Update - Monday 22nd March 2010

Risk aversion continues with the situation in Europe still completely divided, Chinese comments also not helping things. Technically daily charts have now turned back in favour of USD long positions with both hourly and 4 hourly looking for a retrace of last weeks moves. Over all looking for a test of Eur, Gbp, Aud lows  before a  bounce into fib resistance where shorts should be set for a test and break of this years lows versus the Buck.

Yen crosses technically also look bearish on the daily charts but would expect to see a retrace before a retest of the years lows.

Pretty much the same story in Gold, Silver and Crude. Only pattern that does look interesting is a possible Head and Shoulder pattern on the spot Gold - Xau/Usd chart... Currently we are sitting right at the neckline. A break would target 1048.30 very close to the previous weekly downtrend res , now turned support. Really need a break and close under the 4 hourly 500 ema which then should target the daily 200 lwma.

Dow futures are now trading June - YMM0 for the June mini dow futures. Currently we remain in a wide daily uptrend channel although price has now broken the 4 hrly uptrend support at 10637 with indicators -ve. Hourly charts are neutral  with sideways chop expected very similar to last mondays price action. Only on a break of hourly 300ema would the downside pressure increase.

At current levels there is nothing that really looks worth doing. I will continue to watch price looking to take counter trend trades and then look to set trades in the direction of the daily charts.