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The trading conditions is thin this week. The risk sentiment in the global market has been improving with the US data looks better than expected overnight. China is expected to inject more stimulus in 2016 and oil prices is bouncing back from the base. However, the USD has been under pressure with the exception of GBP, as there is a round of post-FOMC profit taking happening in the market. We expect the price action will be taken with a grain of salt today.
Currency Updates:
EUR/USD Intraday: key resistance at 1.0945.
Pivot: 1.0945
Our preference: short positions below 1.0945 with targets @ 1.0865 & 1.0845 in extension.
Alternative scenario: above 1.0945 look for further upside with 1.098 & 1.101 as targets.
Comment: as long as 1.0945 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
1.101 ***
1.098 ***
1.0945 **
1.0918 Last
1.0865 ***
1.0845 ***
1.0805 ***
USD/JPY Intraday: capped by a negative trend line.
Pivot: 121.15
Our preference: short positions below 121.15 with targets @ 120.65 & 120.3 in extension.
Alternative scenario: above 121.15 look for further upside with 121.5 & 121.75 as targets.
Comment: as long as 121.15 is resistance, likely decline to 120.65.
Supports and resistances:
121.75 **
121.5 ***
121.15 **
120.85 Last
120.65 ***
120.3 ***
120.1 ***
GBP/USD Intraday: the bias remains bullish.
Pivot: 1.483
Our preference: long positions above 1.483 with targets @ 1.491 & 1.495 in extension.
Alternative scenario: below 1.483 look for further downside with 1.48 & 1.476 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
1.4985 **
1.495 ***
1.491 ***
1.488 Last
1.483 ***
1.48 ***
1.476 **
AUD/USD Intraday: the upside prevails.
Pivot: 0.72
Our preference: long positions above 0.72 with targets @ 0.725 & 0.728 in extension.
Alternative scenario: below 0.72 look for further downside with 0.715 & 0.711 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
0.7315 ***
0.728 ***
0.725 ***
0.7233 Last
0.72 ***
0.715 **
0.711 ***
SPI 200 (ASX) (H6) Intraday: further advance.
Pivot: 5085
Our preference: long positions above 5085 with targets @ 5190 & 5230 in extension.
Alternative scenario: below 5085 look for further downside with 5040 & 5010 as targets.
Comment: the RSI is mixed.
Supports and resistances:
5295
5230
5190
5136 Last
5085
5040
5010
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