Sample Category Title

Daily Pivots: (S1) 141.77; (P) 142.15; (R1) 142.44; More...

GBP/JPY is staying in range below 144.84 and intraday bias remains neutral first. At this point, rebound from 131.51 might still extend. But we'd expect strong resistance from trend line (now at 146.93) to limit upside, at least on first attempt. On the downside, firm break of 140.62 will suggest completion of the rebound and turn bias to the downside.

In the bigger picture, the strong rebound from 131.51 suggests that medium term fall from 156.59 (2018 high) has completed already. The corrective structure of such decline is turn argues that it's the second leg of the corrective pattern from 122.36 (2016 low). And this pattern is starting the third leg. On the upside, decisive break of 149.38 will pave the way to 156.59 resistance and above.

Pivot (invalidation): 5.2550

Our preference Long positions above 5.2550 with targets at 5.2960 & 5.3220 in extension.

Alternative scenario Below 5.2550 look for further downside with 5.2390 & 5.2140 as targets.

Comment The RSI is above its neutrality area at 50%.

Pivot (invalidation): 0.7090

Our preference Short positions below 0.7090 with targets at 0.7050 & 0.7035 in extension.

Alternative scenario Above 0.7090 look for further upside with 0.7105 & 0.7120 as targets.

Comment A break below 0.7050 would trigger a drop towards 0.7035.

Daily Pivots: (S1) 124.16; (P) 124.52; (R1) 124.81; More....

EUR/JPY recovered ahead of 123.78 minor support with 4 hour MACD crossed above signal line. Intraday bias is turned neutral first. At this point, we're favoring the case that rebound from 118.62 has completed at 125.95 already, just ahead of 55 day EMA. On the downside, break of 123.78 will add more credence to this case and target a test on 118.62 low. On the upside, break of 125.95 resistance is needed to confirm resumption of the rebound. Otherwise, risk will now stay on the downside in case of recovery.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone.

Daily Pivots: (S1) 0.8734; (P) 0.8750; (R1) 0.8763; More...

EUR/GBP is staying in consolidation in tight range below 0.8821 temporary top. Intraday bias stays neutral first. Further rise is expected as long as 0.8711 minor support holds. On the upside, sustained break 38.2% retracement of 0.9101 to 0.8617 of 0.8802 will target 61.8% retracement at 0.8916. However, break of 0.8711 will suggest that rebound from 0.8617 has completed. Intraday bias will be turned back to the downside for 0.8617/20 support instead.

In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). The medium term range is set between 0.8620 and 0.9101. Downside breakout of 0.8620 will pave the way back to 0.8312 support . Break of 0.9101 will bring retest of 0.9304/5 resistance.

Daily Pivots: (S1) 1.5930; (P) 1.5966; (R1) 1.6003; More....

Intraday bias in EUR/AUD remains neutral as consolidation from 1.6060 temporary top is extending. At this point, we're favoring the case that decline from 1.6765 has completed at 1.5721 already, on bullish convergence condition in 4 hour MACD. Risk will stay on the upside s long as 1.5721 support holds. On the upside, break of 1.6060 should confirm this bullish view and target a test on 1.6765 high. On the downside, break of 1.5721 will extend the decline to 1.5346 support instead.

In the bigger picture, as long as 1.5346 support holds, outlook will remain bullish. Uptrend 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.

Bundesbank President Jens Weidmann warned today that the Eurozone is still not crisis proof. He pointed out that "certain issues like the lack of credibility of fiscal rules or the harmful sovereign-bank nexus still have to be adequately addressed."

At the same time, fighting crises could force unelected ECB bankers to take political positions that's beyond its own mandate. And, "acting beyond the mandate would also undermine people's trust in the central bank."

He added, "at the end of the day, it could become more and more difficult for the European Central Bank to focus on its promise of a stable currency."

Pivot (invalidation): 1.3275

Our preference Long positions above 1.3275 with targets at 1.3330 & 1.3355 in extension.

Alternative scenario Below 1.3275 look for further downside with 1.3255 & 1.3230 as targets.

Comment The RSI lacks downward momentum.

Pivot (invalidation): 1.0020

Our preference Long positions above 1.0020 with targets at 1.0055 & 1.0070 in extension.

Alternative scenario Below 1.0020 look for further downside with 1.0000 & 0.9985 as targets.

Comment The RSI calls for a bounce.

Pivot (invalidation): 110.30

Our preference Long positions above 110.30 with targets at 110.80 & 111.10 in extension.

Alternative scenario Below 110.30 look for further downside with 110.10 & 109.90 as targets.

Comment The RSI is bullish and calls for further advance.