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US Session Bullet Report | The Bullet is back, and USD strength is back with it
| USD is generally stronger on the day after a long period of ranging markets due to the market holidays. EURUSD fell sharply to 1.0910 from nearly 1.10 despite data showing that USD trade deficit widened in November. For now, the main driver of markets continues to be the oil prices (+2%). When they rise, Stock markets do to, which generally strengthens the USD. GBPUSD posted new 8 month lows today falling as low as 1.4790 in the USD led rally that saw also GOLD make an interim low at 1068.30. Higher oil prices have helped also boost the value of currencies of OIL exporting countries such as the CAD. USDCAD turned lower after hitting a 1-week high of 1.3939 and dropped all the way toward to a marginal new low of 1.3860. Still though, it remains near an 11-year high of 1.4000 struck on December 18. With no major news and thin trading volume ahead of the New Year holiday, moves can be exaggerated with no clear catalyst behind them.
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Green lines are resistance, Red lines are support. EUR/USD Pivot: 1.094
Likely scenario: long positions above 1.094 with targets @ 1.101 & 1.103 in extension. Alternative scenario: below 1.094 look for further downside with 1.09 & 1.0865 as targets. Comment: the RSI is mixed to bullish.
GBP/USD Pivot: 1.4915 Likely scenario: short positions below 1.4915 with targets @ 1.4805 & 1.476 in extension. Alternative scenario: above 1.4915 look for further upside with 1.4945 & 1.4985 as targets. Comment: the RSI is badly directed.
AUD/USD Pivot: 0.724 Likely scenario: long positions above 0.724 with targets @ 0.7285 & 0.7315 in extension.
Comment: the RSI is mixed to bullish.
USD/JPY Pivot: 120.75 Likely scenario: short positions below 120.75 with targets @ 120 & 119.8 in extension. Alternative scenario: above 120.75 look for further upside with 121 & 121.3 as targets. Comment: as long as 120.75 is resistance, look for choppy price action with a bearish bias.
USD/CAD Pivot: 1.386
Pivot: 1068 Likely scenario: long positions above 1068 with targets @ 1074 & 1077 in extension. Alternative scenario: below 1068 look for further downside with 1066 & 1064 as targets. Comment: the RSI is mixed and calls for caution.
OIL Pivot: 36.65 Likely scenario: long positions above 36.65 with targets @ 37.96 & 38.28 in extension. Alternative scenario: below 36.65 look for further downside with 36.3 & 36.1 as targets. Comment: the RSI is bullish and calls for further advance.
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 07:30 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 relationship manager.
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Source:: US Session Bullet Report | The Bullet is back, and USD strength is back with it
