Sample Category Title
USD/CHF Bullish Bias Above 1.0085
Pivot (invalidation): 1.0085
Our preference Long positions above 1.0085 with targets at 1.0110 & 1.0125 in extension.
Alternative scenario Below 1.0085 look for further downside with 1.0070 & 1.0050 as targets.
Comment The break above 1.0085 is a positive signal that has opened a path to 1.0110.
USD/JPY The Upside Prevails
Pivot (invalidation): 109.70
Our preference Long positions above 109.70 with targets at 110.05 & 110.30 in extension.
Alternative scenario Below 109.70 look for further downside with 109.50 & 109.35 as targets.
Comment The break above 109.70 is a positive signal that has opened a path to 110.05.
GBP/USD Capped By A Negative Trend Line
Pivot (invalidation): 1.2820
Our preference Short positions below 1.2820 with targets at 1.2770 & 1.2745 in extension.
Alternative scenario Above 1.2820 look for further upside with 1.2850 & 1.2880 as targets.
Comment A break below 1.2770 would trigger a drop towards 1.2745.
EUR/USD Under Pressure
Pivot (invalidation): 1.1190
Our preference Short positions below 1.1190 with targets at 1.1165 & 1.1155 in extension.
Alternative scenario Above 1.1190 look for further upside with 1.1205 & 1.1225 as targets.
Comment As Long as the resistance at 1.1190 is not surpassed, the risk of the break below 1.1165 remains high.
Gold Retreats, Losing 0.8% On The Day
The precious metal extended declines on Thursday as investors shunned risk assets. Gold prices settled near the 1285 handle by Thursday's close. The declines came as economic data from the US was fairly better. Building permits grew at a pace of 0.6% on the month while housing starts rose 5.7%
Will XAUUSD Continue to Decline?
The recent drop to the 1285 handle was as expected. Price action is currently testing this level for support. If there is a reversal at this level, then the outlook remains to the upside for gold prices. Alternately, a breakdown below the 1285 support could potentially signal the previous bearish trend resuming.
Crude Oil Rises 1.5% On The Day
Oil prices posted a strong rebound on Thursday as WTI crude oil settled at 63.26 a barrel. The reversal in price came due to the rising tensions in the Middle-East. OPEC and Russia are planning to meet this weekend to discuss security issues and to prepare the groundwork for the semi-annual OPEC meeting in Vienna next month.
Can WTI Crude Oil Maintain the Gains?
The reversal from the 60.33 level of support has seen oil prices gradually pushing higher. Following the breakout above 62.85 resistance, oil is seen retracing back to this level. As long as it holds as support, we expect further gains in the near term. The next main target to the upside comes in at 64.65. A retest of this level as resistance could, however, cap the gains in the medium term.
Euro Declines For The Fourth Session
The common currency posted declines for the fourth consecutive session. The euro closed near a 7-day low. The US administration postponed the hike in tariffs on automobile imports that were due to come into effect this weekend. The eurozone's final inflation report is due today. Economists forecast that final inflation figures for April will see headline inflation rising 1.7% while core inflation is forecast to rise 1.2% on a year over year basis.
Can the EURUSD Pare Losses?
The common currency fell to lows of 1.1172 on Thursday. Early Asian trading shows a possible rebound in price action. If this reversal is confirmed, then the EURUSD could possibly push higher in the near term. The short-term upside target is seen at 1.1223 indicating that the sideways range continues. The EURUSD is caught within the major range of 1.1250 and 1.1140
ETHUSD $245.00 Pivotal Support
Ethereum remains well supported in early Friday trade, with the second largest cryptocurrency by market capitalization trading close to major intraday support. The daily time frame is showing that a large bullish inverted head and shoulders pattern is now present. If ETHUSD bulls can hold price above the $245.00 level the cryptocurrency could continue its recent breakout rally.
The ETHUSD pair is intraday bullish while trading above the $245.00 level, key resistance is found at the $280.00 and $330.00 levels.
If the ETHUSD pair trades below the $245.00 level, key support is found at the $230.00 and $210.00 levels.
EURUSD 1.1165 Breakdown Level
The euro currency has fallen to a fresh weekly trading low against the US dollar after yet another technical failure above the 1.1200 resistance level. If EURUSD sellers can hold price the 1.1165 level the pair is likely to weaken towards the 1.1130 support level. Buyers will need to move price above the 1.1216 resistance level in order to change the bearish intraday sentiment towards the EURUSD.
The EURUSD pair is heavily bearish while below the 1.1165 level, key technical support is found at the 1.1130 and 1.1110 levels.
If the EURUSD pair moves above the 1.1190 level, key technical resistance is found at the 1.1216 and 1.1264 levels.
USDJPY Rejected From 110.00
The US dollar is once turning lower against the Japanese yen currency after the recent rally in the pair found strong resistance from the 110.00 level. If sellers can move price back under the 109.66 level technical selling in the USDJPY pair is likely to increase. Technical indicators on the four-hour time frame have now corrected back to neutral and are ready for the next directional move.
The USDJPY pair is only bearish while trading below the 109.66 level, key support is found at the 109.00 and 108.40 levels.
If the USDJPY pair holds above the 109.66 level, key intraday resistance is found at the 110.00 and 110.20 levels.
