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Crude oil is trading higher Hourly support is given at 45.40 (24/07/2017 low). Strong resistance given at 50.28 (29/05/2017). Expected to show further bearish consolidation before another leg higher.

In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).

Silver is pushing higher after the bounce from hourly support given at 15.18 (10/07/2017 low). Key resistance is given at a distance at 17.75 (06/06/2017 high). The commodity continues its short-term bullish increase.

In the long-term, the death cross indicates that further downsides are very likely. Resistance is located at 25.11 (28/08/2013 high). Strong support can be found at 11.75 (20/04/2009).

GBP/USD – 1.3090




Recent wave: Wave V of larger degree wave (III) has ended at 1.1986 and major correction has commenced from there for gain to 1.3000 and 1.3140-50




Trend: Near term up




New strategy :

Stand aside

Position: - 



Target:  -



Stop:- 



Despite rising to 1.3159 yesterday, lack of follow through buying and the subsequent retreat suggest consolidation below this level would be seen and pullback to 1.3050 cannot be ruled out, however, break of 1.2995-00 is needed to suggest a temporary top is possibly formed, bring retracement of recent rise to 1.2955-60 but support at 1.2933 should hold from here.

On the upside, expect recovery to be limited to 1.3120-25 and said resistance at 1.3159 should hold, bring further consolidation, only break of said resistance at 1.3159 would signal recent upmove has once again resumed and extend further gain to 1.3190-00, however, as this move is still viewed as the final wave v of larger degree wave C, reckon upside would be limited to 1.3240-50 and price should falter below 1.3300-10, then sterling shall retreat sharply from there.

Our preferred count on the daily chart is that cable's rebound from 1.3500 (wave (A) trough) is unfolding as a wave (B) with A ended at 1.7043, followed by triangle wave B and wave C as well as wave (B) has ended at 1.7192, the subsequent selloff is the larger degree wave (C) which is still unfolding with minor wave (III) of larger degree wave 3 ended at 1.1986, hence wave (IV) correction is in progress which could either be a triangle wave (IV) of a complex formation but upside should be limited to 1.3500 and price should falter well below 1.4000, bring another decline in wave (V) of 3 for weakness to 1.1500, then 1.1200. 


Gold continues to grow. Strong support is given at 1204 10/07/2017 high). Hourly resistance at 1258 (23/06/2017 high) has been broken. Expected to show continued strengthening.

In the long-term, the technical structure suggests that there is a growing upside momentum. A break of 1392 (17/03/2014) is necessary ton confirm it, A major support can be found at 1045 (05/02/2010 low)

EUR/CHF is still trading above psychological level at 1.1000 and the pair is heading sharply higher. s. Hourly support is located at a distance at 1.0984 (13/07/2017 low). Road is wide-open for further strengthening.

In the longer term, the technical structure is mixed. Resistance can be found at 1.1200 (04/02/2015 high). Yet,the ECB's QE programme is likely to cause persistent selling pressures on the euro, which should weigh on EUR/CHF. Supports can be found at 1.0184 (28/01/2015 low) and 1.0082 (27/01/2015 low).

EUR/GBP is very volatile. The pair is consolidating lower. Hourly support is given at a distance at 0.8742 (16/06/2017 low). Downside risks are important.

In the long-term, the pair has largely recovered from recent lows in 2015. The technical structure suggests a growing upside momentum. The pair is trading above from its 200 DMA. Strong resistance can be found at 0.9500 psychological level.

AUD/USD's technical structure has finally not reversed. Hourly resistance is now given at 0.8066 (27/07/2017 high). Hourly support given at 0.7875 (21/07/2017 low). Expected to show continued upside pressures.

In the long-term, we are waiting for further signs that the current downtrend is ending. Key supports stand at 0.6009 (31/10/2008 low) . A break of the key resistance at 0.8295 (15/01/2015 high) is needed to invalidate our long-term bearish view.

USD/CAD's bearish momentum is showing ending signals. The pair remains nonetheless in a strong bearish momentum. Hourly resistance is given at 1.2544 (26/07/2017). Expected to show further consolidation.

In the longer term, the pair is now monitoring long-term support that can be found at 1.2461 (16/03/2015 low). Strong resistance is given at 1.4690 (22/01/2016 high). The pair should head lower.

USD/CHF is trading higher. Hourly support can be found at 0.9439 (21/07/2017 high). Strong resistance is given at 0.9771 (15/06/2017 high) is on target. Expected to to show further bullish consolidation

In the long-term, the pair is still trading in range since 2011 despite some turmoil when the SNB unpegged the CHF. Key support can be found 0.8986 (30/01/2015 low). The technical structure favours nonetheless a long term bullish bias since the unpeg in January 2015

USD/JPY has failed to go any higher. Hourly support is given at 110.62 (24/06/2016 low). Stronger support is located at a distance at 108.83 (17/04/2017 low). Expected to show continued further monitoring of support given at 110.62 breaks.

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13/06/2013 low).