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Euro Muted To ECB Meeting Minutes
The European Central Bank released its monthly meeting minutes yesterday. The minutes revealed that policymakers were contemplating whether to restart the bond purchase program. Many members also grew concerned about the lack of inflationary pressures. The euro did not react much to the release of the minutes.
EURUSD Rebounds off Support
The common currency was seen reversing losses off the 1.1250 level of support. The current momentum could potentially establish further gains in the near term. The minor resistance level is seen at 1.1340. A retest of this level could keep the overall price action rather subdued.
Crude Oil Look For 61.60
Pivot (invalidation): 60.15
Our preference Long positions above 60.15 with targets at 60.90 & 61.60 in extension.
Alternative scenario Below 60.15 look for further downside with 59.65 & 59.10 as targets.
Comment The RSI is bullish and calls for further upside.
Silver Spot Key Resistance At 15.1800
Pivot (invalidation): 15.1800
Our preference Short positions below 15.1800 with targets at 15.0700 & 14.9800 in extension.
Alternative scenario Above 15.1800 look for further upside with 15.2400 & 15.3100 as targets.
Comment The RSI is mixed to bearish.
Gold Spot Key Resistance At 1412.00
Pivot (invalidation): 1412.00
Our preference Short positions below 1412.00 with targets at 1403.50 & 1400.50 in extension.
Alternative scenario Above 1412.00 look for further upside with 1419.00 & 1424.00 as targets.
Comment The RSI has just struck against its neutrality area at 50%.
S&P 500 Intraday Support Around 2984.50
Pivot (invalidation): 2984.50
Our preference Long positions above 2984.50 with targets at 3003.00 & 3018.00 in extension.
Alternative scenario Below 2984.50 look for further downside with 2973.00 & 2963.00 as targets.
Comment The RSI is mixed with a bullish bias.
DAX The Downside Prevails
Pivot (invalidation): 12400.00
Our preference Short positions below 12400.00 with targets at 12270.00 & 12200.00 in extension.
Alternative scenario Above 12400.00 look for further upside with 12450.00 & 12490.00 as targets.
Comment The RSI is bearish and calls for further downside.
USD/TRY Rebound
Pivot (invalidation): 5.6440
Our preference Long positions above 5.6440 with targets at 5.7170 & 5.7400 in extension.
Alternative scenario Below 5.6440 look for further downside with 5.6190 & 5.5880 as targets.
Comment The RSI calls for a bounce.
AUD/USD Further Advance
Pivot (invalidation): 0.6970
Our preference Long positions above 0.6970 with targets at 0.7000 & 0.7015 in extension.
Alternative scenario Below 0.6970 look for further downside with 0.6955 & 0.6940 as targets.
Comment The RSI is bullish and calls for further upside.
USD/CAD The Downside Prevails
Pivot (invalidation): 1.3060
Our preference Short positions below 1.3060 with targets at 1.3030 & 1.3000 in extension.
Alternative scenario Above 1.3060 look for further upside with 1.3075 & 1.3090 as targets.
Comment The RSI advocates for further decline.
USD/CHF Watch 0.9925
Pivot (invalidation): 0.9875
Our preference Long positions above 0.9875 with targets at 0.9910 & 0.9925 in extension.
Alternative scenario Below 0.9875 look for further downside with 0.9860 & 0.9840 as targets.
Comment A support base at 0.9875 has formed and has allowed for a temporary stabilisation.
