Weekly Fundamental Outlook 5-29-2012

The long weekend is now over and Greece is still in the Euro zone. What Next? It looks like we will have many more weeks, months to worry about the Euro zone. However for this week what can we look for? I’m guessing there should be some relief rally on risk assets now that the weekend is over. However some of that has already happened today. The AUD/USD has broken its Daily downtrend for at least a day. Is this going to continue or will we revert back to the bear trend tomorrow? Or will consolidation begin?
So many are short the EURO and still it cannot get any traction to move up. When will there be a short squeeze?
In looking at the YEN is the bull trend slowing? The CADJPY has become quite consolidative off the 77.00 level. The more we consolidate here the bigger the breakout should be. Also the AUDJPY and NZDJPY could be potential bottoms.
NZD/USD has a Daily double bottom at .7500. Could a medium term long trade be evolving there or are we getting ready to break to new lows.
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About the Author Manesh Patel