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WTI slides as weak Chinese economic data raise concerns over demand. The bulls’ struggle to keep higher lows indicates that sentiment remains downbeat. A short-lived rebound to 95.00 which sits on the 20-day moving average is another sign that the bears have firm control of the direction. A fall below 87.50 would invalidate the bounce and attract more selling. 82.00 near a seven-month lows would be the next target. As the RSI recovers from oversold territory, 92.00 is the resistance and sellers may continue to fade rebounds.

The Australian dollar falls as China’s industrial and retail data disappoint. The pair turned south in the supply zone (0.7130) at the start of a sell-off back in June. A combination of profit-taking and new selling may keep the aussie under pressure in the short-term. A bearish RSI divergence indicates overextension and a break below 0.7060 could be seen as a confirmation, triggering a liquidation of leveraged positions. 0.6960 at the base of the recent rebound is a key support while 0.7060 has turned into a fresh resistance.

Daily Pivots: (S1) 160.00; (P) 161.05; (R1) 161.73; More...

Intraday bias in GBP/JPY stays on the downside for 159.42 support. Sustained break there will target 155.57 support next. On the upside, above 162.77 minor resistance will turn bias back to the upside for 163.91 resistance instead.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress. Sustained break of 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93 will be a long term bullish signal, and could pave the way back to 195.86 high. This will remain the favored case as long as 155.57 support holds, even in case of deep pull back.

Daily Pivots: (S1) 134.78; (P) 135.92; (R1) 136.57; More....

Intraday bias in EUR/JPY remains on the downside at this point. Deeper fall would be seen back to retest 133.38 low. Sustained break of 133.38/134.11 support zone will carry larger bearish implications. On the upside, above 136.28 minor resistance will turn intraday bias neutral first.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

Daily Pivots: (S1) 0.8407; (P) 0.8439; (R1) 0.8459; More...

Outlook in EUR/GBP is unchanged and intraday bias stays neutral. Fall from 0.8720 is still expected to resume as long as 0.8585 resistance holds. Firm break of 0.8338 support will target a retest on 0.8201 low.

In the bigger picture, current development suggests rejection by 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Medium term bearishness is maintained. Break of 0.8201 will resume larger down trend from 0.9499 (2020 high). Nevertheless, sustained break of 0.8697 will affirm the case that rise from 0.8201 is a medium term up trend itself.

Daily Pivots: (S1) 1.4394; (P) 1.4470; (R1) 1.4540; More...

Further decline is expected in EUR/AUD despite some loss of downside momentum. Next target is 1.4318 low. Firm break there will resume larger down trend to medium term projection level at 1.3623. On the upside, break of 1.4804 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.

In the bigger picture, down trend from 1.9799 is still in progress. Break of 1.4318 low will target 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). This will remain the favored case now as long as 1.5396 resistance holds.

Daily Pivots: (S1) 0.9596; (P) 0.9632; (R1) 0.9651; More....

EUR/CHF's down trend is still in progress and intraday bias stays on the downside. Next target is 100% projection of 1.1149 to 0.9970 from 1.0513 at 0.9334.On the upside, above 0.9697 minor resistance will turn intraday bias neutral and bring consolidations, before staging another decline.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 138.2% projection of 1.2004 to 1.0505 to 1.1149 at 0.9033. On the upside, break of 0.9970 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of strong rebound.

Daily Pivots: (S1) 0.6981; (P) 0.7053; (R1) 0.7095; More...

Intraday bias in AUD/USD is turned back to the downside with break of 0.7008 minor support. Deeper fall would be seen back to 0.6868 support first. Decisive break there will argue that whole rebound from 0.6680 is finished. ON the upside, break of 0.7135 will resume the rise from 0.6680 towards 0.7282 resistance.

In the bigger picture, price actions from 0.8006 (2021 high) is seen more as a corrective pattern to rise from 0.5506 (2020 low). Or it could be a bearish impulsive move. In either case, outlook will remain bearish as long as 0.7282 resistance holds. Next target is 61.8% retracement of 0.5506 to 0.8006 at 0.6461.

Daily Pivots: (S1) 1.2800; (P) 1.2867; (R1) 1.2971; More...

Intraday bias in USD/CAD stays on the upside for 1.2984 resistance. Firm break there will argue that corrective fall from 1.3222 has completed with three waves down to 1.2726. Further rally would be seen back to retest 1.3222 high. On the downside, touching of 4 hour 55 EMA (now at 1.2840) will turn intraday bias neutral first.

In the bigger picture, down trend from 1.4667 (2020 high) should have completed at 1.2005, after defending 1.2061 long term cluster support. Rise from there should target 61.8% retracement of 1.4667 to 1.2005 (2021 low) at 1.3650. This will remain the favored case now as long as 1.2516 support holds.

Daily Pivots: (S1) 132.71; (P) 133.16; (R1) 133.75; More...

Outlook in USD/JPY is unchanged and intraday bias stays neutral. Range trading between 126.35/139.37 will continue for a while. On the downside, break of 130.38 will target 100% projection of 139.37 to 130.38 from 135.57 at 126.58. On the upside, above 135.57 will resume the rebound form 130.38 to retest 139.37.

In the bigger picture, fall from 139.37 medium term top is seen as correcting whole up trend from 101.18 (2020 low). While deeper decline cannot be ruled out, outlook will stays bullish as long as 55 week EMA (now at 122.70) holds. Long term up trend is expected to resume through 139.37 at a later stage, after the correction finishes.