US Session Bullet Report – GOLD slide continues as markets range bound

The markets have been relaxed during the European session with major FX pairs and European indices trading in a tight range as markets wait for the outcome of voting within the Greek parlianment over the next set of bailout conditions.

Across the Atlantic, USDCAD continues it climb towards an 11 year high and is trading at 1.3115 at time of writing, with next resistance at 1.3145.

GOLD in the meanime continues its glacier style slide reaching a low of $1087 although rebounding slightly, now trading at $1090.

All eyes are now on the US as traders wait for homes sales data for June at 14:00GMT. Will data continue to impress, further increasing speculation of an early rate increase by the Fed?

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

Green lines are resistance, Red lines are support

EURUSD
Pivot: 1.0905
Likely scenario: Long @ 1.0930 with targets @ 1.0985 & 1.1035 in extension.
Alternative scenario: Below 1.0905 look for further downside with 1.087 & 1.081 as targets.
Comment: The RSI is supported by a rising trend line.

GBPUSD
Pivot: 1.555
Likely scenario: Long positions above 1.555 with targets @ 1.5675 & 1.573 in extension.
Alternative scenario: Below 1.555 look for further downside with 1.5525 & 1.5495 as targets.
Comment: The RSI is well directed.

AUDUSD
Pivot: 0.7385
Likely scenario: Long positions above 0.7385 with targets @ 0.745 & 0.7475 in extension.
Alternative scenario: Below 0.7385 look for further downside with 0.7345 & 0.7325 as targets.
Comment: The RSI lacks downward momentum.

USDJPY
Pivot: 124
Likely scenario: Short positions below 124 with targets @ 123.55 & 123.35 in extension.
Alternative scenario: Above 124 look for further upside with 124.25 & 124.5 as targets.
Comment: The RSI is mixed to bearish.

USDCAD
Pivot: 1.3
Likely scenario: Short positions below 1.3 with targets @ 1.29 & 1.281 in extension.
Alternative scenario: Above 1.3 look for further upside with 1.3045 & 1.309 as targets.
Comment: As long as 1.3 is resistance, look for choppy price action with a bearish bias.

USDCHF
Pivot: 0.962
Likely scenario: Short positions below 0.962 with targets @ 0.955 & 0.9505 in extension.
Alternative scenario: Above 0.962 look for further upside with 0.965 & 0.968 as targets.
Comment: As long as 0.962 is resistance, look for choppy price action with a bearish bias.

GOLD
Pivot: 1105
Likely scenario: Short positions below 1105 with targets @ 1087 & 1080 in extension.
Alternative scenario: Above 1105 look for further upside with 1110 & 1119 as targets.
Comment: As long as 1105 is resistance, likely decline to 1087.

OIL

Pivot: 51.6
Likely scenario: Short positions below 51.6 with targets @ 49 & 48.5 in extension.
Alternative scenario: Above 51.6 look for further upside with 52.5 & 53.3 as targets.
Comment: As long as the resistance at 51.6 is not surpassed, the risk of the break below 49 remains high.

DAX
Pivot: 11475
Likely scenario: 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 has just landed on a support around 30% and is reversing up.

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 12:55 GMT.

The post US Session Bullet Report – GOLD slide continues as markets range bound appeared first on Forex.Info.

Source:: US Session Bullet Report – GOLD slide continues as markets range bound