Sample Category Title
USD/CAD Further Upside
Pivot (invalidation): 1.3290
Our preference Long positions above 1.3290 with targets at 1.3355 & 1.3375 in extension.
Alternative scenario Below 1.3290 look for further downside with 1.3260 & 1.3230 as targets.
Comment The RSI is bullish and calls for further advance.
GBP/JPY Daily Outlook
Daily Pivots: (S1) 141.37; (P) 141.99; (R1) 142.87; More...
Intraday bias in GBP/JPY remains neutral at this point. On the upside, above 144.84 will extend the rebound from 131.51. 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.
USD/CHF Bullish Bias Above 1.0005
Pivot (invalidation): 1.0005
Our preference Long positions above 1.0005 with targets at 1.0035 & 1.0055 in extension.
Alternative scenario Below 1.0005 look for further downside with 0.9990 & 0.9975 as targets.
Comment A support base at 1.0005 has formed and has allowed for a temporary stabilisation.
EUR/JPY Daily Outlook
Daily Pivots: (S1) 124.22; (P) 124.64; (R1) 124.95; More....
No change in EUR/JPY's outlook. Intraday bias stays neutral with focus on 124.36 minor support. Firm break there will argue that the rebound from 118.62 has completed and turn bias to the downside for retesting 118.62 low. On the upside, in case of another rise, we'd stay cautious on strong resistance from 55 day EMA (now at 15.96) to limit upside.
In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8718; (P) 0.8767; (R1) 0.8805; More...
Intraday bias in EUR/GBP stays neutral first. With 0.8726 minor support intact, further rise is mildly in favor. Firm break of 38.2% retracement of 0.9101 to 0.8617 at 0.8802 will target 61.8% retracement at 0.8916. On the downside, break of 0.8726 minor support will turn bias 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.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5919; (P) 1.5968; (R1) 1.6010; More....
EUR/AUD breached 1.6038 resistance but failed to sustain above yet. Intraday bias stays neutral first. On the upside, decisive break of 1.6038 will confirm completion of fall from 1.6765 at 1.5721. In such case, intraday bias will be turned back to the upside for retesting 1.6765. On the downside, break of 1.5721 will extend the decline to 1.5346 support instead.
In the bigger picture, the failure to sustain above 1.6587 key resistance (2015 high) argues that up trend from 1.1602 (2012 low) is not ready to resume yet. But still, as long as 1.5346 support holds, outlook will remain bullish. 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.
S&P 500 Under Pressure
Pivot (invalidation): 2725.00
Our preference Short positions below 2725.00 with targets at 2687.00 & 2671.75 in extension.
Alternative scenario Above 2725.00 look for further upside with 2740.00 & 2774.25 as targets.
Comment The RSI is mixed to bearish.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1341; (P) 1.1369; (R1) 1.1393; More...
Intraday bias in EUR/CHF remains neutral at this point. As long as 1.1347 resistance turned support holds, further rise is expected. On the upside, break of 1.1444 will resume the rebound from 1.1181 to retest 1.1501 key resistance. However, sustained break of 1.1347 will argue that the rebound has completed and turn bias back to the downside instead.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by 1.1154/98 support zone to complete it and bring rebound. Decisive break of 1.1501 (38.2% retracement of 1.2004 to 1.1173 at 1.1490) will confirm completion of the correction, on bullish convergence condition in daily MACD, with double bottom pattern (1.1173, 1.1181) Further rise should be seen to 61.8% retracement at 1.1687 and above next.
DAX Under Pressure
Pivot (invalidation): 11120.00
Our preference Short positions below 11120.00 with targets at 10919.00 & 10825.00 in extension.
Alternative scenario Above 11120.00 look for further upside with 11175.00 & 11237.00 as targets.
Comment The RSI is bearish and calls for further decline.
Crude Oil Under Pressure
Pivot (invalidation): 52.75
Our preference Short positions below 52.75 with targets at 51.80 & 51.35 in extension.
Alternative scenario Above 52.75 look for further upside with 53.10 & 53.75 as targets.
Comment The RSI is bearish and calls for further downside.
