EU Session Bullet Report | USD stable as markets await US Data
Final trading day of the week brings Asian stocks in the red again (NKI -2.27%), despite a Wall Street rally last night. Overnight, U.S. stocks rallied on Thursday erasing most of their losses from the previous day’s sell-off, amid a rebound in OIL prices and indications that the Federal Reserve could delay the pace of its first tightening cycle.
The collapse in OIL prices has spooked financial markets as investors worried about the health of the global economy, with a slowdown in China and volatility in its markets making for a nervous start to the year. In currency markets, the USD is lower against JPY (-0.40%) and EUR (+0.26%) amid negative stock markets in Asia, GOLD regained $1080 and beyond on flight to safety, while commodity currencies AUD (0.6935 -0.9%) and NZD (0.6532 -0.95%) declined. Meanwhile, USDCAD (1.4458 +0.79%) remains strong amid the weak oil prices. Today, US data are in focus with retail sales, empire, industrial production and consumer confidence all up for release. Trading quote of the day: “More men have become great through practice than by nature.”- Democritus Green lines are resistance, Red lines are support. EUR/USD Pivot: 1.0895 Likely scenario: short positions below 1.0895 with targets @ 1.0835 & 1.08 in extension. Alternative scenario: above 1.0895 look for further upside with 1.0945 & 1.0975 as targets. Comment: the upward potential is likely to be limited by the resistance at 1.0895.
GBP/USD Pivot: 1.435 Likely scenario: long positions above 1.435 with targets @ 1.443 & 1.4475 in extension. Alternative scenario: below 1.435 look for further downside with 1.43 & 1.4225 as targets. Comment: the RSI is mixed to bullish. AUD/USD Pivot: 0.7 Likely scenario: short positions below 0.7 with targets @ 0.6905 & 0.6865 in extension. Alternative scenario: above 0.7 look for further upside with 0.704 & 0.7065 as targets. Comment: the RSI is badly directed. USD/JPY Pivot: 118.35 Likely scenario: short positions below 118.35 with targets @ 117.55 & 117.2 in extension. Alternative scenario: above 118.35 look for further upside with 118.6 & 118.85 as targets. Comment: the RSI is mixed to bearish. USD/CAD Pivot: 1.433 Likely scenario: long positions above 1.433 with targets @ 1.455 & 1.4595 in extension. Alternative scenario: below 1.433 look for further downside with 1.426 & 1.4215 as targets. Comment: the RSI broke above a declining trend line.
Pivot: 1084 Likely scenario: short positions below 1084 with targets @ 1070 & 1063 in extension. Alternative scenario: above 1084 look for further upside with 1089 & 1095 as targets. Comment: the RSI lacks upward momentum. OIL Pivot: 31.6 Likely scenario: short positions below 31.6 with targets @ 30 & 29.05 in extension. Alternative scenario: above 31.6 look for further upside with 32.2 & 33.15 as targets. Comment: as long as 31.6 is resistance, look for choppy price action with a bearish bias. DAX Pivot: 9935 Likely scenario: short positions below 9935 with targets @ 9580 & 9495 in extension. Alternative scenario: above 9935 look for further upside with 10060 & 10165 as targets. Comment: the RSI is bearish and calls for further downside. 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.
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