Sample Category Title
Crude Oil The Downside Prevails
Pivot (invalidation): 61.30
Our preference Short positions below 61.30 with targets at 59.95 & 59.15 in extension.
Alternative scenario Above 61.30 look for further upside with 61.95 & 62.40 as targets.
Comment The RSI advocates for further decline.
Silver Spot Capped By A Negative Trend Line
Pivot (invalidation): 14.4500
Our preference Short positions below 14.4500 with targets at 14.2800 & 14.2100 in extension.
Alternative scenario Above 14.4500 look for further upside with 14.5400 & 14.6200 as targets.
Comment The RSI advocates for further decline.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8688; (P) 0.8719; (R1) 0.8734; More...
Intraday bias in EUR/GBP remains neutral for consolidation above 0.8690 temporary low. As long as 0.8800 minor resistance holds, another fall is expected. Break of 0.8690 will extend whole fall from 0.9098 to 0.8620 support first. Break will target 100% projection of 0.9098 to 0.8722 from 0.8939 at 0.8563 next. However, break of 0.8800 will turn focus back to 0.8939 resistance instead.
In the bigger picture, EUR/GBP is seen as staying in long term range pattern started at 0.9304 (2016 high). On the downside, break of 0.8722 will extend the falling leg through 0.8620 support. On the upside, break of 0.9097 will target 0.9304 resistance instead.
Gold Spot The Downside Prevails
Pivot (invalidation): 1224.00
Our preference Short positions below 1224.00 with targets at 1212.00 & 1209.00 in extension.
Alternative scenario Above 1224.00 look for further upside with 1227.00 & 1230.00 as targets.
Comment The RSI advocates for further decline.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5610; (P) 1.5676; (R1) 1.5723; More....
Intraday bias in EUR/AUD remains on the downside as fall from 1.6357 is in progress for .5601 key support. Decisive break there will target 1.5271/5313 cluster support zone next. On the upside, break of 1.5853 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, current development argues that up trend from 1.3624 (2017 low) is possibly completed at 1.6357, ahead of 1.6587 (2015 high). This is supported by bearish divergence condition in weekly MACD. Deeper decline is now in favor to 1.5271 cluster support (38.2% retracement of 1.3624 to 1.6357 at 1.5313). Break will target 61.8% retracement at 1.4668. On the upside, break of 1.6357 is needed to confirm up trend resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.
S&P 500 Further Upside
Pivot (invalidation): 2774.00
Our preference Long positions above 2774.00 with targets at 2830.00 & 2875.00 in extension.
Alternative scenario Below 2774.00 look for further downside with 2739.00 & 2700.00 as targets.
Comment The RSI is supported by a rising trend line.
DAX Intraday Support Around 11480.00
Pivot (invalidation): 11480.00
Our preference Long positions above 11480.00 with targets at 11640.00 & 11720.00 in extension.
Alternative scenario Below 11480.00 look for further downside with 11410.00 & 11290.00 as targets.
Comment The RSI is mixed.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1417; (P) 1.1444; (R1) 1.1460; More...
No change in EUR/CHF's outlook. Intraday bias remains neutral at this point. On the upside, break of 1.1501 will revive the case of bullish reversal. Intraday bias will be turned back to the upside for 1.1713 resistance next. On the downside, break of 1.1343 will turn bias back to the downside for 1.1154/98 key support zone.
In the bigger picture, price actions from 1.2004 medium term top is seen as a correction only. Downside should be contained by support zone of 1.1198 (2016 high) and 61.8% retracement of 1.0629 to 1.2004 at 1.1154 to complete it and bring rebound. This cluster level is in proximity to long term channel support (now at 1.1243) too. A break of 1.2 key resistance is still expected in the medium term long term. However, sustained break of the mentioned support zone will mark reversal of the long term trend. In that case, 1.0629 key support will be back into focus.
AUD/USD Under Pressure
Pivot (invalidation): 0.7260
Our preference Short positions below 0.7260 with targets at 0.7230 & 0.7210 in extension.
Alternative scenario Above 0.7260 look for further upside with 0.7275 & 0.7300 as targets.
Comment The RSI advocates for further downside.
USD/CAD Further Upside
Pivot (invalidation): 1.3145
Our preference Long positions above 1.3145 with targets at 1.3210 & 1.3230 in extension.
Alternative scenario Below 1.3145 look for further downside with 1.3125 & 1.3100 as targets.
Comment The RSI advocates for further upside.
