Forex update JPY.EUR.GBP.AUD vs. USD

USDJPY. Prices have completed a five wave structure suggesting that the bounce back could push back up till previous 4 wave levels at 86.
EURDUSD is in a 2 wave counter trend wave that should not push above 1.38-1.39 resistance levels. After the ongoing bounce prices should move back 1.3238 levels.
AUDUSD. The price Reversal below 1.000 suggest that B wave is also over and prices are headed down till 0.9350 . The price action also has a potential Head and shoulder neckline near 0.9700. A break here will also confirm the preferred negative view.
GBPUSD. Prices have completed the Wave B up at 1.5900 levels and are headed down till 1.5600.

LME Nickel Medium term view

The B minor corrective (counter-trend) seems over and now the prices should move lower in the C wave back below previous low at 17,000. Sub 24,000 we continue to look lower.

LME Nickel Short term view

LME Nickel breaks the Medium term Trend Line with a Strong Gap Down , Intraday Fills back the Gap and The Support Becomes Strong Resistance and prices Reverse , If In Medium Term Nickel Fails to Cross 24300 lvls , Can On Downside correct till 22400 lvls or 21900

Gold Near Resistance Zone

Gold Near important Trend line Resistance in zone of of 1380-1387 $ ,
The Rsi is Extremely overbought and Showing Negative Divergence . This Resistance is Almost near physiological Resistance of 1400 $ ,
This even co-incised with wave counts of Major 3 -5th wave Extended , Suggesting we are Near top. Will Look for key Reversal Here Any time soon , Opening Downside targets till 1310--1265 $

Dowjones Potential Head & shoulders , Might have topped out Yesterday

Dowjones Could Be Heading lower towards price Target of 9950 With making of potentail Right Shoulder and than Finally to 9200 later on . The above view Is negated if prices Moves above 10700 levels

Gold Short term view

Prices Head For Crucial Resistance Zone of 1288-1295$ levels , Almost Near the physiological Resistance of 1300 $ , We Expect The prices to Reverse From the Current level Looking at the Negative Divergence on RSI and Resistance coming up From upwards End of Rising Wedge ,

Silver Short term view

Silver Short term : Silver is Highly overbought Zone , and has made A hanging man Candle Stick reversal pattern Near Resistance Level of 20 $ . In Short term , Shorts Can be Taken with Sl above abv 20 $ on closing basis , for Down Side Targets of 19.3 $ & 18.9 $

Gold MCX & comex medium term View

Gold MCX weekly Charts technical outlook

Gold made a lifetime High of 19198 Rupees in the first week of June 2010 , And Formed a Doji at top of charts on weekly which is Sign of short term reversal

Looking Closely at weekly Charts it almost reversed From top end of the Channel in which it has been trending Since of February 2009

Gold Initially in mid month of Feb made a high of 16036 And corrected to 13931 in Next 10 Weeks giving a correction of approx 13 % . Later on bounced back to Make a New high at 17650 and Corrected to 15950 in next 10 weeks correcting almost 10 % , the correction period both the time Lasted for 10 weeks
Now at current levels it has again reversed From top end of same channel and expecting it to take Support at bottom End of Channel which is near 17200 levels and almost indicating that it could be a approx 10 % correction if it follows same time sequence of correcting approx 10 % in 10 weeks From top which it made First week of June and Than we could expect targets of 17200 lvls around second week of august
RSI on weekly charts has Also Reversed From overbought Zone and point downwards currently placed at 65 zone

Week end Feb 15 2009 12th April 2009
16036- -13931 net Change --- 2105 Rs == ~ 13 %
correction Time Period ~ 10 Weeks

weekend 29 nov 2009 31st January 2010
17650—15950 net Change = 1700 ~ 10 %
correction Time Period ~ 10 Weeks

Week ended 6th June 2010 - 19198 -- ????? Expected target 17200 lvls
19198—17000 net change 2198 ~~~ Approx 11.5 % correction Expected by August Second week



Gold GC Comex

Gold Comex made a life time high of 1265 $ which was end of 5th wave of Complete up move which Started From medium term Low of 1044 $ made in Mid may of 2010 . Now is start of 3 wave corrective pattern Which would Open Downside targets of wave a till 1165 $ and than probably bounce back till 1230 $ lvls Which could be Wave B and than Final wave C ending at 1121 $

Note both the above views would be Negated if Comex Gold Crosses 1265 $ in short term Or MCX gold Closes above 19000 Rupees

Euro Short term 1.2610---1.2840 Possible