Sample Category Title
EURUSD Decisive Week Ahead
The euro has opened the new trading week slightly weaker against the US dollar after the pair suffered heavy losses after moving below the 1.1248 level. Going forward, the EURUSD faces a decisive week ahead as the ECB decides on rates and possibly QE timing. Over-delivering or underwhelming are all real risks ahead for the EURUSD pair. In the short-term, a breakout from between the 1.1200 to 1.1248 price range will be the next big mover for the EURUSD pair.
The EURUSD pair is only bearish while trading below the 1.1248 level, key support is found at the 1.1200 and 1.1175 levels.
If the EURUSD pair trades above the 1.1248 level, bulls could test back towards the 1.1285 and 1.1310 levels.
Crude Oil Target 57.30
Pivot (invalidation): 55.50
Our preference Long positions above 55.50 with targets at 56.80 & 57.30 in extension.
Alternative scenario Below 55.50 look for further downside with 55.00 & 54.70 as targets.
Comment The RSI calls for a rebound.
Silver Spot Turning Up
Pivot (invalidation): 16.1500
Our preference Long positions above 16.1500 with targets at 16.5100 & 16.7300 in extension.
Alternative scenario Below 16.1500 look for further downside with 16.0400 & 15.9400 as targets.
Comment The RSI is bullish and calls for further upside.
Gold Spot Key Resistance At 1435.00
Pivot (invalidation): 1435.00
Our preference Short positions below 1435.00 with targets at 1420.00 & 1415.00 in extension.
Alternative scenario Above 1435.00 look for further upside with 1441.00 & 1447.00 as targets.
Comment Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
S&P 500 Under Pressure
Pivot (invalidation): 2990.00
Our preference Short positions below 2990.00 with targets at 2970.00 & 2956.00 in extension.
Alternative scenario Above 2990.00 look for further upside with 3000.00 & 3009.00 as targets.
Comment The RSI is bearish and calls for further downside.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8956; (P) 0.8977; (R1) 0.8997; More...
Intraday bias in EUR/GBP remains neutral for the moment. 0.8954 minor support intact, further rise cannot be ruled out. But upside momentum is clearly diminishing as seen in 4 hour and daily MACD. Upside should be limited by 0.9101 key resistance to bring reversal. On the downside, break of 0.8954 support should confirm short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8882) first.
In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8545). Decisive break of 0.9101 resistance will confirm this bullish case. However, firm break of 55 week EMA (now at 0.8801) would possibly extend the correction another another fall to below 0.8472 before completion.
DAX Rebound
Pivot (invalidation): 12220.00
Our preference Long positions above 12220.00 with targets at 12340.00 & 12400.00 in extension.
Alternative scenario Below 12220.00 look for further downside with 12160.00 & 12100.00 as targets.
Comment The RSI has broken up its 30 level.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5901; (P) 1.5929; (R1) 1.5962; More...
With 1.6034 minor resistance intact, further decline is expected in EUR/AUD. Current fall from 1.6448 is seen as the third leg of the consolidation pattern from 1.6765 high. Next target will be 1.5683 support and below. On the upside, above 1.6034 minor resistance will turn intraday bias neutral and bring consolidations first.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal and turn outlook bearish.
USD/TRY Turning Up
Pivot (invalidation): 5.6310
Our preference Long positions above 5.6310 with targets at 5.6850 & 5.7090 in extension.
Alternative scenario Below 5.6310 look for further downside with 5.5970 & 5.5620 as targets.
Comment The break above 5.6310 is a positive signal that has opened a path to 5.6850.
AUD/USD Look For 0.7025
Pivot (invalidation): 0.7050
Our preference Short positions below 0.7050 with targets at 0.7035 & 0.7025 in extension.
Alternative scenario Above 0.7050 look for further upside with 0.7065 & 0.7075 as targets.
Comment A break below 0.7035 would trigger a drop towards 0.7025.
