Sample Category Title

Pivot (invalidation): 1.1400

Our preference Short positions below 1.1400 with targets at 1.1355 & 1.1330 in extension.

Alternative scenario Above 1.1400 look for further upside with 1.1430 & 1.1450 as targets.

Comment The RSI lacks upward momentum.

Pivot (invalidation): 2723.00

Our preference Short positions below 2723.00 with targets at 2684.00 & 2651.00 in extension.

Alternative scenario Above 2723.00 look for further upside with 2755.00 & 2779.00 as targets.

Comment As Long as 2723.00 is resistance, expect a return to 2684.00.

Pivot (invalidation): 11390.00

Our preference Short positions below 11390.00 with targets at 11150.00 & 11075.00 in extension.

Alternative scenario Above 11390.00 look for further upside with 11520.00 & 11590.00 as targets.

Comment As Long as the resistance at 11390.00 is not surpassed, the risk of the break below 11150.00 remains high.

Daily Pivots: (S1) 143.72; (P) 144.38; (R1) 144.73; More...

GBP/JPY's fall from 149.70 is still in progress and intraday bias remains on the downside for 142.59 support. Break there will bring retest of 139.88 low. On the upside, above 145.03 will turn intraday bias neutral and bring consolidation first, before staging another decline.

In the bigger picture, as long as 139.29 cluster support (50% retracement of 122.36 to 156.59 at 139.47) holds, up trend from 122.36 (2016 low) would still extend beyond 156.69 high. However, decisive break of 139.29/47 will suggest that such up trend is completed and turn outlook bearish. In that case, next target is 61.8% retracement at 135.43.

Pivot (invalidation): 1233.50

Our preference Short positions below 1233.50 with targets at 1228.00 & 1225.50 in extension.

Alternative scenario Above 1233.50 look for further upside with 1236.00 & 1240.00 as targets.

Comment The RSI is mixed and calls for caution.

Pivot (invalidation): 14.6500

Our preference Short positions below 14.6500 with targets at 14.5700 & 14.4900 in extension.

Alternative scenario Above 14.6500 look for further upside with 14.6900 & 14.7700 as targets.

Comment The RSI is capped by a bearish trend line.

Pivot (invalidation): 67.35

Our preference Short positions below 67.35 with targets at 66.10 & 65.75 in extension.

Alternative scenario Above 67.35 look for further upside with 67.70 & 68.30 as targets.

Comment The RSI has just broken below a rising trend line.

Daily Pivots: (S1) 127.41; (P) 127.93; (R1) 128.35; More....

EUR/JPY's fall from 133.12 is still in progress. Intraday bias remains on the downside for 124.89 support next. On the upside, above 128.44 minor resistance will turn intraday bias neutral first. But break of 130.20 resistance is needed to indicate completion of the fall from 133.12. Otherwise, near term outlook will now be mildly bearish even in case of recovery.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

Strong risk-off mode pushed Australian dollar through 0.7040 base in late Asian trading on Friday, signaling continuation of larger downtrend, interrupted by 0.7040/0.7159 correction.

Break below 0.7040 pivot exposes psychological 0.7000 support, with weekly close below here to signal bearish acceleration towards 0.6935 (29 Sep 2015 low) and 0.6906 (04 Sep 2015 low) and possible acceleration towards key longer-term support at 0.6825 (2016 low, posted on 18 Jan).

Studies on daily / weekly chart maintain bearish momentum and the pair is on track for strong bearish weekly close, which could add to negative outlook.

Falling daily 10SMA (0.7093) is expected to cap upticks and keep bears in play, while break and close above falling 20SMA (0.7101) would sideline bears.

Release of US Q3 GDP, due later today (3.3% f/c vs 4.2% prev) is in focus for more clues about greenback’s performance.

Res: 0.7040, 0.7093, 0.7101, 0.7149
Sup: 0.7022, 0.7000, 0.6973, 0.6935

The Euro consolidates within narrow range in early Friday, after two-day fall hit nine-month low at 1.1356 on Thursday. The ECB left interest rates unchanged as expected, but central bank's president Mario Draghi, in his balanced post-meeting comments, failed to convince investors that the ECB would start tightening in the second quarter of 2019, keeping the single currency under pressure. Bears see no significant obstacles en-route to targets at 1.1317 (200WMA) and 1.1300 (15 Aug low), after negative signals were generated on break through 1.1432/22 pivots (former base/Fibo 76.4% of 1.1300/1.1815), as well as completion of asymmetric H&S pattern on daily chart, however, pre-weekend profit-taking and oversold daily studies could delay bears. Broken 1.1432 base should cap upticks and guard falling 10SMA (1.1470). Only rally and weekly close above 1.1497/99 (broken Fibo 61.8%/falling 20SMA) would sideline bears.

Res: 1.1384, 1.1422, 1.1432, 1.1470
Sup: 1.1356, 1.1335, 1.1317, 1.1300