The US$ ended the week under some mild downside pressure and it looks as though this could continue early in the coming week, particularly against the Euro which looks relatively firm, with the dailies suggesting some bullish divergence, with a test of 1.1700 now looking possible. Further out though, the weeklies still look heavy so longer-term traders may wish to take advantage of near term Euro strength in order to sell in to it. Elsewhere, the US$/Majors look lackluster, although the Aud$ looks a bit more perky in the near term and a test of 0.7500 may now be on the cards.
WTI had a sharp move higher and may have further to go in the near term, with another test of 70+ now looking possible. Gold remains heavy and near-term rallies look to be a sell although if the US$ remains heavy that scenario may be delayed.
On the crosses, the Euro looks set for some minor gains against both the Jpy and Gbp although further out there seems to be little momentum in either direction. AudJpy looks a bit heavy in the medium term although given the near term positive bias in AudUsd I would be wary of selling it here.
