In trading this morning in Europe, $EURGBP seemed poised to drop below recent support which would activate my target from last week of approximately 0.85. After it was announced that Angela Merkel would be making a statement about Greece at 13:00 today (European time) the euro found a bid and the euro/sterling cross rate moved back up.

The area targeted is where I would be looking to re-establish a short position on EUR/GBP.




USD/JPY almost closed at the 94 level last Friday and has seen some spikes above this level during trading in Europe this morning.

I maintain my intermediate-term targets of 97 followed by 100.



The chart for gold remains constructive but until there is close above $1170, whereupon I would expect a quick move upwards, I would look to add to long positions on each pullback to the dotted line on the chart.



Sterling/dollar is within the cloud formation on the daily chart which will keep me on the sidelines on this cross rate - but as discussed on Friday the real action is on the cross rate between sterling and the euro- although playing both sides against the dollar is a useful tactical scalping strategy.



The sector fund for Australian equities, EWA, is on my list this week as a short candidate.



XOP, the exchange traded fund for the oil and gas exploration sector, reveals one of my favorite breakout patterns and I would be looking to scale out of the position starting at $49 and then beyond.



Clive Corcoran is the publisher of TradeWithForm.com, which provides daily analysis and commentary on the US stock market.