US stocks closed slightly higher yesterday as global markets continue to swing on a seemingly daily basis. Next weeks widely anticipated Fed rate decision seems to have prevented any clear direction, as investors wait for further guidance.
In Asia this morning, markets are mixed although the AUDUSD continued its fightback and is now testing its resistance of 0.7065
Gold rebounded slightly yesterday and is now trading around the 1111 mark, although demand remains low.
Oil also remains under pressure, and is currently trading at $45.70 at time of writing. Goldman Sachs cut its price forecast, stating that they see potential for the black gold to slip to $20 per barrel.
News wise, not much going on in the eurozone today but later this afternoon, we have Producer Price Index and Consumer Confidence from the US.
Trading quote of the day: “The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks.” – Peter Lynch
USDCAD
Pivot: 1.3175
Likely scenario: Long positions above 1.3175 with targets @ 1.3265 & 1.331 in extension.
Alternative scenario: Below 1.3175 look for further downside with 1.315 & 1.3115 as targets.
Comment: The RSI lacks downward momentum.
USDCHF
Pivot: 0.9785
Likely scenario: Short positions below 0.9785 with targets @ 0.9695 & 0.967 in extension.
Alternative scenario: Above 0.9785 look for further upside with 0.9825 & 0.9855 as targets.
Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
OIL
Pivot: 43.4
Likely scenario: Long positions above 43.4 with targets @ 46.4 & 47.25 in extension.
Alternative scenario: Below 43.4 look for further downside with 41.75 & 40.5 as targets.
Comment: The RSI is mixed to bullish.
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