Daily Outlook Monday 20th July 2015
Big story overnight: GOLD dropped more than 60 dollars in a few minutes. That’s a 5% move and is an extremely rare phenomenon.
Gold has now reached a 5 year low.
Reason for the move: no more Grexit fears + China has announced it has bought much smaller amounts than what people had expected.
If you would have sold 100 ounces of GOLD, risking just $500 on Friday, you could have made a total profit of $6.000
Trading quote of the day: “Successful investing is anticipating the anticipations of others.” – John Maynard Keynes
Green lines are resistance, Red lines are support
Currency Updates:
EURUSD
Pivot: 1.091
Likely scenario: Short positions below 1.091 with targets @ 1.081 & 1.0735 in extension.
Alternative scenario: Above 1.091 look for further upside with 1.0985 & 1.1035 as targets.
Comment: A break below 1.081 would trigger a drop towards 1.0735.
USDJPY
Pivot: 123.9
Likely scenario: Long positions above 123.9 with targets @ 124.35 & 124.6 in extension.
Alternative scenario: Below 123.9 look for further downside with 123.7 & 123.35 as targets.
Comment: The RSI is supported by a rising trend line.
GBPUSD
Pivot: 1.564
Likely scenario: Short positions below 1.564 with targets @ 1.5555 & 1.5495 in extension.
Alternative scenario: Above 1.564 look for further upside with 1.5675 & 1.573 as targets.
Comment: The RSI is bearish and calls for further downside.
AUDUSD
Pivot: 0.7385
Likely scenario: Short positions below 0.7385 with targets @ 0.73 & 0.7275 in extension.
Alternative scenario: Above 0.7385 look for further upside with 0.7405 & 0.7435 as targets.
Comment: The RSI is capped by a declining trend line.
GOLD
Pivot: 1130
Likely scenario: Short positions below 1130 with targets @ 1087 & 1080 in extension.
Alternative scenario: Above 1130 look for further upside with 1139 & 1146 as targets.
Comment: As long as 1130 is resistance, likely decline to 1087.
USDCAD
Pivot: 1.2945
Likely scenario: Long positions above 1.2945 with targets @ 1.301 & 1.3045 in extension.
Alternative scenario: Below 1.2945 look for further downside with 1.29 & 1.281 as targets.
Comment: The RSI is mixed to bullish.
USDCHF
Pivot: 0.955
Likely scenario: Long positions above 0.955 with targets @ 0.9635 & 0.967 in extension.
Alternative scenario: Below 0.955 look for further downside with 0.9505 & 0.9475 as targets.
Comment: The RSI is bullish and calls for further advance.
OIL
Pivot: 51.25
Likely scenario: Short positions below 51.25 with targets @ 50 & 49.3 in extension.
Alternative scenario: Above 51.25 look for further upside with 52.2 & 52.85 as targets.
Comment: As long as 51.25 is resistance, likely decline to 50.
DAX
Pivot: 11475
Likely scenario: Long positions above 11475 with targets @ 11800 & 11900 in extension.
Alternative scenario: Below 11475 look for further downside with 11250 & 11150 as targets.
Comment: The RSI is mixed to bullish.