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 »

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

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 »

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) 1.1861; (P) 1.1926; (R1) 1.2013

USD/CHF edges higher to 1.2006 today and continues to press last week’s high of 1.2000. At this point, intraday bias remains on the upside as long as 1.1825 minor support holds and further rise is still expected to next target of 100% projection of 1.0693 to 1.1746 from 1.1208 at 1.2261. On the downside,below 1.1825 will flip intraday bias to the downside and argue that a short term top is possibly in place with bearish divergence condition in 4 hours MACD.

In the bigger picture, medium term rise from 0.9634 is still in progress and has taken out 1.1878 (61.8% retracement of 1.3283 to 0.9634 at 1.1889). Sustained trading above there will encourage further medium term rally to test 1.3283 high. On the downside, break of 1.1208 support is needed to indicate that such medium term rally has completed. Otherwise, medium term outlook will remain bullish even in case of deep pull back.

Daily Pivots: (S1) 1.4600; (P) 1.4796; (R1) 1.5033

GBP/USD recovers mildly after dipping to 1.4557 but upside is still limited below 1.5080 minor resistance. Intraday bias remains on the downside and further decline is still expected to mentioned target of 161.8% projection of 2.0158 to 1.7445 from 1.8668 at 1.4278. On the upside, above 1.5345 will turn intraday outlook neutral first and bring brief consolidation before staging another fall. Read the rest of this entry »

Daily Pivots: (S1) 1.2106; (P) 1.2246; (R1) 1.2511

USD/CAD’s rise from 1.1464 extends further to as high as 1.2418 before turning sideway. At this point, intraday bias remains on the upside as long as 1.2150 minor support holds. As discussed before, correction from 1.3015 has completed at 1.3015 has completed, ahead of 50% retracement of 0.9823 to 1.3015 at 1.1419. Further rise is expected to retest this 1.3015 high. On the downside, below 1.2150 will turn intraday outlook neutral first. Though, another rally is still in favor as long as pull back is contained above 1.1658 support.

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GBP/JPY’s fall from 165.02 continues today and reaches as low as 147.63 so far. At this point, intraday bias remains on the downside as long as 154.23 minor resistance holds. Further decline is expected to retest 139.02 low first. Break will confirm that recent down trend has resumed. On the upside, above 154.23 will turn intraday outlook neutral. Further break of 157.63 will indicate that consolidation from 139.02 is still in progress and could retest 165.97 resistance before completion. Read the rest of this entry »