Dollar’s decline continues and accelerates a little in early US session after weak economic data. Gold is also accelerating upwards, in tandem with the greenback’s movements. Yen is following as second worst for now, following recovery in European stocks and US futures. Commodity currencies and Sterling are currently the stronger ones for today.

Technically, immediate focus is now on 1.1880 resistance in EUR/USD. Sustained break there should confirm short term bottoming at 1.1751. Further break of 1.1974 resistance will likely pave the way back to retest 1.2265/2348 resistance zone. At the same time, break of 1833.91 resistance in Gold will resume the rise from 1750.49 to 61.8% retracement of 1916.30 to 1750.49 at 1852.96 next. Both developments, if happen, will double confirm Dollar’s weakness.In Europe, at the time of writing, FTSE is up 0.92%. DAX is up 0.43%. CAC is up 0.72%. Germany 10-year yield is up 0.018 at -0.430. Earlier in Asia, Nikkei rose 0.73%. Hong Kong HSI rose 3.30%. China Shanghai SSE rose 1.49%. Singapore Strait Times rose 1.24%. Japan 10-year JGB yield rose 0.0057 to 0.022.

Source: www.actionforex.com