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) 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 »
Filed Under
(Dollar, EUR, EUR-USD, Europe, Finance, Forex, Mid Day Outlook, Outlook, Technical, USA, USD) by
David
Gold’s rise from 741.2 extends further to as high as 835.3 before retreating mildly. Though, intraday bias remains on the upside as long as 798.1 minor support holds. Focus remains on 61.8% retracement of 936.3 to 681 at 838.8. Decisive break will will indicate that correction from 1033.9 might have bottomed out at 681 and stronger rise could be seen targeting 936.3 resistance first. However, bounce off from this fibo resistance will affirm original short term bearish case and indicate that fall from 936.3 is still in progress. Below 798.1 will turn intraday outlook neutral first. Further break of 741.2 support will indicate that corrective rise from 681 has completed and bring retest of this low first. 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 »
Comex Gold (GC)
By : OilNGold
Gold weakens sharply today and is now pressing mentioned 786 minor support. As discussed before, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that correction from 681 has completed. In such case, intraday bias will flip back to the downside first. Further break of 731.4 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. On the upside, however, decisive 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.
In the bigger picture, as mentioned, there is no confirmation that correction from 1033.9 has completed yet. On resumption, it should target next key support zone of 100% projection of 1033.9 to 739.8 from 936.3 at 642.2 and 61.8% retracement of 371.3 to 1033.9 at 624.41. However, break of 824.5/838.8 resistance zone will be the first alert that such correction has completed. Further break of 936.3 resistance will confirm this case and bring retest of 1033.9 high.
Comex Gold Continuous Contract 4 Hours Chart
Comex Gold Continuous Contract Daily Chart
Comex Gold (GC)
At this moment, Gold is still struggling below mentioned 824.5/838.8 resistance zone. Outlook remains unchanged. Intraday bias remains mildly on the upside as long as 786.20 minor support holds. Decisive 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. However, on the downside, failure below 824.5/838.8 , followed by break of 786.20 support will indicate that an intraday top is formed. Further break of 739.2 support will maintain the original bearish view. In such case, fall from 936.3 should be resuming for 681 low and below. Read the rest of this entry »
Daily Pivots: (S1) 1.2695; (P) 1.2824; (R1) 1.3084
EUR/USD surges further to as high as 1.3080 in early US session and at this point, intraday bias remains on the upside as long as 1.2803 minor support holds. As discussed before, rise from 1.2423 should represent another rising leg of the consolidation that started at 1.2329 and further rally could be seen to 1.3290 or above. Though, upside is still expected to be limited below 1.3768 cluster resistance and bring down trend resumption. On the downside, below will turn intraday outlook neutral first. Further break of 1.2423 will indicate that such consolidation has likely completed and recent down trend is resuming for 50% retracement of 0.8223 to 1.6038 at 1.2131 next. Read the rest of this entry »
Daily Pivots: (S1) 95.19; (P) 96.17; (R1) 96.68
USD/JPY’s break of the intraday trend line support with 4 hours MACD dragged down signal line argues that fall from 100.54 might be resuming. Intraday bias is now mildly on the downside and near term focus is turned to 94.47 minor support. Break will confirm this scenario and bring deeper fall to retest 90.92 low first. On the other hand, above 97.13 minor resistance will revive the case that rebound from 90.92 is still in progress for 100.54 or above before completion.
Read the rest of this entry »
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) 95.19; (P) 96.17; (R1) 96.68
USD/JPY’s break of the intraday trend line support with 4 hours MACD dragged down signal line argues that fall from 100.54 might be resuming. Intraday bias is now mildly on the downside and near term focus is turned to 94.47 minor support. Break will confirm this scenario and bring deeper fall to retest 90.92 low first. On the other hand, above 97.13 minor resistance will revive the case that rebound from 90.92 is still in progress for 100.54 or above before completion.
Read the rest of this entry »
