal that bears are still in control and that they will be trying to break below the key level support from 1.2664.
The WTI OIL has drawn a very interesting price pattern - Rising Wedge. This pattern can be easily spotted on time frames higher than four hours. In this situation the pattern is signalling a possible bearish move. Currently this instrument is trading at a very strong support established at $50 per barrel.
A break under 49.50 and under the trend line would be a strong bearish signal, and I will be expecting the price to head towards the next support from 47.70. On the other hand a bounce from the current support area would bring the prices back towards 51.00 or even back to the previous lows.
Gold has been trading in an up trend that seems to be looking like a Rising Wedge. A break below the support from 1265.00 could trigger a stipper drop that would bring the price, most probably, back towards 1250 dollars per ounce.
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