Sample Category Title
EUR/JPY Daily Outlook
Daily Pivots: (S1) 121.50; (P) 122.02; (R1) 122.32; More....
EUR/JPY's break of 121.65 minor support argues that consolidation pattern from 120.7 has completed with three waves to 123.35. Intraday bias is turned back to the downside for 120.78 low first. Decisive break there will resume larger fall from 127.50 to 118.62 low next. On the upside, in case of another rise, upside should be limited below 123.73 to bring down trend resumption.
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.
Crude Oil Expect 55.35
Pivot (invalidation): 57.30
Our preference Short positions below 57.30 with targets at 56.10 & 55.35 in extension.
Alternative scenario Above 57.30 look for further upside with 57.85 & 58.55 as targets.
Comment The RSI calls for a new downleg.
Silver Spot The Bias Remains Bullish
Pivot (invalidation): 15.2300
Our preference Long positions above 15.2300 with targets at 15.4600 & 15.5400 in extension.
Alternative scenario Below 15.2300 look for further downside with 15.1800 & 15.1000 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Gold Spot Intraday Support Around 1415.00
Pivot (invalidation): 1415.00
Our preference Long positions above 1415.00 with targets at 1436.00 & 1446.00 in extension.
Alternative scenario Below 1415.00 look for further downside with 1406.00 & 1398.00 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
S&P 500 The Bias Remains Bullish
Pivot (invalidation): 2952.75
Our preference Long positions above 2952.75 with targets at 2977.50 & 3000.00 in extension.
Alternative scenario Below 2952.75 look for further downside with 2944.00 & 2930.00 as targets.
Comment The RSI advocates for further advance.
DAX The Upside Prevails
Pivot (invalidation): 12480.00
Our preference Long positions above 12480.00 with targets at 12620.00 & 12690.00 in extension.
Alternative scenario Below 12480.00 look for further downside with 12400.00 & 12309.00 as targets.
Comment The RSI is mixed and calls for caution.
USD/TRY Choppy
Pivot (invalidation): 5.6830
Our preference Short positions below 5.6830 with targets at 5.6120 & 5.5970 in extension.
Alternative scenario Above 5.6830 look for further upside with 5.7040 & 5.7280 as targets.
Comment As Long as 5.6830 is resistance, look for choppy price action with a bearish bias.
AUD/USD Further Upside
Pivot (invalidation): 0.6980
Our preference Long positions above 0.6980 with targets at 0.7000 & 0.7020 in extension.
Alternative scenario Below 0.6980 look for further downside with 0.6965 & 0.6955 as targets.
Comment The RSI calls for a new upleg.
USD/CAD 1.3055 Expected
Pivot (invalidation): 1.3130
Our preference Short positions below 1.3130 with targets at 1.3075 & 1.3055 in extension.
Alternative scenario Above 1.3130 look for further upside with 1.3145 & 1.3160 as targets.
Comment nThe RSI is bearish and calls for further downside.
USD/CHF Consolidation
Pivot (invalidation): 0.9865
Our preference Short positions below 0.9865 with targets at 0.9830 & 0.9815 in extension.
Alternative scenario Above 0.9865 look for further upside with 0.9890 & 0.9910 as targets.
Comment As Long as 0.9865 is resistance, look for choppy price action with a bearish bias.
