Sample Category Title

Daily Pivots: (S1) 1.3245; (P) 1.3283; (R1) 1.3317; More...

USD/CAD is staying in consolidation from 1.3180 and intraday bias remains neutral at this point. On the downside, break of 1.3180 will resume the fall from 1.3664 and target 61.8% retracement of 1.2781 to 1.3664 at 1.3118. We'll start to look for bottoming sign below there. On the upside, above 1.3323 will suggest short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, the medium term rise from 1.2061 (2017 low) might continue further. But the structure of such rise is not clearly impulsive so far. Hence, we'd stay cautious on strong resistance from 61.8% retracement of 1.4689 (2016 high) to 1.2061 at 1.3685 and 1.3793 resistance to limit upside, and bring medium term topping. But in any case, medium term outlook will stay bullish as long as channel support (now at 1.2993) holds. Sustained break of 1.3793 will pave the way to retest 1.4689 (2015 high).

Daily Pivots: (S1) 0.7152; (P) 0.7187; (R1) 0.7228; More...

Intraday bias in AUD/USD remains neutral for consolidation below 0.7235 temporary top. On the downside, break of 0.7116 minor support will suggest completion of rebound from 0.6722. Intraday bias will then be turned back to the downside for retesting this low. On the upside, above 0.7235 will extend the rebound. But upside should be limited by 0.7393 resistance to bring reversal.

In the bigger picture, the failure to sustain below 0.6826 (2016 low) suggests that the long term down trend is not ready to resume yet. But prior rejection by 55 week EMA indicates underlying medium term bearishness in the pair. Outlook will also stay bearish as long as 0.7393 resistance holds. On the downside, sustained break of 0.6826 will target 0.6008 (2008 low).

Pivot (invalidation): 109.10

Our preference Long positions above 109.10 with targets at 109.75 & 110.00 in extension.

Alternative scenario Below 109.10 look for further downside with 108.90 & 108.65 as targets.

Comment The RSI shows upside momentum.

Pivot (invalidation): 1.2930

Our preference Long positions above 1.2930 with targets at 1.3015 & 1.3080 in extension.

Alternative scenario Below 1.2930 look for further downside with 1.2880 & 1.2830 as targets.

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

Pivot (invalidation): 1.1410

Our preference Short positions below 1.1410 with targets at 1.1370 & 1.1340 in extension.

Alternative scenario Above 1.1410 look for further upside with 1.1425 & 1.1455 as targets.

Comment The RSI is mixed to bearish.

Pivot (invalidation): 5.3790

Our preference Short positions below 5.3790 with targets at 5.3240 & 5.2960 in extension.

Alternative scenario Above 5.3790 look for further upside with 5.4170 & 5.4520 as targets.

Comment A break below 5.3240 would trigger a drop towards 5.2960.

Daily Pivots: (S1) 108.82; (P) 109.11; (R1) 109.53; More...

USD/JPY's rebound from 104.69 is still in progress and turns out to be stronger than originally expected. Intraday bias stays on the upside and break of 109.46 will pave the way to 61.8% retracement of 114.54 to 104.69 at 110.77 and above. On the downside, below 107.77 will turn bias to the downside for retesting 104.69 low.

In the bigger picture, price actions from 125.85 (2015 high) are seen as a long term corrective pattern, no change in this view. Apparently, such corrective pattern is not completed yet. Fall from 114.54 is seen as part of the falling leg from 118.65 (2016 high). Break of 104.62 will target 100% projection of 118.65 to 104.62 from 114.54 at 100.51, which is close to 100 psychological level. But in that case, we'd expect strong support from 98.97 to contain downside to bring reversal. Also, this bearish case will remain the preferred one as long as 114.54 resistance holds.

Pivot (invalidation): 0.7175

Our preference Long positions above 0.7175 with targets at 0.7205 & 0.7220 in extension.

Alternative scenario Below 0.7175 look for further downside with 0.7160 & 0.7145 as targets.

Comment The RSI is mixed to bullish.

Pivot (invalidation): 1.3300

Our preference Short positions below 1.3300 with targets at 1.3245 & 1.3220 in extension.

Alternative scenario Above 1.3300 look for further upside with 1.3320 & 1.3340 as targets.

Comment As Long as the resistance at 1.3300 is not surpassed, the risk of the break below 1.3245 remains high.

Pivot (invalidation): 0.9920

Our preference Long @ 0.9938 with targets @ 0.9955 & 0.9970 in extension.

Alternative scenario Below 0.9920 look for further downside with 0.9905 & 0.9885 as targets.

Comment The RSI is mixed to bullish.