Gold testing trend line support
From May 18th to May 20th Gold traded over $50 lower, but as you can see from the chart the pair reversed the trend on the 20th and has traded continually higher and is close to retracing 100% of the prior move. The pair has been trading sideways the past 24 hours, but is testing the trend line for the fifth time. If the trend holds, the target would be the 100.0% fibo line at 1220.20. It should also be noted that the 100 hour moving average is following the upward trend and is now converging with the 200 hour at 1200.91.

New Zealand Building Consents
The market had a limited reaction New Zealand’s building consents which came in at 8.5%; better than the prior reading of -0.4%. The kiwi is currently trading on session lows against the USD.
USD/JPY broke out…
Yesterday’s post showed that the USD/JPY pair had been trading sideways since May 20th, but over the course of the past 12 hours the pair has finally broke through and had several consecutive closes above the 90.48 resistance level; also closing above the 200 hour moving average and 50.0% retracement level. The next target to the upside is the 61.8% fibo level at 91.41. We also noted yesterday that the 100 hour moving average had trended lower but began to flatten out, here you can see that the break out is beginning to raise the average.

FOREX QUICK: AUD/USD reverses course and starts to trend
FOREX QUICK: AUD/USD reverses course and starts to trend
Forex Midday Report- May 27th
Forex Midday Report- May 27th
FOREX QUICK: USD/JPY Pushing towards 200 Day MA
FOREX QUICK: USD/JPY Pushing towards 200 Day MA
Forex Morning Report- May 27th
Forex Morning Report- May 27th
Jobless Claims Improve with Continuing Claims, GDP is Weaker
GDP (QoQ) (Annualized): Survey: 3.4% Actual: 3.0% Prior: 3.2%
Personal Consumption: Survey: 3.8% Actual: 3.5% Prior: 3.6%
GDP Price Index: Survey: 0.9% Actual: 1.0% Prior: 0.9%
Core PCE (QoQ): Survey: 0.6% Actual: 0.6% Prior: 0.6%
Initial Jobless Claims: Survey: 455K Actual: 460K Prior: 471K Revised: 474K
Continuing Claims: Survey: 4613K Actual: 4607K Prior: 4625K Revised: 4656K
