EU Session Bullet Report – OIL and GOLD under pressure, US employment ahead

Greece’s Government managed to pass the key reform measures necessary for starting the negotiations for the new 86 billion EURO bailout, but the news did not have any impact on EURUSD.
GBPUSD lost some ground after the release of Bank of England minutes that revealed a hawkish stance of some of its members. Key data out of UK today are Retail Sales which are expected to show a small decline compared to earlier month.
Crude oil made a new low at 49.05 after an unexpected increase in US oil supplies. The drop also affected oil exporting currencies such as the USDCAD which posted a new 6 year high at 1.3050.

NZDUSD strengthened following the widely expected rate cut from the nation’s Central Bank. This was the second rate cut in 6 weeks.

GOLD was once again under pressure yesterday and posted new lows at 1086. The metal is under pressure and further drop cannot be excluded.

Today the economic Calendar includes the release of US Initial Jobless claims and Canadian Retail Sales. As mentioned, UK will also release the June Retail Sales.

Trading Quote of the Day:

“The Road to Success is Always under Construction”

Green lines are resistance, Red lines are support

EURUSD
Pivot: 1.0965
Likely scenario: Short positions below 1.0965 with targets @ 1.0915 & 1.087 in extension.
Alternative scenario: Above 1.0965 look for further upside with 1.0985 & 1.1035 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.0965.

GBPUSD
Pivot: 1.558
Likely scenario: Long positions above 1.558 with targets @ 1.564 & 1.5675 in extension.
Alternative scenario: Below 1.558 look for further downside with 1.555 & 1.5525 as targets.
Comment: The RSI is well directed.

AUDUSD
Pivot: 0.741
Likely scenario: Short positions below 0.741 with targets @ 0.7345 & 0.7325 in extension.
Alternative scenario: Above 0.741 look for further upside with 0.743 & 0.745 as targets.
Comment: As long as 0.741 is resistance, look for choppy price action with a bearish bias.

USDJPY
Pivot: 123.85
Likely scenario: Long positions above 123.85 with targets @ 124.25 & 124.5 in extension.
Alternative scenario: Below 123.85 look for further downside with 123.55 & 123.35 as targets.
Comment: The RSI is mixed to bullish.

USDCAD
Pivot: 1.3
Likely scenario: Long positions above 1.3 with targets @ 1.3055 & 1.309 in extension.
Alternative scenario: Below 1.3 look for further downside with 1.2965 & 1.29 as targets.
Comment: Technically the RSI is above its neutrality area at 50.

USDCHF
Pivot: 0.956
Likely scenario: Long positions above 0.956 with targets @ 0.9625 & 0.965 in extension.
Alternative scenario: Below 0.956 look for further downside with 0.954 & 0.9505 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

GOLD
Pivot: 1086
Likely scenario: Long positions above 1086 with targets @ 1110 & 1119 in extension.
Alternative scenario: Below 1086 look for further downside with 1080 & 1073 as targets.
Comment: Gold price broke above a declining trend line as well as the neckline of a Inverse Head and Shoulder pattern. Furthermore, the RSI indicator broke above a declining trend line.

OIL
Pivot: 50.6
Likely scenario: Short positions below 50.6 with targets @ 48.5 & 48 in extension.
Alternative scenario: Above 50.6 look for further upside with 51.6 & 52.5 as targets.
Comment: As long as 50.6 is resistance, likely decline to 48.5.

DAX
Pivot: 11475
Our preference: Long positions above 11475 with targets @ 11720 & 11800 in extension.
Alternative scenario: Below 11475 look for further downside with 11250 & 11150 as targets.
Comment: The RSI is bullish and calls for further upside.

Important note: These technical and research reports are provided to easy-forex® as a subscriber of third party providers. They are provided for informative purposes only and in no way can they be considered as a recommendation by easy-forex® to you to engage in any trade. Hence, easy-forex® shall not be held responsible for any outcome of trading decisions, in regards with these reports or similar reports. You hereby acknowledge that using the information entailed in these reports is at your sole responsibility and you will have no claims with regards to these reports against easy-forex®. If you do not agree to this, you are strongly advised not to use these reports.

Report prepared by the easy-forex VIP desk at 06:30 GMT.

The post EU Session Bullet Report – OIL and GOLD under pressure, US employment ahead appeared first on Forex.Info.

Source:: EU Session Bullet Report – OIL and GOLD under pressure, US employment ahead