Gold is the big mover of the day on an otherwise flat trading session in Europe. As investors lock in profits, gold slipped from a session high of 1072 to just above 1062 at time of writing.
Elsewhere, trading remains in a tight range as the world’s financial markets begin wrapping up the years books ahead of the new year holiday. GBPUSD is the only other mover of any significance as it again dipped below 1.48 before recovering slightly, currently trading around 1.4810.
Pending home sales from the US released this early morning with 0.9% decrease from last month. Tomorrow’s US unemployment claims will be the last highlight to finish the year off.
Trading quote of the day: “Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem.” – Bill Vaughan
Currency Updates:
EUR/USD Intraday: under pressure
Pivot: 1.096
Our preference: short positions below 1.096 with targets @ 1.09 & 1.0865 in extension.
Alternative scenario: above 1.096 look for further upside with 1.099 & 1.101 as targets.
Comment: a break below 1.09 would trigger a drop towards 1.0865.
Supports and resistances:
1.101 **
1.099 ***
1.096 ***
1.0925 Last
1.09 ***
1.0865 **
1.0845 **
USD/JPY Intraday: key resistance at 120.75
Pivot: 120.75
Our preference: short positions below 120.75 with targets @ 120.2 & 120 in extension.
Alternative scenario: above 120.75 look for further upside with 121 & 121.3 as targets.
Comment: as long as the resistance at 120.75 is not surpassed, the risk of the break below 120.2 remains high.
Supports and resistances:
121.3 **
121 **
120.75 ***
120.53 Last
120.2 **
120 ***
119.8 **
GBP/USD Intraday: the downside prevails
Pivot: 1.487
Our preference: short positions below 1.487 with targets @ 1.478 & 1.476 in extension.
Alternative scenario: above 1.487 look for further upside with 1.4915 & 1.4945 as targets.
Comment: the RSI lacks upward momentum.
Supports and resistances:
1.4945 ***
1.4915 **
1.487 ***
1.4809 Last
1.478 ***
1.476 **
1.474 **
AUD/USD Intraday: bullish bias above 0.726
Pivot: 0.726
Our preference: long positions above 0.726 with targets @ 0.7305 & 0.7335 in extension.
Alternative scenario: below 0.726 look for further downside with 0.724 & 0.7205 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
0.736 **
0.7335 **
0.7305 ***
0.7278 Last
0.726 ***
0.724 ***
0.7205 **
SPI 200 (ASX) (H6) Intraday: the upside prevails
Pivot: 5190
Our preference: long positions above 5190 with targets @ 5345 & 5380 in extension.
Alternative scenario: below 5190 look for further downside with 5140 & 5085 as targets.
Comment: the RSI is supported by a bullish trend line.
Supports and resistances:
5420
5380
5345
5284 Last
5190
5140
5085
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