EU Session Bullet Report – Markets slow, anticipation over next weeks Fed announcement

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US stocks closed slightly higher yesterday as global markets continue to swing on a seemingly daily basis. Next weeks widely anticipated Fed rate decision seems to have prevented any clear direction, as investors wait for further guidance.

In Asia this morning, markets are mixed although the AUDUSD continued its fightback and is now testing its resistance of 0.7065
Gold rebounded slightly yesterday and is now trading around the 1111 mark, although demand remains low.

Oil also remains under pressure, and is currently trading at $45.70 at time of writing. Goldman Sachs cut its price forecast, stating that they see potential for the black gold to slip to $20 per barrel.

News wise, not much going on in the eurozone today but later this afternoon, we have Producer Price Index and Consumer Confidence from the US.

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 is well directed.

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: Technically the RSI is above its neutrality area at 50.

 

AUDUSD
Pivot: 0.704
Likely scenario: Long positions above 0.704 with targets @ 0.71 & 0.7125 in extension.
Alternative scenario: Below 0.704 look for further downside with 0.7 & 0.697 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

3

USDJPY
Pivot: 120.4
Likely scenario: Long positions above 120.4 with targets @ 121.3 & 121.75 in extension.
Alternative scenario: Below 120.4 look for further downside with 119.9 & 119.6 as targets.
Comment: The RSI has just landed on its neutrality area at 50% and is turning up.

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USDCAD
Pivot: 1.3175
Likely scenario: Long positions above 1.3175 with targets @ 1.3265 & 1.331 in extension.
Alternative scenario: Below 1.3175 look for further downside with 1.315 & 1.3115 as targets.
Comment: The RSI lacks downward momentum.

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USDCHF
Pivot: 0.9785
Likely scenario: Short positions below 0.9785 with targets @ 0.9695 & 0.967 in extension.
Alternative scenario: Above 0.9785 look for further upside with 0.9825 & 0.9855 as targets.
Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.

6

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 1116 is resistance, likely decline to 1101.

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OIL
Pivot: 43.4
Likely scenario: Long positions above 43.4 with targets @ 46.4 & 47.25 in extension.
Alternative scenario: Below 43.4 look for further downside with 41.75 & 40.5 as targets.
Comment: The RSI is mixed to bullish.

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DAX
Pivot: 10120
Likely scenario: Long positions above 10120 with targets @ 10525 & 10650 in extension.
Alternativ scenario: Below 10120 look for further downside with 9881 & 9700 as targets.
Comment: The RSI is around its neutrality area at 50%

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TIME IS IN GMT(+3)

Report prepared by the easy-forex VIP desk at 06:20 GMT.

The post EU Session Bullet Report – Markets slow, anticipation over next weeks Fed announcement appeared first on Forex.Info.

Source:: EU Session Bullet Report – Markets slow, anticipation over next weeks Fed announcement

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