US Session Bullet Report – Range Trading The Name Of The Game

EUR/USD found support around 1.1170 area and rebounded to 1.1225 however resistance and sellers are keeping the pair contained. GBP/USD remained under pressure today after falling to 1.5138 yesterday. USD/JPY is also trading in familiar range with sellers at 120.50 and buyers waiting at support of 120.05 area. AUD/USD rally run out of steam after initial spike following the RBA decision to keep rates on hold.

Indices on the other hand continue their risk on mode despite very disappointing German factory orders data. GOLD is trading close to its 2 week high at 1139.70. Focus no shifts to the North American open, with hopes that some more volatility will be injected in the market.

Trading quote of the day:

funny thing about the stock market is that every time one buys, another person sells, and both think they are right.

“William Feather”

EURUSD
Pivot: 1.117
Likely scenario: Long positions above 1.117 with targets @ 1.1245 & 1.128 in extension.
Alternative scenario: Below 1.117 look for further downside with 1.1145 & 1.1115 as targets.
Comment: The RSI is well directed.

 

GBPUSD

Pivot: 1.52
Likely scenario: Short positions below 1.52 with targets @ 1.5135 & 1.5105 in extension.
Alternative scenario: Above 1.52 look for further upside with 1.5245 & 1.529 as targets.
Comment: The RSI lacks upward momentum.

 

AUDUSD
Pivot: 0.7055
Likely scenario: Long positions above 0.7055 with targets @ 0.715 & 0.718 in extension.
Alternative scenario: Below 0.7055 look for further downside with 0.7035 & 0.7 as targets.
Comment: The RSI is mixed to bullish.

 

USDJPY
Pivot: 120.1
Likely scenario: Long positions above 120.1 with targets @ 120.65 & 120.9 in extension.
Alternative scenario: Below 120.1 look for further downside with 119.8 & 119.45 as targets.
Comment: The RSI is mixed to bullish.

 

USDCAD
Pivot: 1.314
Likely scenario: Short positions below 1.314 with targets @ 1.306 & 1.3 in extension.
Alternative scenario: Above 1.314 look for further upside with 1.318 & 1.321 as targets.
Comment: As long as the resistance at 1.314 is not surpassed, the risk of the break below 1.306 remains high.

 

USDCHF
Pivot: 0.972
Likely scenario: Long positions above 0.972 with targets @ 0.9795 & 0.9815 in extension.
Alternative scenario: Below 0.972 look for further downside with 0.968 & 0.964 as targets.
Comment: The RSI lacks downward momentum.

 

GOLD
Pivot: 1130
Likely scenario: Long positions above 1130 with targets @ 1142.3 & 1148.5 in extension.
Alternative scenario: Below 1130 look for further downside with 1122.5 & 1112 as targets.
Comment: A support base at 1130 has formed and has allowed for a temporary stabilisation.

 

OIL
Pivot: 45.7
Likely scenario: Long positions above 45.7 with targets @ 46.4 & 46.95 in extension.
Alternative scenario: Below 45.7 look for further downside with 45.2 & 44.65 as targets.
Comment: A support base at 45.7 has formed and has allowed for a temporary stabilisation.

 

DAX
Pivot: 9670
Likely scenario: Long positions above 9670 with targets @ 9960 & 10020 in extension.
Alternative scenario: Below 9670 look for further downside with 9387 & 9300 as targets.
Comment: The RSI is above its neutrality area at 50%.