Sample Category Title

Pivot (invalidation): 1.1655

Our preference Long positions above 1.1655 with targets at 1.1695 & 1.1720 in extension.

Alternative scenario Below 1.1655 look for further downside with 1.1640 & 1.1610 as targets.

Comment The RSI is bullish and calls for further upside.

Pivot (invalidation): 70.30

Our preference Long positions above 70.30 with targets at 71.20 & 71.65 in extension.

Alternative scenario Below 70.30 look for further downside with 69.85 & 69.20 as targets.

Comment The RSI is mixed and calls for caution.

Pivot (invalidation): 15.7200

Our preference Long positions above 15.7200 with targets at 15.8700 & 15.9300 in extension.

Alternative scenario Below 15.7200 look for further downside with 15.6600 & 15.5800 as targets.

Comment Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Pivot (invalidation): 1239.00

Our preference Long positions above 1239.00 with targets at 1246.00 & 1248.00 in extension.

Alternative scenario Below 1239.00 look for further downside with 1236.00 & 1233.00 as targets.

Comment The RSI broke above a bearish trend line.

Our pivot (invalidation) point stands at 1.1720.

Our preference target 1.1669.

Alternative scenario Above 1.1720, look for 1.1738 and 1.1748.

Comment The RSI is below its neutrality area at 50. The MACD is positive and below its signal line. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 MA (1.1706) but above its 50 MA (1.1698). Finally, the EUR/CHF is trading below its lower Bollinger band (standing at 1.1702).

Daily Pivots: (S1) 1.1637; (P) 1.1662 (R1) 1.1712; More.....

EUR/USD's rebound from 1.1612 extends today and breach of 1.1695 minor resistance turns bias mildly to the upside. While further rise could be seen as the corrective pattern from 1.1507 extends, upside should be limited by 1.1851 resistance to bring fall resumption eventually. On the downside, below 1.1612 will bring retest of 1.1507 low first. Decisive break there will resume larger fall from 1.2555. In that case, EUR/USD should drop through 50% retracement of 1.0339 to 1.2555 at 1.1447 to 61.8% retracement at 1.1186.

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.

Pivot (invalidation): 0.8840

Our preference Short positions below 0.8840 with targets at 0.8820 & 0.8810 in extension.

Alternative scenario Above 0.8840 look for further upside with 0.8855 & 0.8865 as targets.

Comment The RSI lacks upward momentum.

Our pivot (invalidation) point stands at 6207.

Our preference As Long as 6207 is support look for 6679.

Alternative scenario Below 6207, expect 6026 and 5918.

Comment The RSI is above 50. The MACD is below its signal line and positive. The pair could retrace. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 6340 and 6283).

XAUUSD (1243.21): Gold prices were seen posting declines on the day as price touched fresh intraday lows of 1240.81. The recovery in the declines saw gold prices trading back near the price level of 1242. A breakout above this level is required to confirm the upside momentum that could be building up. Failure to close above 1247 could however trigger further gains that could push the price of spot gold toward the 1258 handle. To the downside, we expect to see price action consolidating at the current levels.

USDJPY (112.48): The USDJPY currency pair rallied to a six month high on Friday before giving up the gains. Price action quickly reversed back to 112.28 level. As long as this minor support holds, the currency pair could be seen consolidating at the currency levels. In the event of a break down below this level, then USDJPY could extend the losses toward the next lower support at 111.13. However, the major falling trend line is expected to act as dynamic support in the short term.