Sample Category Title
Crude Oil Key Resistance At 56.50
Our preference Short positions below 56.50 with targets at 55.80 & 55.35 in extension.
Alternative scenario Above 56.50 look for further upside with 56.80 & 57.30 as targets.
Comment As Long as 56.50 is resistance, look for choppy price action with a bearish bias.
Silver Spot Look For 16.2000
Pivot (invalidation): 16.5200
Our preference Short positions below 16.5200 with targets at 16.3100 & 16.2000 in extension.
Alternative scenario Above 16.5200 look for further upside with 16.6200 & 16.7400 as targets.
Comment As Long as the resistance at 16.5200 is not surpassed, the risk of the break below 16.3100 remains high.
Gold Spot Key Resistance At 1419.50
Pivot (invalidation): 1419.50
Our preference Short positions below 1419.50 with targets at 1411.00 & 1406.00 in extension.
Alternative scenario Above 1419.50 look for further upside with 1423.00 & 1427.00 as targets.
Comment The index currently faces a challenging resistance area at 1419.50.
S&P 500 Turning Down
Pivot (invalidation): 3009.25
Our preference Short positions below 3009.25 with targets at 2997.00 & 2987.00 in extension.
Alternative scenario Above 3009.25 look for further upside with 3019.50 & 3037.00 as targets.
Comment The RSI is bearish and calls for further downside.
DAX Choppy
Pivot (invalidation): 12470.00
Our preference Short positions below 12470.00 with targets at 12300.00 & 12220.00 in extension.
Alternative scenario Above 12470.00 look for further upside with 12530.00 & 12600.00 as targets.
Comment As Long as 12470.00 is resistance, look for choppy price action with a bearish bias.
USD/TRY Continuation Of The Rebound
Pivot (invalidation): 5.6770
Our preference Long positions above 5.6770 with targets at 5.7190 & 5.7400 in extension.
Alternative scenario Below 5.6770 look for further downside with 5.6600 & 5.6390 as targets.
Comment The RSI lacks downward momentum.
AUD/USD Target 0.6920
Pivot (invalidation): 0.6960
Our preference Short positions below 0.6960 with targets at 0.6940 & 0.6920 in extension.
Alternative scenario Above 0.6960 look for further upside with 0.6975 & 0.6990 as targets.
Comment A break below 0.6940 would trigger a drop towards 0.6920.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 134.79; (P) 135.23; (R1) 135.75; More...
Intraday bias in GBP/JPY remains neutral as consolidation from 133.85 temporary low continues. Outlook stays bearish with 136.05 resistance intact. On the downside, break of 133.85 will extend the decline from 148.87 to retest 131.51 low. Though, break of 136.05 will indicate short term bottoming and bring stronger rebound to 137.78 resistance.
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.
USD/CAD Aim @ 1.3210
Pivot (invalidation): 1.3135
Our preference Long positions above 1.3135 with targets at 1.3185 & 1.3210 in extension.
Alternative scenario Below 1.3135 look for further downside with 1.3110 & 1.3095 as targets.
Comment The RSI lacks downward momentum.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 120.30; (P) 120.84; (R1) 121.63; More....
EUR/JPY formed a temporary low after dipping to 120.05 and intraday bias is turned neutral for consolidation first. Outlook will remain bearish as long as 122.32 resistance holds. Break of 120.05 will extend the fall from 127.50 to retest 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 inside long term falling channel. 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.
