Sample Category Title

Pivot (invalidation): 0.9955

Our preference Long positions above 0.9955 with targets at 0.9970 & 0.9985 in extension.

Alternative scenario Below 0.9955 look for further downside with 0.9945 & 0.9930 as targets.

Comment A support base at 0.9955 has formed and has allowed for a temporary stabilisation.

Pivot (invalidation): 111.50

Our preference Short positions below 111.50 with targets at 111.20 & 111.05 in extension.

Alternative scenario Above 111.50 look for further upside with 111.65 & 111.85 as targets.

Comment A break below 111.20 would trigger a drop towards 111.05.

Pivot (invalidation): 1.2970

Our preference Short positions below 1.2970 with targets at 1.2920 & 1.2890 in extension.

Alternative scenario Above 1.2970 look for further upside with 1.3005 & 1.3040 as targets.

Comment As Long as the resistance at 1.2970 is not surpassed, the risk of the break below 1.2920 remains high.

Pivot (invalidation): 1.1570

Our preference Short positions below 1.1570 with targets at 1.1545 & 1.1530 in extension.

Alternative scenario Above 1.1570 look for further upside with 1.1590 & 1.1610 as targets.

Comment The upward potential is likely to be limited by the resistance at 1.1570.

Pivot (invalidation): 7155

Our preference Short positions below 7155 with targets at 6830 & 6635 in extension.

Alternative scenario Above 7155 look for further upside with 7350 & 7535 as targets.

Comment A break below 6830 would trigger a drop towards 6635

Australian Dollar is trading as the strongest major currency for the time being while Dollar is broadly pressured. Reactions to RBA rate decision were muted. Instead, there are two other factor that's driving the Aussie higher.

Firstly, Chinese stocks appear to be having some solid buying for rebound. The Shanghai SSE is trading up 2.74% at the time of writing, at 2779.37. It breached 2700 handle to 2692.32 yesterday. Now a focus will be on whether SSE could close above yesterday's high at 2760.47, which signals further stabilization. The development also came as USD/CNH (offshore Yuan) dips to 6.846 and looks like it's heading back to 6.82 handle. It's also a reason for Dollar's broad based weakness.

Secondly, AUD/NZD has powered through 1.0991 resistance to resume the up trend from 1.0486. We see that as mainly a result of weakness in the New Zealand Dollar. And the surge in AUD/NZD helps Australian Dollar gains elsewhere. AUD/NZD is now heading to 100% projection of 1.0486 to 1.0960 from 1.0656 at 1.1130.

Meanwhile, it should be noted that AUD/USD is still staying in consolidation from 0.7309 despite today's rebound. There is nothing to cheer about for Aussie bulls yet..

The price of bitcoin has declined following a series of bad news for the crypto sector. This follows weeks of price rises which were spurred on by BlackRock – the world’s largest asset manager – eying the crypto space. Bitcoin reached a multi-month high of $8405 on July 27, 2018. Today, Bitcoin is trading at $6870.

Last week, renowned blockchain expert, Mike Novogratz, launched the IPO of his company, Galaxy Digital at the Toronto exchange. The shares tumbled by more than 30% during the first week of trading, an indication of scepticism of the cryptocurrency industry.

On Friday, the Wall Street Journal had a big feature on cryptocurrencies and ICOs. In the feature, the paper found that large groups manipulated the price of cryptocurrencies and ICOs largely through pump and dump schemes which leave vulnerable traders holding worthless tokens. Already, the schemes have cost traders millions of dollars. Such actions within the crypto space are likely to lead to regulatory guidelines somewhere down the line.

The BTC/USD pair is now trading at $6870. This price is below the 50 and 100-day Exponential Moving Average (EMA). The RSI has moved below the oversold level. Therefore, there is a likelihood that the pair will remain at the oversold level and possibly move lower to test the important support of $6500 as shown below.

XAUUSD (1210.02): Gold prices remain firm near lows below the 1211.50 region. Price action formed an inside bar on Monday's session, which could signal a potential breakout. With the downside momentum strongly established, we expect to see a possible breakdown which could push Gold prices even lower. To the upside, the minor double bottom pattern on the 4-hour chart could signal an imminent upside breakout. The resistance at 1219.75 will need to be cleared to confirm the correction toward 1242.25

USDJPY (111.33): The USDJPY currency pair was seen consolidating above the support region of 111.13 - 110.85. The rebound off this support was limited in range, with price action posting a lower high. However, a break down from the support handle could signal a potential correction to the downside. The next main support is seen at 107.78. To the upside, the resistance 112.28 remains a key level of interest. A breakout above this level is required for the USDJPY to post further gains.

EURUSD (1.1558): The EURUSD currency pair touched the main support level of 1.1540 on Monday, only to rebound slightly. Price action remains subdued at this level with consolidation likely to take place near the support level. The daily Stochastics are currently oversold but further downside momentum could extend on a close below 1.1540. On the 4-hour chart, the strong decline off the 1.1740 level could see a modest correction.