China’s exports fell less than expected in August but a steeper slide in imports pointed to continued economic weakness. Shanghai Composite and the Nikkei are both trading lower however, Australia’s ASX is trading up by just over 1% following positive business confidence data from the National Australian Bank.
JPY continued its strong recovery against the Greenback and is now trading below its intraday pivot of 119.70 with the RSI indicating further downside.
GBPUSD’s strong start to the week continued and is now up almost 150 points since Mondays open. Oil has again fallen below the $45 mark with technicals indicating that we may see a further decline.
With the US returning from their Labor day holiday, we can expect to see more action and will be interesting to see how US stocks open later today.
Calendar wise, we have no major news today although at 09:00 GMT, we have revised GDPq/q figures from the Eurozone.
Trading quote of the day: “Without action, the best intentions in the world are nothing more than that: intentions.” – Jordan Belfort
USDCAD
Pivot: 1.3245
Likely scenario: Long positions above 1.3245 with targets @ 1.3325 & 1.3355 in extension.
Alternative scenario: Below 1.3245 look for further downside with 1.322 & 1.3175 as targets.
Comment: The RSI lacks downward momentum.
USDCHF
Pivot: 0.9775
Likely scenario: Short positions below 0.9775 with targets @ 0.9675 & 0.9635 in extension.
Alternative scenario: Above 0.9775 look for further upside with 0.982 & 0.9855 as targets.
Comment: The RSI is badly directed.
OIL
Pivot: 45.15
Likely scenario: Short positions below 45.15 with targets @ 43.2 & 41.75 in extension.
Alternative scenario: Above 45.15 look for further upside with 46 & 47.25 as targets.
Comment: As long as 45.15 is resistance, likely decline to 43.2.
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