Sample Category Title
USD/CAD The Bias Remains Bullish
Pivot (invalidation): 1.3390
Our preference Long positions above 1.3390 with targets at 1.3430 & 1.3450 in extension.
Alternative scenario Below 1.3390 look for further downside with 1.3360 & 1.3330 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/CHF Further Upside
Pivot (invalidation): 0.9920
Our preference Long positions above 0.9920 with targets at 0.9960 & 0.9995 in extension.
Alternative scenario Below 0.9920 look for further downside with 0.9900 & 0.9880 as targets.
Comment The RSI advocates for further upside.
USD/JPY The Bias Remains Bullish
Pivot (invalidation): 108.10
Our preference Long positions above 108.10 with targets at 108.45 & 108.70 in extension.
Alternative scenario Below 108.10 look for further downside with 107.80 & 107.55 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
GBP/USD 1.2650 Expected
Pivot (invalidation): 1.2715
Our preference Short positions below 1.2715 with targets at 1.2670 & 1.2650 in extension.
Alternative scenario Above 1.2715 look for further upside with 1.2740 & 1.2760 as targets.
Comment The RSI lacks upward momentum.
EUR/USD Watch 1.1190
Pivot (invalidation): 1.1250
Our preference Short positions below 1.1250 with targets at 1.1215 & 1.1190 in extension.
Alternative scenario Above 1.1250 look for further upside with 1.1270 & 1.1295 as targets.
Comment A break below 1.1215 would trigger a drop towards 1.1190.
Gold Maintains Gains, Rising To A 4-Month High
Gold prices continued their bullish ascent as price briefly rallied to a four-month high of 1324.19 before easing back. The gains come as investors continue to assess the impact from the trade tensions. The recent dovish comments from the Fed chair also helped to push gold prices higher.
Can gold continue to trend higher?
The current gains are showing signs of exhaustion as gold prices formed a doji close before declining. However, prices remain supported above the 1320 handle. This could mean that any dips in price will test the 1320 price level for support. If the support fails, gold could potentially see further declines in the near term. The next lower support is seen at 1290.
Oil Prices Maintain Declines As Inventories Increase
WTI Crude oil prices extended the declines on Thursday, slipping to a fresh 5-month low. The declines came as the EIA’s report for the crude oil inventories saw an increase of 6.77 million barrels per day last week. This was higher than the median forecasts of a 2 million decline. The US crude oil inventories have been rising dramatically over the past few weeks adding to the downside pressure on prices.
Will oil continue to trend lower?
Following the breakdown below 52.74, oil prices touched down to a fresh five-month low before pulling back modestly. However, the downside pressure is likely to remain as price could test the 50.00 handle. A test of the psychologically strong 50.00 level for support could indicate the completion in the correction. We expect to see oil prices reversing the declines from this level.
Euro Gives Back Gains Ahead Of ECB Meeting
The euro currency was seen erasing the gains from earlier this week as price closed below the 1.1250 handle. The declines come ahead of today’s European Central Bank’s monetary policy meeting. No changes are expected from the ECB, but investors are keen to see if the central bank will announce more details on the TLTRO II program. The recent downtick in inflation could also see the officials taking a cautious approach to forward guidance.
Will EURUSD Settle Back into the Range?
The currency pair has been trading sideways with the recent gains bringing some life back. However, the close below 1.1250 could potentially trigger further declines depending on how the euro reacts. The short term support is seen at 1.1200. If this support is not strong, the common currency could be seen posting further declines. The lower end of the range at 1.1140 remains the probable downside target.
EURUSD Bearish Correction Underway
The euro currency is undergoing a bearish correction against the US dollar after meeting strong selling interest from the 1.1300 resistance level. Additional weakness in the EURUSD is likely, with a technical test of the 1.1165 support possible if price moves below the 1.1200 level. Overall, profit taking and a downward correction in some technical indicators are weighing on the EURUSD in the near-term.
The EURUSD pair is only bearish while trading below the 1.1200 level, key technical support is found at the 1.1180 and 1.1165 levels.
If the EURUSD pair trades above the 1.1265 level, buyers may test the 1.1300 and 1.1325 levels.
BTCUSD At A Crossroad In The Short-Term
Bitcoin remains technically weak in the short-term, with the number one cryptocurrency so far finding weekly support from the $7,400 level. The one-hour time frame is showing that the BTCUSD pair is truly at a crossroad, with both a head and shoulders and inverted head and shoulders patterns now present. The BTCUSD pair can trade in a broad range between the $7,400 to $8,400 levels before the next directional move becomes clear.
The BTCUSD pair is only bullish while trading above the $8,400 level, key resistance is found at the $9,000 and $9,600 levels.
If the BTCUSD pair trades under the $7,400 level, sellers may test towards the $7,000 and $6,500 support levels.
