Sample Category Title
S&P 500 Under Pressure
Pivot (invalidation): 2935.00
Our preference Short positions below 2935.00 with targets at 2895.00 & 2875.00 in extension.
Alternative scenario Above 2935.00 look for further upside with 2948.00 & 2963.00 as targets.
Comment The RSI is bearish and calls for further downside
DAX Key Resistance At 12316.00
Pivot (invalidation): 12316.00
Our preference Short positions below 12316.00 with targets at 12160.00 & 12110.00 in extension.
Alternative scenario Above 12316.00 look for further upside with 12370.00 & 12420.00 as targets.
Comment As Long as 12316.00 is resistance, look for choppy price action with a bearish bias.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 136.12; (P) 136.51; (R1) 137.14; More...
Outlook in GBP/JPY remains unchanged as consolidation from 135.38 is in progress. In case of another rise, upside should be limited by 138.32 resistance to bring fall resumption. On the downside, break of 135.38 will extend recent fall from 148.87 to retest 131.51 low. Though, firm break of 135.38 will confirm short term bottoming and bring stronger rebound to 55 day EMA (now at 139.83).
In the bigger picture, current development suggests that GBP/JPY's 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.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 121.99; (P) 122.31; (R1) 122.86; More....
No change in EUR/JPY's outlook as consolidation from 120.78 is extending. In case of stronger rise, upside upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, below 121.65 minor support will turn bias to the downside for 120.78 low. Decisive break there will resume the decline from 127.50 and target 118.62 low next.
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.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8943; (P) 0.8960; (R1) 0.8979; More...
EUR/GBP breached 0.8974 resistance but cannot sustain above yet. Intraday bias stays neutral first and outlook is unchanged. With 0.8871 support intact, further rise is expected. On the upside, firm break of 0.8974 resistance will resume larger rally to 0.9101 key resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 0.8871 will indicate short term topping. Deeper pull back could be seen to 55 day EMA (now at 0.8804).
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 0.8527). Decisive break of 0.9101 resistance will confirm this bullish case. Nevertheless, as EUR/GBP is still staying inside long term falling channel, correction from 0.9305 could still extend to 0.8400 fibonacci level before completion, if upside is rejected by 0.9101.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6228; (P) 1.6288; (R1) 1.6335; More...
Intraday bias in EUR/AUD remains neutral as consolidation form 1.6448 is extending. Deeper pull back could be seen but downside should be contained above 1.6052 support to bring rise resumption. On the upside, break of 1.6448 will resume the rally from 1.5683 and target 1.6765 high.
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.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1088; (P) 1.1107; (R1) 1.1136; More...
EUR/CHF recovers higher today as correction from 1.1056 extends. Intraday bias remains neutral first. Upside should be limited below 1.1264 resistance to bring further decline. On the downside, break of 1.1056 will resume the larger down trend for 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next.
In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it's likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.
USD/TRY Choppy
Pivot (invalidation): 5.7870
Our preference Short positions below 5.7870 with targets at 5.7480 & 5.7170 in extension.
Alternative scenario Above 5.7870 look for further upside with 5.8110 & 5.8310 as targets.
Comment The upward potential is likely to be limited by the resistance at 5.7870.
AUD/USD The Bias Remains Bullish
Pivot (invalidation): 0.6975
Our preference Long positions above 0.6975 with targets at 0.7020 & 0.7045 in extension.
Alternative scenario Below 0.6975 look for further downside with 0.6960 & 0.6950 as targets.
Comment The break above 0.6975 is a positive signal that has opened a path to 0.7020.
USD/CAD Key Resistance At 1.3145
Pivot (invalidation): 1.3145
Our preference Short positions below 1.3145 with targets at 1.3100 & 1.3085 in extension.
Alternative scenario Above 1.3145 look for further upside with 1.3165 & 1.3185 as targets.
Comment As Long as the resistance at 1.3145 is not surpassed, the risk of the break below 1.3100 remains high.
