Sample Category Title
AUD/USD The Bias Remains Bullish
Pivot (invalidation): 0.7175
Our preference Long positions above 0.7175 with targets at 0.7200 & 0.7230 in extension.
Alternative scenario Below 0.7175 look for further downside with 0.7155 & 0.7130 as targets.
Comment The RSI is mixed to bullish.
USD/TRY Key Resistance At 6.1900
Pivot (invalidation): 6.1900
Our preference Short positions below 6.1900 with targets at 6.0650 & 6.0010 in extension.
Alternative scenario Above 6.1900 look for further upside with 6.2460 & 6.3300 as targets.
Comment As Long as the resistance at 6.1900 is not surpassed, the risk of the break below 6.0650 remains high.
S&P 500 The Upside Prevails
Pivot (invalidation): 2892.00
Our preference Long positions above 2892.00 with targets at 2916.75 & 2925.00 in extension.
Alternative scenario Below 2892.00 look for further downside with 2880.00 & 2866.00 as targets.
Comment The RSI is supported by a bullish trend line.
DAX The Bias Remains Bullish
Pivot (invalidation): 11950.00
Our preference Long positions above 11950.00 with targets at 12130.00 & 12210.00 in extension.
Alternative scenario Below 11950.00 look for further downside with 11880.00 & 11800.00 as targets.
Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited
Crude Oil The Downside Prevails
Pivot (invalidation): 69.30
Our preference Short positions below 69.30 with targets at 68.35 & 68.00 in extension.
Alternative scenario Above 69.30 look for further upside with 69.75 & 70.15 as targets.
Comment The RSI is mixed to bearish.
Silver Spot Turning Up
Pivot (invalidation): 14.1300
Our preference Long positions above 14.1300 with targets at 14.2800 & 14.3500 in extension.
Alternative scenario Below 14.1300 look for further downside with 14.0600 & 13.9900 as targets.
Comment The RSI shows upside momentum. The prices are striking against the upper boundary of Bollinger band.
Gold Spot Turning Up
Pivot (invalidation): 1200.00
Our preference Long positions above 1200.00 with targets at 1208.25 & 1212.50 in extension.
Alternative scenario Below 1200.00 look for further downside with 1196.00 & 1192.50 as targets.
Comment The RSI advocates for further upside. The prices are trading above both the 20-period and 50-period moving averages while striking against the upper boundary of Bollinger band.
EURUSD Outlook: Probe Through 1.1700 Opens Way Towards Key Fibo Barrier At 1.1780
The Euro cracked psychological 1.17 barrier on Friday, in extension of previous day’s strong rally.
The single currency was up 0.56% on Thursday, after the ECB kept rates unchanged, staying on track to end the QE this year and raise interest rates in the second half of 2019.
Main support to Euro came from weaker dollar, hit by downbeat US CPI data and signs of reduced trade tensions between the US and China.
Thursday’s close above falling 100SMA was bullish signal for final push towards 28 Aug high at 1.1733 and possible extension towards key Fibo barrier at 1.1780 (38.2% of 1.2555/1.1300 fall).
Bulls so far ignore weakening momentum and overbought slow stochastic on daily chart, which suggests consolidative / corrective action in the near-term.
Broken 100SMA should ideally hold, but deeper dips cannot be ruled out, with 1.1650 zone (former multiple upside rejections / broken Fibo 61.8% of 1.1733/1.1526 descend) expected to contain and keep bullish bias.
EU trade balance data is the key event of the European session, with US retail sales, due later today, eyed for further signals.
The Euro is on track for strong weekly bullish close which reinforces bullish stance for further upside, with break through 1.1780 pivot needed to spark fresh acceleration higher.
Res: 1.1718, 1.1733, 1.1750, 1.1780
Sup: 1.1677, 1.1650, 1.1616, 1.1566
XAUUSD Intraday Analysis
XAUUSD (1204.39): Gold prices attempted to post gains but price action fell back to the trend line. However, the reversal which came from the doji near the trend line could signal continued gains. Gold prices could potentially be testing the main resistance level at 1219.75. To the downside, the support at 1197.50 could be tested. A decline below this level could switch the bias back into a sideways mode.
GBPUSD Intraday Analysis
GBPUSD (1.3112):The GBPUSD currency pair posted a brief retest near the double top resistance level of 1.3034 before pushing higher. We expect the continued gains to keep GBPUSD on target toward 1.3205. It would be critical for the currency pair to establish a firm support at 1.3034. Failure to do so could keep the currency pair at risk of a decline back to 1.2959 level.
