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EU Session Bullet Report – US stocks set for 2015 gains as USD stays firm
| US stocks rose on Tuesday with S&P500 restoring gains for the year as US markets look to end the year on a high. In Asia this morning, markets were mixed as the Nikkei edged slightly higher although the Hang Seng and Shanghai composite closed slightly lower. In Australia, the ASX continued its strong recent recovery posting a new 2 month high.
USD remains the strongest currency with most natable gains against the GBP. Yesterday the pair fell to an 8 month low of 1.4784 and remains under heavey pressure. Gold & Oil remain in a range as investors seem reluctant to take any direction ahead of the new year. Today we have a very quiet calendar news wise with US pending home sales at 15:00 GMT the only highlight, so traders should be aware of technical levels for hints on direction. Trading quote of the day: “Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem.” – Bill Vaughan As 2015 draws to an end, easy forex would like to thank its clients for their loyalty throughout the year. To help you start 2016 in the best possible way, you could be eligible for up to $20,000 bonus on your next deposit. Reply now to find out how!
Green lines are resistance, Red lines are support. EUR/USD Pivot: 1.096 Likely scenario: short positions below 1.096 with targets @ 1.09 & 1.0865 in extension. Alternative scenario: above 1.096 look for further upside with 1.099 & 1.101 as targets. Comment: the RSI is capped by a declining trend line.
GBP/USD Pivot: 1.487 Likely scenario: short positions below 1.487 with targets @ 1.478 & 1.476 in extension. Alternative scenario: above 1.487 look for further upside with 1.4915 & 1.4945 as targets. Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
AUD/USD Pivot: 0.726 Likely scenario: long positions above 0.726 with targets @ 0.7305 & 0.7335 in extension. Alternative scenario: below 0.726 look for further downside with 0.724 & 0.7205 as targets. Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
USD/JPY Pivot: 120.75 Likely scenario: short positions below 120.75 with targets @ 120.2 & 120 in extension. Alternative scenario: above 120.75 look for further upside with 121 & 121.3 as targets. Comment: the RSI is badly directed.
USD/CAD Pivot: 1.389 Likely scenario: short positions below 1.389 with targets @ 1.381 & 1.3775 in extension. Alternative scenario: above 1.389 look for further upside with 1.394 & 1.397 as targets. Comment: as long as the resistance at 1.389 is not surpassed, the risk of the break below 1.381 remains high.
USD/CHF Pivot: 0.9895 Our preference: long positions above 0.9895 with targets @ 0.9945 & 0.997 in extension. Alternative scenario: below 0.9895 look for further downside with 0.9855 & 0.983 as targets. Comment: the RSI is above its neutrality area at 50%.
GOLD Pivot: 1074 Likely scenario: short positions below 1074 with targets @ 1066 & 1064 in extension. Alternative scenario: above 1074 look for further upside with 1077 & 1081.5 as targets. Comment: as long as 1074 is resistance, likely decline to 1066.
OIL Pivot: 36.65 Likely scenario: long positions above 36.65 with targets @ 38.28 & 38.53 in extension. Alternative scenario: below 36.65 look for further downside with 36.3 & 36.1 as targets. Comment: a support base at 36.65 has formed and has allowed for a temporary stabilisation.
DAX Pivot: 10625 Likely scenario: long positions above 10625 with targets @ 10940 & 11020 in extension. Alternative scenario: below 10625 look for further downside with 10530 & 10400 as targets. Comment: the RSI is bullish and calls for further advance.
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TIME IS IN GMT(+2) Report prepared by the easy-forex VIP desk 07:35 GMT. Become a VIP client today and take advantage of expert market insight, reduced spreads and much more to help with your trading. To learn more, please contact your client relations manager.
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