Sample Category Title

Pivot (invalidation): 1.3240

Our preference Long positions above 1.3240 with targets at 1.3285 & 1.3310 in extension.

Alternative scenario Below 1.3240 look for further downside with 1.3220 & 1.3200 as targets.

Comment The RSI calls for a bounce.

Pivot (invalidation): 0.9935

Our preference Short positions below 0.9935 with targets at 0.9900 & 0.9885 in extension.

Alternative scenario Above 0.9935 look for further upside with 0.9955 & 0.9975 as targets.

Comment As Long as 0.9935 is resistance, expect a return to 0.9900.

Pivot (invalidation): 2661.50

Our preference Short positions below 2661.50 with targets at 2626.00 & 2613.00 in extension.

Alternative scenario Above 2661.50 look for further upside with 2676.00 & 2695.00 as targets.

Comment The RSI is mixed to bearish.

Pivot (invalidation): 11280.00

Our preference Short positions below 11280.00 with targets at 11130.00 & 11090.00 in extension.

Alternative scenario Above 11280.00 look for further upside with 11330.00 & 11390.00 as targets.

Comment The RSI is bearish and calls for further downside.

Pivot (invalidation): 52.60

Our preference Short positions below 52.60 with targets at 51.65 & 51.30 in extension.

Alternative scenario Above 52.60 look for further upside with 52.85 & 53.10 as targets.

Comment The RSI is mixed to bearish.

Pivot (invalidation): 15.6200

Our preference Long positions above 15.6200 with targets at 15.8100 & 15.9300 in extension.

Alternative scenario Below 15.6200 look for further downside with 15.5500 & 15.4700 as targets.

Comment The RSI is mixed to bullish.

Pivot (invalidation): 1297.50

Our preference Long positions above 1297.50 with targets at 1309.50 & 1314.00 in extension.

Alternative scenario Below 1297.50 look for further downside with 1293.50 & 1290.50 as targets.

Comment The RSI advocates for further advance.

The British Pound isgripped by anticipation this morning as investors brace for a parliamentary debate and vote on Theresa May’s Brexit ‘Plan B’ later in the day.

It remains unclear how the second parliamentary vote will play out, especially when considering how ‘Plan B’ shares many similarities with ‘Plan A’ which was previously rejected by British MP’s. Although the pending vote is not legally binding, it should provide fresh insight into what the House of Commons desires regarding Brexit. While there are more than a dozen amendments suggested, Sterling is seen appreciating if the speaker chooses the Cooper and Brady amendments. Although expectations continue to mount over the government extending Article 50, it is worth noting that the unanimous agreement of all the remaining 27 EU countries will be needed for this to materialize. The truth of the matter remains that one must always expect the unexpected when dealing with Brexit, and the parliamentary Brexit vote this evening should be no exception.

With exactly two months to go until the official Brexit deadline inMarch 2019, the clock is ticking. Sterling is likely to remain highly reactive and volatile to Brexit developments. In regards to the technical picture, the GBPUSD is bullish on the daily charts with prices trading around 1.3148 as of writing. An intraday breakout back above 1.3170 is seen opening a path towards 1.3230. This bullish setup remains valid as long as prices are able to keep above the psychological 1.3000 level.

Dollar weakens ahead of FOMC meeting

The Dollar extended losses against a basket of major currencies today as investors engaged in a bout of profit taking ahead of the FOMC statement on Wednesday.

Although the Dollar continues to benefit from safe-haven flows, price action suggests that the currency remains more concerned with speculation over the Fed taking a pause on rate hikes this year. Buying sentiment towards the Dollar is seen diminishing further if the FOMC statement sounds more dovish than expected. Focusing on the technical picture, the Dollar Index is under pressure on the daily charts. A decisive breakdown below 95.60 is seen opening a path towards 95.47 and 95.00, respectively.

Commodity spotlight – Gold

Gold entered today’s trading session in a positive fashion as Dollar weakness and rising geopolitical risk factors boosted appetite for the safe-haven asset.

With Brexit-related uncertainty, US-China trade developments and global growth fears draining risk sentiment, Gold is likely to continue glittering ahead of the FOMC statement. Focusing purely on the technical picture, Gold is seen attacking $1,308 in the near term and $1,324 in the medium term. This bullish setup remains active as long as prices are able to keep above the $1,277 higher low

UK Trade Minister Liam Fox said today that EU is now more afraid of no-deal Brexit due to economic slowdown , including Germany and France. Fox said "there have been some changes in the positions in recent times, dictated by reality".

And, "We've seen, for example, the German economy weakening, we've seen the French economy weakening, and I think this (EU) view that 'we can simply weather out any disturbance that would occur from a no deal', I think there's much less appetite for that."

Stock market is coming down in the last 24 hours with DAX turning down from a new high and eyeing 11147 level, where overlap will make the latest rally to a new high in three waves, which means that bigger corrective structure is likely in the cards. Flat is one option, which means that support can then be found at 11k then 10820, if pullback is going to be deeper.

German DAX, 1h

E-mini S&P500 can be in similar situation; now headed south for a wave C) with first support seen at 2605 and second deeper one at 2560-2580 zone.

S&P500, 1h