The calendar may have not been packed this week, but it was good in terms of the trading occasions and volatility. We had a huge drop in oil followed by a strong upswing, a correction on the EUR and a surge on the GBP. Hopefully this will continue into next week.
Gold had a steady but a very technical week. Here we did not have any crazy swings but some very easy technical trading. After making new highs we had a flat correction – flag, which ended on the strong support created by the broken down trend line. Outlook is bullish.
The Cable is in a similar situation to gold but here the upswing was stronger and the correction was even weaker, which shows the dominance of the buyers. As long as we keep the pressure high and stay above the upper line of the triangle, the sentiment will remain positive.
EURJPY after a strong first half of the week is heading lower. We bounced of the strong long-term resistance (lower line of the flag) which makes the sentiment strongly bearish.