US Session Bullet Report – Durable Goods Fuel The USD Rally

US Session Bullet Report

Sentiment on Stock Markets remains the main driver for today’s trading session. What we see today is a rebound of the USD against most currencies, even the powerful euro that retreated from 1.17 to 1.14. GBPUSD is the hardest hit today as the Cable dropped below 1.5600 and reached 1.5560 from 1.5720 highs today. Durable goods report which was just released posted extremely good numbers. 1.1360 marks a huge level for the EUR and we are testing it right now. GOLD looks under pressure following the newss also testing new lows right now. With a string of better than expected data coming out, expect market talk to resume regarding Fed rate hikes this year. Even speculation for this event is capable for causing a lot more USD strength. Market participants now wait for the speech by Fed’s Dudley due later.

Trading quote of the day:

“Two rules for investing/trading:
Rule number one : most things will prove to be cyclical
Rule number two : some of the greatest opportunities for gain and loss come when other people forget rule number one”
Howard Marks

EURUSD

Pivot: 1.156
Likely scenario: Short positions below 1.156 with targets @ 1.1395 & 1.1345 in extension.
Alternative scenario: Above 1.156 look for further upside with 1.1625 & 1.1715 as targets.
Comment: The RSI is badly directed.

GBPUSD

Pivot: 1.568
Likely scenario: Short positions below 1.568 with targets @ 1.556 & 1.553 in extension.
Alternative scenario: Above 1.568 look for further upside with 1.5725 & 1.5755 as targets.
Comment: The RSI is badly directed.

AUDUSD

Pivot: 0.719
Likely scenario: Short positions below 0.719 with targets @ 0.709 & 0.704 in extension.
Alternative scenario: Above 0.719 look for further upside with 0.725 & 0.7285 as targets.
Comment: As long as 0.719 is resistance, look for choppy price action with a bearish bias.

USDJPY

Pivot: 120.25
Likely scenario: Short positions below 120.25 with targets @ 118.2 & 117.1 in extension.
Alternative scenario: Above 120.25 look for further upside with 121.3 & 122.35 as targets.
Comment: As long as 120.25 is resistance, look for choppy price action with a bearish bias.

USDCAD

Pivot: 1.324
Likely scenario: Long positions above 1.324 with targets @ 1.3355 & 1.34 in extension.
Alternative scenario: Below 1.324 look for further downside with 1.32 & 1.3145 as targets.
Comment: The RSI lacks downward momentum.

USDCHF

Pivot: 0.9375
Likely scenario: Long positions above 0.9375 with targets @ 0.9505 & 0.955 in extension.
Alternative scenario: Below 0.9375 look for further downside with 0.9295 & 0.9245 as targets.
Comment: The RSI is well directed.

GOLD

Pivot: 1140
Likely scenario: Short positions below 1140 with targets @ 1126 & 1119 in extension.
Alternative scenario: Above 1140 look for further upside with 1146.5 & 1153 as targets.
Comment: The RSI advocates for further decline.

OIL

Pivot: 40
Likely scenario: Short positions below 40 with targets @ 37.75 & 37 in extension.
Alternative scenario: Above 40 look for further upside with 40.6 & 41.25 as targets.
Comment: As long as 40 is resistance, likely decline to 37.75.

DAX

Pivot: 10200
Likely scenario: Short positions below 10200 with targets @ 9550 & 9320 in extension.
Alternative scenario: Above 10200 look for further upside with 10440 & 10650 as targets.
Comment: The RSI lacks upward momentum.