On the daily chart above, EURUSD managed to surpass the last Fibonacci retracement (61.8%) of the correction trip from 1.3365 to 1.2865 on Friday and took off towards the previous high (1.3365).
The EURUSD monthly chart above shows us a downtrend line coming from 1995 which can pose good resistance around 1.3470 where we might have a turning point.
As I also noted in a previous post from October 2006, after breaking out of the triangle, the USDYEN advanced towards the resistance located around 122 where we have the last Fibonacci retracement level (61.8%) of the 135.19 - 101.65 trip. The resistance area rejected the price in January and February (see the monthly chart above) and the USDYEN turned back. Nevertheless, the mentioned resistance can be tested again in the following months due to the large interest rate differential between the dollar and the yen. On the other hand, BOJ started raising rates while the Fed is in stand by and therefore carry trades are weakening and may begin unwinding.
Gold was unleashed after escaping the 655 - 600 resistance area I mentioned in earlier posts which includes the 61.8% Fibonacci last retracement level of the latest monthly correction (729.70 - 543.20). This area turned support on a correction before conquering the next resistance around 675 which also became support. The highs so far quickly reached 688 on the way to full retracement towards 730, but the uprising channel gold formed during the last months is posing resistance and a temporary correction may start soon. The COT numbers (see below) were supporting this bullish phase last week after entering the upper channel between -130K and -220K accompanied by a sharply rising open interest.
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