Sample Category Title

Pivot (invalidation): 5.6300

Our preference Short positions below 5.6300 with targets at 5.5910 & 5.5770 in extension.

Alternative scenario Above 5.6300 look for further upside with 5.6530 & 5.6700 as targets.

Comment As Long as 5.6300 is resistance, look for choppy price action with a bearish bias.

Pivot (invalidation): 0.6915

Our preference Short positions below 0.6915 with targets at 0.6890 & 0.6875 in extension.

Alternative scenario Above 0.6915 look for further upside with 0.6935 & 0.6955 as targets.

Comment As Long as the resistance at 0.6915 is not surpassed, the risk of the break below 0.6890 remains high.

French GDP grew 0.2% qoq in Q2, missed expectation of 0.3% qoq, slowed from Q1's 0.3% qoq. Looking at the details, household consumption expenditure slowed from 0.4% qoq to 0.2% qoq. But total gross fixed capital formation jumped from 0.5% qoq to 0.9% qoq. Final domestic demand excluding inventories accelerated slightly. Imports were stable, slowed from 1.1% qoq to 0.1% qoq. Export growth was unchanged at 0.2% qoq. Foreign trade balance didn't contribute to GDP growth, at 0.0%.

Full release here.

Pivot (invalidation): 1.3150

Our preference Long positions above 1.3150 with targets at 1.3180 & 1.3195 in extension.

Alternative scenario Below 1.3150 look for further downside with 1.3135 & 1.3115 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 0.9925

Our preference Short positions below 0.9925 with targets at 0.9895 & 0.9870 in extension.

Alternative scenario Above 0.9925 look for further upside with 0.9945 & 0.9960 as targets.

Comment The RSI is bearish and calls for further decline.

Daily Pivots: (S1) 132.31; (P) 133.46; (R1) 134.06; More...

GBP/JPY's fall accelerates to as low as 131.61 so far today and intraday bias remains on the downside for 131.51 low next. Decisive break there will resume larger decline from 156.69 for 122.36 next. On the upside, above 133.07 minor resistance will turn intraday bias neutral for consolidation first. Recovery should be limited below 135.66 resistance to bring fall resumption.

In the bigger picture, medium term fall from 156.59 (2018 high) is still in progress. Break of 131.51 will target 122.36 (2016 low). Structure of such decline is corrective looking so far, arguing that it's just the second leg of consolidation from 122.36. Thus, we'd expect strong support from 122.36 to contain downside to bring reversal.

Daily Pivots: (S1) 120.88; (P) 121.99; (R1) 121.45; More...

Outlook in EUR/JPY remains unchanged and intraday bias stays neutral for consolidation above 120.05. Another recovery could be seen. But outlook remains bearish as long as 122.32 resistance holds. On the downside, break of 120.05 will resume the decline from 127.50 for retesting 118.62 low. Though, break of 122.32 would indicate short term bottoming and bring stronger rebound to 123.35 resistance and above.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying well inside long term falling channel, and below falling 55 week EMA. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 0.9029; (P) 0.9076; (R1) 0.9169; More...

EUR/GBP rises to as high as 0.9190 so far. The solid break of 0.9101 resistance carried larger bullish implication. Intraday bias stays on the upside for 0.9305 resistance key resistance next. On the downside, below 0.9086 minor support will turn intraday bias neutral first. But retreat should be contained above 0.8891 support to bring another rally.

In the bigger picture, current development confirms that corrective fall from 0.9305 (2017 high) has completed with three waves down to 0.8472. And, up trend from 0.6935 (2015 low) is ready to resume. Break of 0.9305 will target 0.9799 (2008 high) and then 61.8% projection of 0.6935 to 0.9305 from 0.8472 at 0.9937. In any case, medium term outlook will remain bullish as long as 0.8472 support holds.

Pivot (invalidation): 108.90

Our preference Short positions below 108.90 with targets at 108.60 & 108.40 in extension.

Alternative scenario Above 108.90 look for further upside with 109.00 & 109.15 as targets.

Comment The RSI shows downside momentum.

Pivot (invalidation): 1.2230

Our preference Short positions below 1.2230 with targets at 1.2150 & 1.2110 in extension.

Alternative scenario Above 1.2230 look for further upside with 1.2275 & 1.2320 as targets.

Comment The RSI has broken down its 30 level.