Sample Category Title
USD/CHF Bullish Bias Above 1.0195
Pivot (invalidation): 1.0195
Our preference Long positions above 1.0195 with targets at 1.0230 & 1.0250 in extension.
Alternative scenario Below 1.0195 look for further downside with 1.0180 & 1.0160 as targets.
Comment A support base at 1.0195 has formed and has allowed for a temporary stabilisation.
S&P 500 Bullish Bias Above 2920.00
Pivot (invalidation): 2920.00
Our preference Long positions above 2920.00 with targets at 2942.00 & 2953.00 in extension.
Alternative scenario Below 2920.00 look for further downside with 2910.00 & 2895.00 as targets.
Comment The RSI is mixed and calls for caution.
DAX The Upside Prevails
Pivot (invalidation): 12170.00
Our preference Long positions above 12170.00 with targets at 12290.00 & 12339.00 in extension.
Alternative scenario Below 12170.00 look for further downside with 12110.00 & 12063.00 as targets.
Comment The RSI is bullish and calls for further advance.
Crude Oil Bullish Bias Above 65.60
Pivot (invalidation): 65.60
Our preference Long positions above 65.60 with targets at 66.35 & 66.60 in extension.
Alternative scenario Below 65.60 look for further downside with 65.25 & 64.70 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Silver Spot The Downside Prevails
Pivot (invalidation): 14.8500
Our preference Short positions below 14.8500 with targets at 14.7300 & 14.6600 in extension.
Alternative scenario Above 14.8500 look for further upside with 14.9100 & 14.9800 as targets.
Comment As Long as the resistance at 14.8500 is not surpassed, the risk of the break below 14.7300 remains high.
Gold Spot The Downside Prevails
Pivot (invalidation): 1273.00
Our preference Short positions below 1273.00 with targets at 1266.00 & 1262.00 in extension.
Alternative scenario Above 1273.00 look for further upside with 1276.50 & 1279.50 as targets.
Comment The RSI shows downside momentum.
EURUSD Heavily Bearish Below 1.1216
The euro has come back under pressure against the greenback as the US dollar index advances to its highest level since June 2017. The EURUSD pair is heavily bearish while trading below the 1.1216 level, with the 1.1175 level critical support below. The bearish head and shoulders pattern on the four-hour time frame is showing that the EURUSD pair could fall towards the 1.1000 level.
The EURUSD pair is heavily bearish while trading below the 1.1216 level, key technical support remains at the 1.1175 and 1.1130 levels.
If the EURUSD pair trades above 1.1230 level, key intraday resistance is found at the 1.1250 and 1.1280 levels.
GBPUSD Further Downside Expected
The British pound is under heavy downside pressure against the US dollar, with the pair now trading at its weakest level in over eight weeks. The GBPUSD pair is heavily bearish while trading below the 1.2960 level and is likely to fall towards the 1.2880 level. The four-hour time frame is showing a large head and shoulders pattern, with the GBPUSD pair now trading below the neckline.
The GBPUSD pair is bearish while trading below the 1.2960 level, key support is found at the 1.2880 and 1.2840 levels.
If the GBPUSD pair trades above 1.2960 level, key intraday resistance is found at the 1.2975 and 1.3000 levels.
LTCUSD $65.00 Major Weekly Support
Litecoin is struggling to move higher on Wednesday, as the sixth largest cryptocurrency by market capitalization failed to rally alongside Bitcoin on Tuesday. The LTCUSD pair is still trapped within a bullish descending triangle pattern on the daily time frame. Overall, the LTCUSD pair still has a bullish weekly trading bias above the $65.00 level, which is the neckline of the large inverted head and shoulders pattern.
The LTCUSD pair is only bullish while trading above the $65.00 level, key resistance is found at the $85.00 and $100.00 levels.
If the LTCUSD pair trades below the $65.00 level, key support is found at the $50.00 and $45.00 levels.
Aussie Falls Sharply After Disappointing CPI Data
US stocks rose sharply yesterday as investors cheered upbeat company earnings. Of all the companies that have released figures, most of them have beaten the consensus estimates. The majority have also upgraded or reaffirmed their forward guidance. Some of the companies that have excited investors this week are Snap, Kimberly-Clark and Twitter. As a result, the S&P ended the day at an all-time high while the Dow gained more than 150 points.
The Australian dollar declined today after the country released weak inflation data. In the first quarter, the country's headline consumer prices rose by 1.3%, which was lower than the expected 1.5%. It was also lower than the fourth quarter's 1.8%. On a QoQ basis, the prices were unchanged. The trimmed mean CPI for the quarter rose by 0.3% while the weighted mean CPI rose by a quarterly rate of 1.2%. These numbers show the challenge the Australian economy is facing. They also make the case that the country's central bank could be forced to cut rates later this year.
Today, traders will continue to focus on US corporate earnings, with companies like Boston Beer, Evercore, Facebook, Lundin Mining, and Tesla expected to release important figures. They will also focus on Germany, where ifo will release the business expectations and business climate numbers. The business climate index is expected to move from 99.6 to 99.9 while the current assessment is expected to decline from 103.8 to 103.6. The business expectations are expected to increase slightly from 95.6 to 96. Traders will also focus on the Bank of Canada, which will release its interest rates decision today. The bank will likely leave interest rates unchanged at 1.75%.
AUD/USD
The AUD/USD pair started declining on Wednesday last week, when it traded at 0.7205. Today, declines continued after weak CPI numbers. The pair’s price dropped to an intraday low of 0.7025, which was the lowest level since March 8. On the four-hour chart, this price is deeply along the lower line of the Bollinger Bands while the RSI has dropped sharply to the current level of 17. The price is also lower than all the short and medium-term moving averages. Therefore, the pair could continue to drop, to test the important support price of 0.7000.
USD/CAD
The USD/CAD pair has been gaining ahead of the fourth BOC decision of the year. It is now trading at the 1.3450 level, which is along the important resistance level shown below. On the four-hour chart, the price is above the 25-day and 50-day moving averages and is along the upper line of the Bollinger Bands. The signal line of the Stochastics Indicator is also above the overbought level. Therefore, while the pair could continue moving up, there is also a possibility that it could drop after the BOC statement.
EUR/USD
The EUR/USD pair is currently trading at the 1.1212 level, which is above yesterday’s low of 1.1190. On the hourly chart, the price is between the middle and lower line of the Bollinger Bands. It is also below the 50-day moving average and along the important support shown in red below. Therefore, at this level, the pair will likely move in either direction once the German data is released.