(read my last EUR/USD update here)
The 1.45ish support held and we've seen another big rally in the EUR/USD this week. We're now only about 1 cent below my target area of 1.50-51ish which I've been mentioning for a few weeks now after 1.43ish was broken:
Short term support is at 1.45ish. If we hit the 1.50-51 area we could see a bigger correction into the low 1.4x area (wait for some kind of reversal first though! or at least use stops). Should we get a convincing break above 1.51ish a rally to 1.60ish is very likely imo.
US Dollar Index
The last time I posted a DXY chart was in late February when the index was still in the multi-year triangle. Just a few days later the USD broke the support line and since then has sold off and is approaching its all time low:
The next support area is the 71ish area, if we break that we may go way lower (66/67 or even lower). Should we get a bounce from the 71ish level then I think we'll retest the broken trendline in the high 7x's before we'll go lower again.
Gold
Gold hit another new all time high this week and as long as the uptrendline isn't breached the rally should continue:
Silver
As written last week if there ever is a correction in silver then it may happen around the all time high at 50$. On Monday silver almost hit 50$ and then sold off and fell below 45$ by Tuesday, a level not seen since April 20th! Since then it has recovered nicely and it looks like we could see a new all time high already next week.
