US Session Bullet Report – USD selloff, Yellen talk ahead

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It is a very volatile session in the EU today. EURUSD spiked to 1.1250 highs following a break of the 1.1215 resistance level. Once again European indices are feeling the heat with German DAX trading -2% today which helped spark the EURUSD rally. On the other hand GBPUSD and AUDUSD are being sold off relentlessly. USDJPY is also under pressure (-0.74% on the day) so the combination of GBP weakness and JPY strength caused a collapse in GBPJPY for the third straight day. Notable mover of the day though is USDCAD (+0.64%) which is posting multi year highs, last trading at 1.3413.

Fed’s Janet Yellen Speaks tonight, and she will have the opportunity to provide more clarity as to the future policy of the FED, something that she failed to do last week during the press conference. Her talk will be closely watched and will set the stage for further direction, at least for all USD denominated pairs.

Trading quote of the day:

“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.”

– Peter Lynch

EURUSD
Pivot: 1.116
Likely scenario: Long positions above 1.116 with targets @ 1.1255 & 1.132 in extension.
Alternative scenario: Below 1.116 look for further downside with 1.1105 & 1.107 as targets.
Comment: The RSI is well directed.

GBPUSD
Pivot: 1.531
Likely scenario: Short positions below 1.531 with targets @ 1.5215 & 1.515 in extension.
Alternative scenario: Above 1.531 look for further upside with 1.538 & 1.543 as targets.
Comment: As long as 1.531 is resistance, look for choppy price action with a bearish bias.

 

AUDUSD
Pivot: 0.7025
Likely scenario: Short positions below 0.7025 with targets @ 0.69 & 0.686 in extension.
Alternative scenario: Above 0.7025 look for further upside with 0.706 & 0.709 as targets.
Comment: The RSI is bearish and calls for further downside.

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USDJPY
Pivot: 120.15
Likely scenario: Short positions below 120.15 with targets @ 119.35 & 119 in extension.
Alternative scenario: Above 120.15 look for further upside with 120.55 & 121 as targets.
Comment: The RSI is badly directed.

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USDCAD
Pivot: 1.3295
Likely scenario: Long positions above 1.3295 with targets @ 1.34 & 1.344 in extension.
Alternative scenario: Below 1.3295 look for further downside with 1.327 & 1.3225 as targets.
Comment: The RSI is well directed.

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USDCHF
Pivot: 0.9815
Likely scenario: Short positions below 0.9815 with targets @ 0.9675 & 0.964 in extension.
Alternative scenario: Above 0.9815 look for further upside with 0.986 & 0.989 as targets.
Comment: The RSI is badly directed.

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GOLD
Pivot: 1129.5
Our preference: Long positions above 1129.5 with targets @ 1142 & 1149 in extension.
Alternative scenario: Below 1129.5 look for further downside with 1121 & 1116 as targets.
Comment: The RSI is supported by a rising trend line.

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OIL
Pivot: 45.4
Likely scenario: Short positions below 45.4 with targets @ 43.85 & 43.3 in extension.
Alternative scenario: Above 45.4 look for further upside with 46.1 & 46.9 as targets.
Comment: The RSI is mixed to bearish.

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DAX
Pivot: 9780
Likely scenario: Short positions below 9780 with targets @ 9320 & 9235 in extension.
Alternative scenario: Above 9780 look for further upside with 10020 & 10175 as targets.
Comment: The RSI is bearish and calls for further decline.

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TIME IS IN GMT(+3)

Report prepared by the easy-forex VIP desk at 06:20 GMT.

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