US stocks halted a five day slide yesterday recovering slightly, however, on-going concerns show little signs of halting the global selloff.
In Asia this morning, stocks also recovered slightly from yesterdays multi year lows, but around the world, stock markets are set for their worst performing quarter since 2011.
EURUSD & USDJPY remain unpredictable as market uncertainty continues to keep them in a range.
News wise today, German unemployement at 07:55 GMT, UK Q2 GDP at 08:30 GMT and Eurozone unemployment at 09:00 GMT are the highlight during the morning. Later this afternoon we have ADP employment change from the US at 12:15 GMT and Crude Oil inventories at 14:30 GMT so we can expect some market movement.
This evening at 19:00 GMT, Fed chair Janet Yellen is set to speak, as investors and traders alike eagerly tune in hoping for some positive talk that will stabilize global markets.
Trading quote of the day: A man should look for what is, and not for what he thinks should be. Albert Einstein.
USDJPY
Pivot: 119.5
Likely scenario: Long positions above 119.5 with targets @ 120.15 & 120.45 in extension.
Alternative scenario: Below 119.5 look for further downside with 119.2 & 119 as targets.
Comment: The pair has broken above the upper boundary of a bearish channel and remains on the upside.
USDCHF
Pivot: 0.9755
Likely scenario: Short positions below 0.9755 with targets @ 0.9665 & 0.964 in extension.
Alternative scenario: Above 0.9755 look for further upside with 0.9775 & 0.981 as targets.
Comment: As long as 0.9755 is resistance, likely decline to 0.9665.
GOLD
Pivot: 1135
Likely scenario: Short positions below 1135 with targets @ 1121 & 1116 in extension.
Alternative scenario: Above 1135 look for further upside with 1140.5 & 1148 as targets.
Comment: As long as 1135 is resistance, likely decline to 1121.
OIL
Pivot: 44.35
Likely scenario: Long positions above 44.35 with targets @ 45.75 & 46.4 in extension.
Alternative scenario: Below 44.35 look for further downside with 43.7 & 43.2 as targets.
Comment: A support base at 44.35 has formed and has allowed for a temporary stabilisation.
DAX
Pivot: 9295
Likely scenario: Long positions above 9295 with targets @ 9753 & 9890 in extension.
Alternative scenario: Below 9295 look for further downside with 9130 & 8895 as targets.
Comment: The RSI is bullish and calls for further upside.
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