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Daily Pivots: (S1) 0.7907; (P) 0.7947; (R1) 0.7998; More...

AUD/USD's retreat suggests that a temporary top is formed at 0.7988 after hitting 61.8% projection of 0.6826 to 0.7833 from 0.7328 at 0.7950. Intraday bias is turned neutral for consolidation. Near term outlook will remain bullish as long as 0.7785 support holds and another rise is expected. Break of 0.7988 will target 100% projection at 0.8335 next.

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we'll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

After clearing up some publishing issues that I had on the Vantage FX website yesterday, I'm back to share one last commodities trading chart before we step out for the weekend.

Oil Daily:

Price has now pulled back into the above resistance (previous support) zone and printed a sort of double top on the intraday charts.

Zooming into an intraday chart, there is some definite selling momentum coming into the market. Add the fact that yesterday's daily candle was unable to close above the previous swing high, and you have a case to look out for some bearish continuation here.

Daily Pivots: (S1) 1.2541; (P) 1.2591; (R1) 1.2641; More....

With 1.2700 minor resistance intact, intraday bias stays on the downside. Current fall from 1.3793 should extend to retest 1.2460 low. Meanwhile, considering bullish convergence condition in 4 hour MACD, break of 1.2700 will indicate short term bottoming In such case, there will be lengthier consolidation before staging another decline.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Fall from 1.3793 is seen as the third leg and should target 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we'd look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

Daily Pivots: (S1) 1.1521; (P) 1.1589 (R1) 1.1699; More...

EUR/USD's rise resumed after briefly consolidation and broke 1.1615 key resistance. Intraday bias is back to the upside. Sustained trading above 1.1615 will extend the medium term rise to 1.2 handle next. On the downside, break of 1.1478 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1756). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.

Daily Pivots: (S1) 1.2926; (P) 1.2979; (R1) 1.3026; More...

GBP/USD is still staying in range of 1.2811/3125 and intraday bias remains neutral. Another rise is mildly in favor with 1.2811 intact. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we'd be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

Daily Pivots: (S1) 0.9464; (P) 0.9541; (R1) 0.9590; More...

USD/CHF's decline resumed after brief consolidation and intraday bias is turned back to the downside. Current fall from 1.0342 should target target 0.9443 key support level next. At this point, we'd expect strong support from there to bring rebound. On the upside, break of 0.9699 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, USD/CHF is still bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.

Daily Pivots: (S1) 111.44; (P) 111.93; (R1) 112.38; More...

Breach of 111.54 suggests that fall from 114.49 is resuming. Intraday bias is turned back to the downside. Sustained trading below 55 day EMA will bring deeper decline to 108.81 support. Break there will extend the whole correction from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48. Nonetheless, break of 112.41 will turn focus back to 114.49 resistance instead.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it's uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it's a leg in the consolidation from 125.85. Hence, we'll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, down side should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

Daily Pivots: (S1) 144.47; (P) 145.38; (R1) 146.06; More

Break of 145.25 support suggests that fall from 147.76 is resuming. intraday bias is turned back to the downside for 55 day EMA (now at 144.07) first. Sustained break there will target r138.65 support and below. But we'd expect strong support from 135.58 to contain downside and bring rebound.

In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we'd be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.

Daily Pivots: (S1) 129.19; (P) 129.73; (R1) 130.67; More...

EUR/JPY is staying below 130.76 and intraday bias remains neutral for the moment. Consolidation from 130.76 could extend. But in case of another fall, downside should be contained by 127.43 cluster support (38.2% retracement of 122.39 to 130.76 at 127.56) and bring rebound. Above 130.76 will extend the larger rally to next key fibonacci level at 134.20.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. Further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds.

Daily Pivots: (S1) 1.1010; (P) 1.1043; (R1) 1.1096; More...

Breach of 1.1072 indicates resumption of recent rally. Intraday bias is back on the upside to extend the rise from 1.0629 to 1.1127/98 resistance zone. On the downside, break of 1.0983 will indicate short term topping and turn bias back to the downside for 55 day EMA (now at 1.0919).

In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.1198 will resume the long term rise from SNB spike low back in 2015. In such case, EUR/CHF could eventually head back to prior SNB imposed floor at 1.2000. However, rejection from 1.1198 will extend the multi-year range trading with another fall.