Sample Category Title
Crude Oil Further Advance
Pivot (invalidation): 52.85
Our preference Long positions above 52.85 with targets at 53.90 & 54.75 in extension.
Alternative scenario Below 52.85 look for further downside with 52.45 & 52.05 as targets.
Comment The RSI is mixed to bullish.
Silver Spot Under Pressure
Pivot (invalidation): 15.3700
Our preference Short positions below 15.3700 with targets at 15.2700 & 15.2100 in extension.
Alternative scenario Above 15.3700 look for further upside with 15.4400 & 15.4800 as targets.
Comment The RSI advocates for further decline.
Gold Spot Under Pressure
Pivot (invalidation): 1284.00
Our preference Short positions below 1284.00 with targets at 1280.00 & 1278.00 in extension.
Alternative scenario Above 1284.00 look for further upside with 1286.50 & 1290.00 as targets.
Comment The RSI advocates for further decline.
XAUUSD Intraday Analysis
XAUUSD (1281.19): Gold prices broke down to the downside as price action closed near the 1280 support. With the price action moving to the downside, gold prices could see some rebound at the 1280 handle. As long as the support holds, prices remain trading sideways. A close below 1280 could trigger further losses opening the way for the price to test the 1250 support.
AUDUSD Intraday Analysis
AUDUSD (0.7166): The AUDUSD currency pair closed bearish following the failure to post any significant gains above the 0.7191 handle. The close could trigger a modest correction to the downside with the lower support at 0.7022 likely to come into focus. Alternately, there is a scope that price could maintain its consolidation at the current levels with the risk of moving back above 0.7191 level.
EURUSD Intraday Analysis
EURUSD (1.1374): The EURUSD currency pair extended declines after failing to hold the dynamic support of the minor rising trend line. The drops could now signal further losses as the common currency is likely to test the 1.1272 level to the downside. The bias remains flat for the moment, but if the lows formed at 1.1272 fails to hold the declines, we could expect to see the bearish trend likely to resume.
China’s GDP Is Up By 6.4% In Q3
The U.S. Dollar posted strong gains on the day on news that China had proposed a 6-year increase of U.S. goods imports as part of the trade talks. Economic data from the U.S. was relatively quiet. The industrial production figures showed a 0.3% increase on the month in December. This beat estimates of a 0.2% increase.
The UK's retail sales report showed a 0.9% decline in sales which was slightly worse than expected. Economists forecast that retail sales would fall 0.8%. The data for November showed a 1.3% increase.
Canada's inflation surprised to the upside. Headline consumer prices accelerated from 1.7% to 2.0% in December. On a month over month basis, consumer prices fell 0.1% compared to estimates forecasting a 0.4% decline.
The day ahead will see the markets reacting to the data from China. China's GDP increased by 6.4% during the third quarter. Economists forecast that GDP would rise at a slower pace of 6.4% and the actual figures matched the estimates.
Fixed asset investment and industrial production figures rose 5.9% and 5.7% respectively during the period.
The data from the Eurozone will see the German producer prices index data. Headline PPI is forecast to fall by 0.1% on the month. The U.S. markets are not open on account of Martin Luther King Day.
GBPUSD Intraday Bearish Below 1.2890 Level
The British pound is back under downside pressure against the US dollar in early-week trading, as the recent rally in the pair continues to unravel. The GBPUSD pair is intraday bearish while trading below the pivotal 1.2890 level, with sellers increasingly likely to test the next major support level, at 1.2810. Aside from the chances of a hard-Brexit increasing over the weekend, the MACD on the four-hour time frame is now starting to trend lower.
The GBPUSD pair is intraday bearish while trading below the 1.2890 level, key technical support is found at the 1.2810 and 1.2750 levels.
If the GBPUSD pair trades above the 1.2890 level, key resistance is found at the 1.2930 and 1.3000 levels.
EURUSD 1.1360 Key Level To Watch
The euro currency remains under pressure against the US dollar on Monday, with the pair trading close to the pivotal 1.1360 support level. A sustained loss of the 1.1360 level will likely provoke an eventual test of the 1.1300 level, which is a historically important level for the EURUSD. Looking to the upside, buyers need to break above the 1.1410 level to build further bullish momentum.
The EURUSD pair is strongly bearish while trading below the 1.1360 level, key technical support is found at the 1.1300 and 1.1260 levels.
If the EURUSD pair moves above the 1.1410 level, buyers may test towards the 1.1430 and 1.1460 resistance levels.
BTCUSD Under Downside Pressure
Bitcoin has started the new trading week under selling pressure, with the BTCUSD pair now probing towards the $3,500 support level. The BTCUSD pair has broken below a symmetrical triangle pattern, following days of price consolidation. A clear break below the $3,485 level will likely encourage technical sellers to test towards the important $3,300 support level.
The BTCUSD pair is strongly bearish while trading below the $3,485 level, key technical support remains at the $3,300 and $3,100 levels.
If the BTCUSD pair moves back above the $3,660 level, key technical resistance is found at the $4,000 and $4,220 levels.
