Weekly outlook

Today Monday 5th being a US holiday has seen the Euro continue with a bearish trend on most pairs.The Euro/Usd is currently headed for the July lows of around 4022 which could come as a strong support. The pair has been making lower lows since April all the way to August may be a sign that the Euro is slowly succumbing to pressure from the many problems it is facing. I will be watching this pair from this support level at 4022 and the 200 moving average(white line) that if breached may be a sign that the pair is actually trending downwards.

The Loonie USD/CAD has formed a bullish flag that may be indicative of a bullish continuation from the consolidation from parity in August and the 0.9753 range support line.

The Eur/Gbp is now in a consolidation and is now headed lower towards the 8650 support line that has been hit three times and is still to be broken.It has formed a consolidation between 8883 which has proven to be a major resistance line and 8650. A break below the 8752 will confirm a bearish tone for support line.The 200 moving average will pose a strong support line which could hold for a while.

Gold is also moving higher with risk aversion carrying forward from the pin bar in August  that seems to be going for a new high headed for the 2000 mark soon.Silver seems to be following closely going for higher highs in the few coming weeks.The Australian dollar seems to be loosing ground with most pairs moving lower on most currencies especially the USD which is now trading much lower since Friday last week. I am watching for the 1.0373 which is heavily supported by the 200 MA and the 38.2% fib.