US Session Bullet Report – The Eye Of The Storm

Markets today have been very quiet with no significant movements. It seems as though investors are in stand-by mode in anticipation of next week.
Taking center stage next week on Thursday, will be the U.S Federal Reserve. The will she, won’t she dilemna on whether Fed Chair, Janet Yellen will lift interest rates will finally be answered.

Last Friday’s unexpected drop in unemployment, coupled with revised upward Q2 growth most certainly support the call for a hike. On the flipside, ongoing concerns over a global slowdown urge caution, so predicting which way this may go is a futile exercise.

Early next week we also have a series of key economic data from Asia and the Eurozone so we could be in for a rollercoaster ride. Today’s subdued trading could represent the eye of the storm ahead of next weeks potential hurricane.

Traders should be prepared and should apply prudent risk management. Make sure that there is sufficient equity to cover against the unexpected.
To find out more about Risk Management, please contact you relationship manager.

From everyone at easy forex, have a great weekend.

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

EURUSD
Pivot: 1.1235
Likely scenario: Long positions above 1.1235 with targets @ 1.132 & 1.135 in extension.
Alternative scenario: Below 1.1235 look for further downside with 1.121 & 1.117 as targets.
Comment: The RSI lacks downward momentum.

 

GBPUSD
Pivot: 1.539
Likely scenario: Long positions above 1.539 with targets @ 1.5475 & 1.551 in extension.
Alternative scenario: Below 1.539 look for further downside with 1.5335 & 1.529 as targets.
Comment: The RSI lacks downward momentum.

 

AUDUSD
Pivot: 0.71
Likely scenario: Short positions below 0.71 with targets @ 0.7 & 0.697 in extension.
Alternative scenario: Above 0.71 look for further upside with 0.7125 & 0.7155 as targets.
Comment: The RSI is mixed to bearish.

 

USDJPY
Pivot: 121.3
Likely scenario: Short positions below 121.3 with targets @ 119.9 & 119.6 in extension.
Alternative scenario: Above 121.3 look for further upside with 121.75 & 122 as targets.
Comment: The RSI is mixed to bearish.

 

USDCAD
Pivot: 1.3175
Likely scenario: Long positions above 1.3175 with targets @ 1.327 & 1.331 in extension.
Alternative scenario: Below 1.3175 look for further downside with 1.315 & 1.3115 as targets.
Comment: The RSI is well directed.

 

USDCHF
Pivot: 0.9785
Likely scenario: Short positions below 0.9785 with targets @ 0.974 & 0.9695 in extension.
Alternative scenario: Above 0.9785 look for further upside with 0.9825 & 0.9855 as targets.
Comment: The RSI is mixed and calls for caution.

 

GOLD
Pivot: 1116
Likely scenario: Short positions below 1116 with targets @ 1101 & 1094 in extension.
Alternative scenario: Above 1116 look for further upside with 1126 & 1130.7 as targets.
Comment: As long as the resistance at 1116 is not surpassed, the risk of the break below 1101 remains high.

 

OIL
Pivot: 44
Likely scenario: Long positions above 44 with targets @ 46.05 & 46.4 in extension.
Alternative scenario: Below 44 look for further downside with 43.4 & 42.75 as targets.
Comment: Intraday technical indicators are mixed and call for caution.

 

DAX
Pivot: 10340
Likely scenario: Short positions below 10340 with targets @ 9881 & 9700 in extension.
Alternative scenario: Above 10340 look for further upside with 10525 & 10650 as targets.
Comment: The RSI is bearish and calls for further downside.