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In the previous EURUSD forecast we noted that the SMA 20 was turning bearish due to the sharp dip. This might suggest an extended target of 1.2. The ECB’s move to cut interest rate further affected the currency pair and sentiments towards the Euro Zone. US’s worst than expected NFP also caused a dent in sentiments.

[B]Technical Analysis[/B]

Looking at the EUR/USD chart above, as expected due to the sentiments at ...

Last week gold and silver bounced back on the second week of July after they had declined during the first week of the month. The minutes of the FOMC meeting came out but didn't show any hints of a possibility of another stimulus plan and thus the report didn't affect much bullion rates. On Friday the Chinese GDP growth rate for Q2 was published and was lower than many had anticipated as it reached only 7.6%. This news may have contributed to the rally of commodities during Friday as it raised the speculation around a possibility of BOC stimulating the Chinese economy. The main events that may affect gold and silver prices during the upcoming week will revolve around Bernanke's testimonies, U.S housing starts, the minutes of MPC meeting, U.S ...

Euro/dollar suffered from another weak week, falling to levels last seen in over 2 years. An important German survey is the highlight this week, as headlines from the debt crisis continue dominating the scene. Here is an outlook for the upcoming events and an updated technical analysis for EUR/USD.

While euro-zone finance ministers did make some progress in providing aid for Spain, there is still much to be desired. Legal issues in Germany could delay the usage of bailout funds forever. Spain showed everyone that the bank bailout doesn’t really skip the sovereign, and announced a huge austerity program. However, also this failed to lower Spanish yields and just hurt the euro. In the US, the FOMC minutes showed that the appetite ...

Dollar/yen continued its regular range trading, but lost uptrend support – that’s new. Monetary Policy Meeting Minutes are the highlight of this week. Here’s an outlook for the Japanese events and an updated technical analysis for USD/JPY.

The Bank of Japan kept its monetary policy unchanged leaving rates at a minimum low of 0.0% to 0.1%. The QE program was extended to 45 trillion yen, but the markets were underwhelmed by this small step by the BOJ. Current Account surplus continued contracting in May reaching 0.28T from 0.29T in the previous month and Core Machinery Orders plunged 14.8% in May compared to a 5.7% gain in April lower than the 2.4% decline predicted by analysts.

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