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The European Single Currency appreciated 0.30% since Wednesday's trading session. The 200-hour simple moving average stopped the currency rate at the 1.1640 mark during midnight hours.

The European Single Currency should move downwards into the pattern during today's session. The rate will most likely approach the support of the 55 and 100-hour simple moving averages either one by one or combined near the 1.16 level. In another scenario, the currency rate might find support in the SMAs and surge.

In addition, note that a smaller SMAs crossing of a larger one, which might occur, is seen by a lot of market participants as a signal to buy.

The British pound jumped against the US Dollar due to fundamentals on Wednesday. The rate ignored most technical levels, but the upper boundary of the large pattern stopped the rate and pushed it back into the pattern.

In regards the near term future, the rate is expected to decline down to the 61.80% Fibo at 1.2877, which should be supported by the 55-hour simple moving average. Afterwards the rate should pass these levels and head for the 1.2850 level.

On the other hand, the British pound may use the support of the 55-hour simple moving average and the Fibo, to push back up above the 1.2900 mark.

The USD/JPY gained additional ground previously by breaking the upper trend line of a dominant pattern. However, on Thursday it was back down below 111.40 level. The rate was located between the resistance of the 55-hour SMA at 111.40 and the 100 and 200-hour SMA's during at 111.20.

The rate had begun to and was set to continue moving up. The reasons was the moving north of both the resistance and support simple moving averages.

The surge would reach and once more test the dominant trend line, which had been pierced previously. Watch the chart for a breaking or holding of the trend line.

The gold price appreciated 0.43% since Wednesday's trading session. The XAU/USD broke out through the monthly PP at the 1,196.00 mark and kept squeezed between the 55-hour and the 100-hour simple moving averages during Thursday's morning hours.

In regards to the near future, the yellow metal will move upwards due to a strong support level of the monthly pivot point at the 1,196.00 and the 55-hour simple moving average.

Note, that the 200-hour simple moving average at the 1,202.00 level might stop the rate and push gold back to trade into the pattern.

Pivot (invalidation): 111.55

Our preference Short positions below 111.55 with targets at 111.20 & 111.00 in extension.

Alternative scenario Above 111.55 look for further upside with 111.75 & 112.00 as targets.

Comment A break below 111.20 would trigger a drop towards 111.00.

Pivot (invalidation): 1.2870

Our preference Long positions above 1.2870 with targets at 1.2950 & 1.2985 in extension.

Alternative scenario Below 1.2870 look for further downside with 1.2840 & 1.2805 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 1.1615

Our preference Long positions above 1.1615 with targets at 1.1675 & 1.1690 in extension.

Alternative scenario Below 1.1615 look for further downside with 1.1595 & 1.1570 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 0.7180

Our preference Long positions above 0.7180 with targets at 0.7215 & 0.7235 in extension.

Alternative scenario Below 0.7180 look for further downside with 0.7160 & 0.7140 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 1.3150

Our preference Long positions above 1.3150 with targets at 1.3205 & 1.3250 in extension.

Alternative scenario Below 1.3150 look for further downside with 1.3115 & 1.3085 as targets.

Comment A support base at 1.3150 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 0.9725

Our preference Short positions below 0.9725 with targets at 0.9680 & 0.9650 in extension.

Alternative scenario Above 0.9725 look for further upside with 0.9750 & 0.9765 as targets.

Comment The RSI has broken down its 30 level.