Sample Category Title
Euro Gains As GDP Advances
The common currency outshone the USD as the preliminary GDP reports were positive. Flash GDP estimates for the first quarter rose 0.4%, beating estimates of 0.3% and up from a 0.2% increase previously. The USD remained on the back foot despite some upbeat data. The Conference Board’s consumer confidence report saw the index rising to 129.2 while pending home sales gained 3.8%.
Can the EURUSD Break-Out from the Resistance?
The euro currency is holding steady as it advanced to 1.1226. Establishing resistance here could see the common currency drifting sideways. The lower support is formed at 1.1140. Within this range, the EURUSD could potentially extend the declines lower for another retest of the support. To the upside, in the event that the euro breaks higher, 1.1280 will be the next main resistance level of interest.
Crude Oil The Downside Prevails
Pivot (invalidation): 63.95
Our preference Short positions below 63.95 with targets at 62.75 & 62.25 in extension.
Alternative scenario Above 63.95 look for further upside with 64.35 & 64.70 as targets.
Comment The RSI advocates for further decline.
Silver Spot Capped By A Negative Trend Line
Pivot (invalidation): 14.9800
Our preference Short positions below 14.9800 with targets at 14.8400 & 14.7900 in extension.
Alternative scenario Above 14.9800 look for further upside with 15.0300 & 15.0800 as targets.
Comment As Long as 14.9800 is resistance, look for choppy price action with a bearish bias.
Gold Spot 1274.00 Expected
Pivot (invalidation): 1284.50
Our preference Short positions below 1284.50 with targets at 1278.00 & 1274.00 in extension.
Alternative scenario Above 1284.50 look for further upside with 1286.50 & 1288.50 as targets.
Comment A break below 1278.00 would trigger a drop towards 1274.00.
S&P 500 Further Upside
Pivot (invalidation): 2937.00
Our preference Long positions above 2937.00 with targets at 2953.50 & 2960.50 in extension.
Alternative scenario Below 2937.00 look for further downside with 2929.25 & 2925.25 as targets.
Comment The RSI calls for a new upleg.
DAX Target 12440.00
Pivot (invalidation): 12285.00
Our preference Long positions above 12285.00 with targets at 12370.00 & 12440.00 in extension.
Alternative scenario Below 12285.00 look for further downside with 12245.00 & 12190.00 as targets.
Comment The RSI calls for a new upleg.
USD/TRY Bullish Bias Above 5.9530
Pivot (invalidation): 5.9530
Our preference Long positions above 5.9530 with targets at 5.9800 & 6.0000 in extension.
Alternative scenario Below 5.9530 look for further downside with 5.9400 & 5.9260 as targets.
Comment The RSI is mixed to bullish.
AUD/USD Key Resistance At 0.7060
Pivot (invalidation): 0.7060
Our preference Short positions below 0.7060 with targets at 0.7030 & 0.7020 in extension.
Alternative scenario Above 0.7060 look for further upside with 0.7080 & 0.7100 as targets.
Comment The upward potential is likely to be limited by the resistance at 0.7060.
USD/CAD Under Pressure
Pivot (invalidation): 1.3400
Our preference Short positions below 1.3400 with targets at 1.3350 & 1.3330 in extension.
Alternative scenario Above 1.3400 look for further upside with 1.3430 & 1.3460 as targets.
Comment The break below 1.3400 is a negative signal that has opened a path to 1.3350.
USD/CHF Key Resistance At 1.0200
Pivot (invalidation): 1.0200
Our preference Short positions below 1.0200 with targets at 1.0180 & 1.0170 in extension.
Alternative scenario Above 1.0200 look for further upside with 1.0215 & 1.0225 as targets.
Comment As Long as the resistance at 1.0200 is not surpassed, the risk of the break below 1.0180 remains high.
