Sample Category Title

Pivot (invalidation): 1.0090

Our preference Short positions below 1.0090 with targets at 1.0065 & 1.0055 in extension.

Alternative scenario Above 1.0090 look for further upside with 1.0105 & 1.0125 as targets.

Comment Intraday technical indicators are mixed and call for caution.

Pivot (invalidation): 111.25

Our preference Short positions below 111.25 with targets at 110.85 & 110.60 in extension.

Alternative scenario Above 111.25 look for further upside with 111.45 & 111.65 as targets.

Comment The upward potential is likely to be limited by the resistance at 111.25

Pivot (invalidation): 1.3015

Our preference Short positions below 1.3015 with targets at 1.2945 & 1.2900 in extension.

Alternative scenario Above 1.3015 look for further upside with 1.3070 & 1.3105 as targets.

Comment A break below 1.2945 would trigger a drop towards 1.2900.

Pivot (invalidation): 1.1220

Our preference Long positions above 1.1220 with targets at 1.1245 & 1.1265 in extension.

Alternative scenario Below 1.1220 look for further downside with 1.1200 & 1.1175 as targets.

Comment A support base at 1.1220 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 55.95

Our preference Long positions above 55.95 with targets at 56.70 & 57.00 in extension.

Alternative scenario Below 55.95 look for further downside with 55.40 & 54.90 as targets.

Comment The RSI calls for a rebound.

Pivot (invalidation): 15.1500

Our preference Long positions above 15.1500 with targets at 15.3700 & 15.5000 in extension.

Alternative scenario Below 15.1500 look for further downside with 15.0300 & 14.9600 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 1292.00

Our preference Long positions above 1292.00 with targets at 1300.50 & 1304.00 in extension.

Alternative scenario Below 1292.00 look for further downside with 1289.00 & 1284.50 as targets.

Comment The RSI is mixed with a bullish bias.

XAUUSD (1297.36): Gold prices reversed losses on Friday as price action resulted in a strong bullish candlestick by Friday's close. The reversal comes following the past three sessions which saw gold prices closing with a doji candlestick pattern. On the 4-hour chart time frame, gold is seen posting a hidden bearish divergence with the higher highs in the Stochastics resulting in a lower high in price. This predicts that price could correct to the downside in the near term. The recently breached resistance level at 1290.30 is likely to be retested in the near term for support. A rebound off this level will signal further gains to the upside. Gold is likely to target 1305 – 1306 level with the potential to correct towards 1321 – 1318 level.

USDJPY (111.09): The USDJPY currency pair was seen trading bearish last week with Friday's price action briefly extending down to 110.77 before pulling back. The rally to 111.90 marks a 61.8% retracement from 3rd October 2018 highs through 4th January lows. In the near term, USDJPY is likely to see a minor pullback. However, if the previous highs are not breached, USDJPY could be looking to post declines to test the 109.74 level of support that is pending a retest.

EURUSD (1.1231): The EURUSD closed last week on a bearish note finally breaking the range. However, price action is still not out of the woods for the moment. Price briefly tested the 1.1200 level before pulling back modestly. On the weekly time frame, the EURUSD remains bearish, trading within the descending price channel. If price breaks below this support, the common currency could extend declines down to 1.0728 where an unfilled gap from April 16, 2017, could be filled. Price action on the lower time frames remains choppy at best. The current rebound in prices could see the EURUSD testing 1.1296 where resistance is likely to be established in the near term.