Sample Category Title

Pivot (invalidation): 1215.50

Our preference Short positions below 1215.50 with targets at 1210.50 & 1208.00 in extension.

Alternative scenario Above 1215.50 look for further upside with 1218.00 & 1220.00 as targets.

Comment As Long as 1215.50 is resistance, expect a return to 1210.50.

Pivot (invalidation): 1.1540

Our preference Short positions below 1.1540 with targets at 1.1520 & 1.1505 in extension.

Alternative scenario Above 1.1540 look for further upside with 1.1555 & 1.1570 as targets.

Comment The break below 1.1540 is a negative signal that has opened a path to 1.1520.

Pivot (invalidation): 0.9000

Our preference Long positions above 0.9000 with targets at 0.9045 & 0.9065 in extension.

Alternative scenario Below 0.9000 look for further downside with 0.8985 & 0.8965 as targets.

Comment The break above 0.9000 is a positive signal that has opened a path to 0.9045.

Pivot (invalidation): 6430

Our preference Short positions below 6430 with targets at 6100 & 5800 in extension.

Alternative scenario Above 6430 look for further upside with 6630 & 6840 as targets.

Comment The upward potential is likely to be limited by the resistance at 6430

Daily Pivots: (S1) 1.2979; (P) 1.3050; (R1) 1.3092; More...

USD/CAD drops sharply after hitting 1.3119 and intraday bias is turned neutral first. Still, we're holding on to the view that correction from 1.3385 could have completed with three waves down to 1.2961. Thus, another rise is expected. On the upside, above 1.3119 will target 1.3289 resistance. Decisive break there will confirm an target 1.3385 and above. In case of another fall, we'd continue to expect strong support from rising channel line (now at 1.2932) to contain downside to bring rebound.

In the bigger picture, as long as channel support (now at 1.2932) holds, we're holding to the bullish view. That is, fall from 1.4689 (2015 high) has completed at 1.2061, ahead of 50% retracement of 0.9406 (2011 low) to 1.4689 (2015 high) at 1.2048. Further rally should be seen for 61.8% retracement of 1.4689 to 1.2061 at 1.3685 and above. However, sustained break of the channel support will argue that rise from 1.2061 has completed and will bring deeper fall to 1.2526 support to confirm.

The German index DAX30 could soon restart its uptrend because price getting close to completing a contracting triangle continuation chart pattern. Price is now in the final swing of the triangle, which is the wave E (pink),

DAX could already have completed the wave E (pink) if price manages to break above the resistance trend line (red) and 100% Fibonacci level of wave X vs W but it seems more likely that price will expand the wave E (pink) via a WXY (purple). A bearish break below the support (blue) trend line would indicate a potential continuation towards the Fibonacci targets of wave E vs D.

Day

The DAX index seems to be confirming a triangle chart pattern as price is completing a wave D and E (pink). A break below the 100% Fibonacci level of wave E vs D invalidates the potential wave E (pink) whereas a bullish break above resistance (red) could confirm a bullish breakout (blue).

Week

The DAX index is building a correction after a strong uptrend, although the support and resistance trend lines do indicate a weakening of the bullish momentum. The next high could end at the resistance trend line and eventually build a rising wedge reversal chart pattern.

Daily Pivots: (S1) 0.7397; (P) 0.7419; (R1) 0.7454; More...

AUD/USD is staying in consolidation from 0.7309 and intraday bias remains neutral. On the downside, break of 0.7309 and sustained trading below 0.7328 cluster support (61.8% retracement of 0.6826 to 0.8135 at 0.7326) will extend the fall from 0.8135 to 0.7158 support next. On the upside, above 0.7483 resistance will bring stronger rebound. But upside should be limited below 0.7676 resistance to bring larger fall resumption eventually.

In the bigger picture, medium term rebound from 0.6826 is seen as a corrective move that should be completed at 0.8135. Deeper decline would be seen back to retest 0.6826 low. This will now remain the favored case as long as 0.7676 resistance holds.

Daily Pivots: (S1) 110.71; (P) 111.07; (R1) 111.32; More...

Intraday bias in USD/JPY stays neutral as it's bounded in range of 110.58/112.14. The corrective decline from 113.17 could extend lower through 110.58. But in that case, we'd expect strong support from 38.2% retracement of 104.62 to 113.17 at 109.90 to bring rebound. On the upside, above 112.14 will target a test on 113.17 high.

In the bigger picture, corrective fall from 118.65 (2016 high) should have completed with three waves down to 104.62. Decisive break of 114.73 resistance will likely resume whole rally from 98.97 (2016 low) to 100% projection of 98.97 to 118.65 from 104.62 at 124.30, which is reasonably close to 125.85 (2015 high). This will stay as the preferred case as long as 109.36 support holds.

Daily Pivots: (S1) 0.9916; (P) 0.9943; (R1) 0.9959; More...

Intraday bias in USD/CHF remains neutral at this point. With 0.9920 minor support intact, further rise remains mildly in favor. ON the upside, break of 0.9984 will target a test on 1.0067 key resistance next. On the downside, break of 0.9920 minor support will turn bias to the downside, to bring another decline to extend the consolidation pattern from 1.0056.

In the bigger picture, current development suggests that the consolidation pattern from 1.0056 is extending with another leg. As long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds, we'd expect rise from 0.9186 to resume at a later stage to retest 1.0342 key resistance (2016 high). However, sustained break of 0.9724 fibonacci level will bring deeper fall, as another declining leg in the long term range pattern.

Daily Pivots: (S1) 1.1579; (P) 1.1604 (R1) 1.1634; More.....

At this point, EUR/USD is staying in consolidation from 1.1509. Further rise cannot be ruled out as the consolidation extends. But even in case of stronger than expected rebound, upside should be limited by 1.1851 to bring down trend resumption eventually. On the downside, decisive break of 1.1507 key support will resume larger down trend from 1.2555 through 50% retracement of 1.0339 to 1.2555 at 1.1447.

In the bigger picture, EUR/USD was rejected by 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. And, a medium term top was formed at 1.2555 already. Decline from there should extend further to 61.8% retracement of 1.0339 to 1.2555 at 1.1186 and below. For now, even in case of rebound, we won't consider the fall from 1.2555 as finished as long as 1.1995 resistance holds.