USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2056; (P) 1.2212; (R1) 1.2321

USD/CAD continues to stay in established range of 1.1985 and 1.2389 as triangle consolidation continues. Though, short term outlook remains unchanged. Further rally is still in favor. Also, fall from 1.3005 should have completed at 1.1818. Break of 1.2514 resistance will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, though, below 1.1985 will indicate that fall from 1.3005 is probably resuming towards 1.1464 support instead.

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USD/CAD Mid-Day Outlook

Daily Pivots: (S1) 1.2104; (P) 1.2165; (R1) 1.2260

USD/CAD’s rise today suggests that sideway trading from 1.2389 might be completed. Intraday bias is now on the upside as long as 1.2065 minor support holds and further rise should be seen towards 1.2514 resistance. As discussed before, fall from 1.3005 might have completed at 1.1818 already. Break of 1.2514 resistance will confirm this case and bring retest of 1.3005/15 resistance zone. On the downside, though, below 1.2065 will indicate that fall from 1.3005 is probably resuming 1.1464 support instead. Read the rest of this entry »

Daily Pivots: (S1) 86.46; (P) 87.84; (R1) 88.59

USD/JPY’s recovery from 87.13 breaches 89.24 minor resistance briefly, suggesting that an intraday low in in place. Intraday outlook is turned neutral for the moment and some recovery could be seen. Nevertheless, upside is expected to be limited below 91.57 resistance and bring fall resumption. Below 87.13 will target 100% projection of 124.13 to 95.77 from 110.66 at 82.30. Read the rest of this entry »

GBP/JPY Mid-Day Outlook

Daily Pivots: (S1) 137.32; (P) 138.20; (R1) 139.59

GBP/JPY’s recovery from 133.09 was limited below 140.71 resistance and weakens again today. 4 hours MACD’s cross below signal line indicates that an intraday top is formed and dampens the immediate bullish case. Intraday outlook is turned neutral for the moment. On the upside, above 140.71 will indicate that rise from 133.09 has resumed. Also this will affirm the case that a short term bottom is in place at 133.09 and bring rally towards 148.57 resistance next. Break there will confirm this case. On the downside, though, below 133.09 will indicate recent down trend is still in progress for key long term support at 129.32 before completion. Read the rest of this entry »

Daily Pivots: (S1) 1.3274; (P) 1.3345; (R1) 1.3438

EUR/USD’s rise continues in early US session and reaches as high as 1.3585 so far, taking out mentioned 100% projection of 1.2329 to 1.3290 from 1.2549 at 1.3510. At this point, intraday bias remains on the upside as long as 1.3430 minor support holds. Focus now turns to 1.3768 cluster resistance. On the downside, below 1.3430 minor support will turn intraday outlook neutral first. But another rise is still in favor as long as 1.3250 support holds. Read the rest of this entry »

Daily Pivots: (S1) 92.30; (P) 93.94; (R1) 94.82

USD/JPY recovers mildly after hitting 92.64 earlier today. Though, at this point, intraday bias remains on the downside as long as 94.25 minor resistance holds. Decline from 100.54 could extend further to retest 90.92 low. On the upside, above 94.25 will turn intraday outlook neutral first. Also, note that the lack of impulsive structure of the fall from 100.54 so far is still arguing that it might be part of the consolidation that started at 90.92. Above 95.74 will indicate that fall from 100.54 has possibly completed. The corrective structure in turn suggests that rebound from 90.92 is still in progress and stronger rally should be seen to 100.54 or above before completion. Read the rest of this entry »

Daily Pivots: (S1) 1.5283; (P) 1.5355; (R1) 1.5428

GBP/USD’s break of 1.5178 minor support indicates that corrective rise from 1.4557 should have completed with three waves up to 1.5534. Intraday bias flipped back to the downside for retesting 1.4557 low first and break will confirm that recent decline has resumed for next medium term target at 1.3680. On the upside, while another another rise cannot be ruled out, upside is still expected to be limited by 1.5600 cluster resistance (50% retracement of 1.6671 to 1.4557 at 1.5614). However, decisive break of 1.5600/14 will be the first alert that whole fall from 1.8668 has completed and strong rebound might follow targeting 1.6671 resistance.

In the bigger picture, there are some different interpretations of the structure of the whole down trend from 2.1161, with different projection targets. Main question is whether fall from 1.8668 is the fifth wave in the five wave sequence from 2.1161 (1.9337, 2.0158, 1.7445, 1.8668, ?) or it’s the third wave inside the fall from 2.0158. In either case, fall from 1.8668 is possibly completing a five wave sequence of its own. Strong rebound above 1.4278/4310 cluster projection target (100% projection of 1.7630 to 1.5269 from 1.6671 at 1.4310, 161.8% projection of 2.0158 to 1.7445 from 1.8668 at 1.4278), followed by break of 1.5600 resistance will suggests that a medium term bottom is formed and bring larger scale correction. Though, sustained trading below 1.4278/4310 will target 1.3680 key long term support (01 low).

GBP/USD 4 Hours Chart - Forex Chart, Forex Rates, Forex Directory, Forex Portal

Comex Gold (GC)

Gold’s rise from 698.2 extends further to as high as 820.20 today so far. At this point, intraday bias remains on the upside as long as 786.20 minor support holds. As discussed before, focus is now on resistance zone of 824.5 and 61.8% retracement of 936.3 to 681 at 838.8. Sustained break of mentioned 824.5/838.8 resistance zone will be an early alert that whole correction from 1033.9 has completed and stronger rise should then be seen to test 936.3 resistance first. Read the rest of this entry »

Daily Pivots: (S1) 1.2555; (P) 1.2628; (R1) 1.2689

EUR/USD’s strong rally in early US session suggests that rebound from 1.2389 is resuming. At this point, intraday bias is mildly on the upside as long as 1.2585 minor support holds. Further rise is in favor to 1.3290 high and 100% projection of 1.2329 to 1.3290 from 1.2389 at 1.3350 to complete the consolidation from 1.2329. Nevertheless, upside is expected be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below 1.2585 will flip intraday bias back to the downside and break of 1.2389 will be an important indication that consolidation from 1.2329 has completed and recent down trend has resumed for next target of 50% retracement of 0.8223 to 1.6038 at 1.2131

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Daily Pivots: (S1) 1.4609; (P) 1.4781; (R1) 1.4907

GBP/USD’s recovery from 1.4557 extends further today and with 4 hours MACD staying well above signal line, an intraday low should be in place. Some more consolidation is in favor. Above 1.4557 will encourage stronger recovery towards 4 hours 55 EMA (now at 1.5327). But upside should be limited below 1.5600 support turned resistance and bring fall resumption. On the downside, below 1.4557 will target mentioned 100% projection of 1.7630 to 1.5269 from 1.6671 at 1.4310.

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