Sample Category Title
USD/CHF Key Resistance At 0.9930
Pivot (invalidation): 0.9930
Our preference Short positions below 0.9930 with targets at 0.9900 & 0.9870 in extension.
Alternative scenario Above 0.9930 look for further upside with 0.9950 & 0.9970 as targets.
Comment As Long as the resistance at 0.9930 is not surpassed, the risk of the break below 0.9900 remains high.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8841; (P) 0.8871; (R1) 0.8891; More...
A temporary top is in place at EUR/GBP with 0.8902 on loss of upside momentum. Intraday bias is turned neutral for some consolidations first. Downside of retreat should be contained above 0.8681 resistance turned support to bring rise resumption. On the upside, break of 0.8902 will turn bias back to the upside and target 0.9101 key resistance next.
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 0.8511). 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.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.6059; (P) 1.6112; (R1) 1.6147; More...
No change in EUR/AUD's outlook as consolidation from 1.6262 is still extending. Intraday bias stays neutral and deeper fall could be seen. But downside should be contained by 38.2% retracement of 1.5683 to 1.6262 at 1.6041 to bring rise resumption. Correction from 1.6765 has completed with three waves down to 1.5683. On the upside, break of 1.6262 will pave the way to retest 1.6765 high. However, firm break of 1.6041 will dampen this view and bring deeper fall to 61.8% retracement at 1.5904.
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, with bearish divergence condition in weekly MACD, and turn outlook bearish.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1148; (P) 1.1169; (R1) 1.1186; More....
Intraday bias in EUR/CHF remains neutral for consolidation above 1.1119 temporary low. Upside should be limited by 1.1278 resistance to bring another fall. On the downside, break of 1.1119 will extend whole decline from 1.2004 and target 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962 next.
In the bigger picture, focus will stay on 61.8% retracement of 1.0629 to 1.2004 at 1.1154. Sustained break of 1.1154 will argue that fall from 1.2004 is itself a long term down trend. Next target will be 1.0629 support next. This will now remain the favored case as long as 1.1476 resistance holds even in case of rebound.
S&P 500 Target 2838.50
Pivot (invalidation): 2778.00
Our preference Long positions above 2778.00 with targets at 2822.00 & 2838.50 in extension.
Alternative scenario Below 2778.00 look for further downside with 2762.75 & 2744.00 as targets.
Comment The RSI is bullish and calls for further upside.
DAX Key Resistance At 12027.00
Pivot (invalidation): 12027.00
Our preference Short positions below 12027.00 with targets at 11840.00 & 11770.00 in extension.
Alternative scenario Above 12027.00 look for further upside with 12110.00 & 12170.00 as targets.
Comment The index currently faces a challenging resistance area at 12027.00.
Crude Oil Bullish Bias Above 52.50
Pivot (invalidation): 52.50
Our preference Long positions above 52.50 with targets at 53.75 & 54.60 in extension.
Alternative scenario Below 52.50 look for further downside with 52.10 & 51.60 as targets.
Comment The RSI lacks downward momentum.
Silver Spot Supported By A Rising Trend Line
Pivot (invalidation): 14.7300
Our preference Long positions above 14.7300 with targets at 14.8600 & 14.9200 in extension.
Alternative scenario Below 14.7300 look for further downside with 14.6900 & 14.6500 as targets.
Comment The RSI lacks downward momentum.
Gold Spot The Bias Remains Bullish
Pivot (invalidation): 1320.00
Our preference Long positions above 1320.00 with targets at 1329.00 & 1335.00 in extension.
Alternative scenario Below 1320.00 look for further downside with 1316.00 & 1312.50 as targets.
Comment The RSI is above its neutrality area at 50%.
Gold Pauses Gains As Risk-Off Sentiment Eases
The precious metal posted some modest gains on Tuesday after rising sharply in the previous two sessions. The gains stalled after the risk off sentiment moderated. Reports that Mexico was sending a delegation to the US to negotiate on the recent tariff hikes also helped the sentiment. However, with China, trade tensions continue to remain high.
Will Gold Keep up the Bullish Momentum?
Gold prices firmly remain above the 1320 handle. Yesterday's session saw price closing with a spinning top candlestick pattern. A bearish follow-through is required for any hopes of a downside correction. In the event that gold closes above yesterday's high of 1328.98, we expect to see further upside in store. The next main target to the upside comes in at the 1350 handle.
