Our preference: long positions above 1221.00 with targets at 1228.00 & 1230.00 in extension.
Alternative scenario: below 1221.00 look for further downside with 1218.00 & 1216.50 as targets.
During Thursday’s trading session,
the yellow metal broke the resistance of the monthly pivot point at the
1,213.84 to end the trading session at the 1,214.07 mark. On Friday morning,
the gold was resisted by the 200-hour simple moving average to trade at the 1,215.63 mark. In regards to the near-term future, most likely,
the gold will break the resistance of the 200-hour simple moving average at the 1,213.29 mark to trade at the 1,220.00 level.
Besides, the 55-hour simple moving average will try to catch up the yellow metal to
give additional support for the gold during the trading session on Friday.
WTI Oil Outlook: Oversold conditions warn of correction but bears to remain intact while falling 10SMA caps.Our preference: long positions above 61.50 with targets at 62.65 & 63.20 in extension.Alternative scenario: below 61.50 look for further downside with 61.20 & 60.75 as targets.
WTI oil is consolidating above new marginally lower 7 ½ month low at $71.19,
posted on Wednesday in extension of massive fall which extends into fifth straight week.
Fading concerns about stronger impact on global supply from sanctions on Iran and another rise in crude stocks(EIA report on Wednesday showed build of 5.78 million barrels vs forecasted rise of 2.43 million barrels)
along with increase in global oil production (US; Russia; Saudi Arabia; Iraq) continue to weigh strongly on oil price and maintain strong bearish sentiment.
On the other side, signals that China is on track to keep its oil imports at record highs this year, provides support,which is so far insufficient to offset strong negative sentiment.Strong recovery rejection on Wednesday which left daily Doji candle with long upper shadow,adds to negative outlook but at the same time signals indecision.Oversold daily studies warn that bears are running out of steam and generate initial signals of correction.Daily slow stochastic and RSI are turning north and reversal from oversold territory would provide support scenario.Falling 10SMA ($63.99) and broken weekly cloud top ($64.66) mark pivotal barriers,break of which is needed to generate stronger bullish signal and put bears on hold.Meanwhile, the price may hold in extended consolidation, with the downside to remain vulnerable, as bears keep psychological $60 support in focus.
AUDUSD Outlook: Fresh bullish signal on extension above daily cloud
Our preference: long positions above 0.7235 with targets at 0.7325 & 0.7360 in extension.Alternative scenario: below 0.7235 look for further downside with 0.7210 & 0.7180 as targets.
The Australian dollar advance further on Wednesday,
extending steep recovery rally from 0.7020 (26 Oct spike low)
and generates bullish signal on break above pivots at 0.7265/74 (100SMA / daily cloud top).Bulls were additionally boosted by of US election results and attack resistance at 0.7284 (bear-trendline drawn off 0.7988,11 Feb high / Fibo 23.6% of 0.8135/0.7020).
Daily MA’s returned to full bullish setup and support the advance along with strengthening bullish momentum,with close above daily cloud to add to bullish signals.Bulls eye target at 0.7314 (26 Sep spike high),violation of which would open way for further recovery and expose targets at 0.7381 (21 Aug lower top) and 0.7446 (Fibo 38.2% of 0.8135/0.7020).Overbought studies suggest bulls may take a breather and position for fresh advance.
Technical Talk: NZDUSD Analysis: Breaches 50-hour SMA
Our preference: short positions below 0.6665 with targets at 0.6625 & 0.6600 in extension.Alternative scenario: above 0.6665 look for further upside with 0.6690 & 0.6715 as targets.
The New Zealand Dollar depreciated about 55 base points against the US Dollar on Friday.The currency pair tested the 50-hour simple moving average at 0.6646 during the first part of today’s session.
Currently, the exchange rate is trading near the bottom border of an ascending trendline at 0.6654 and could be set for a breakout. If the breakout occurs, the NZD/USD currency pair could aim at the 100-hour SMA at 0.6597 within this session.
On the other hand, if the support level holds, the currency exchange rate could target Friday’s swing high of 0.6690 during the coming hours.
EUR/USD Technical Analysis: Flirting with descending trend-channel support ahead of US GDP.Our preference: short positions below 1.1368 with targets at 1.1265 & 1.1188 in extension.Alternative scenario: above 1.1368 look for further Upside with 1.1424 & 1.1588 as targets.
• The pair remained under some heavy selling pressure through the mid-European session on Friday
and is now testing the lower end of a downward sloping trend channel.
• Meanwhile, technical indicators on hourly charts have slipped into oversold territory
and now warrant a brief pause/consolidation ahead of the US GDP growth figures.
• Given market concerns over Italy’s budget, even a slightly better than
expected US macro data might be enough to confirm a near-term bearish breakdown below YTD lows.
NZD/USD turns green despite heightened risk-off in Asia
Our preference: long positions above 0.6530 with targets at 0.6580 & 0.6600 in extension.Alternative scenario: below 0.6530 look for further downside with 0.6515 & 0.6495 as targets.
The NZD/USD defended 0.65 and is now reporting gains, possibly tracking gains in the Canadian dollar.The upside could be restricted by heightened risk aversion in the stock markets.Currently, the NZD/USD pair is trading at 0.6525 – up 0.10 percent on the day – having hit a low of 0.6502.
Bank of Canada’s hawkish rate hike and the resulting rise in the Canadian
dollar seems to have put a bid under other major commodity dollars – NZD and AUDHowever, risk aversion in equities could keep the gains under check. At press time, the Asian equities are a sea of red. China’s Shanghai Composite index fell more than 2 percent in early trade. Meanwhile,stocks in Australia and New Zealand are down 2.19 percent and 1.28 percent, respectively, and Japan’s Nikkei has shed 3.38 percent.
Further, New Zealand’s trade deficit rose to record highs in September and that could restrict the upside in the pair.
AUD/CHF rebound towards Potential bullish sentiment
Our preference: rebound towards 0.7359.
Alternative scenario: below 0.6892, expect 0.6723 and 0.6623.
A one-month ascending channel has guided the Australian Dollar 0.46% higher against the Swiss Franc -1.65% . This upside wave started after the currency pair reversed from the lower boundary of the channel at 0.6874 on September 10.
Currently, a support cluster formed by the weekly, the monthly PPs 9.96% and the combination of the 50– and 100-hour SMAs near the 0.7034 region was providing a significant support for the pair.
If this support cluster holds, the AUD/CHF 0.07% currency exchange rate could target the next swing high at 0.7124 during the following trading sessions.
However, if the price breaches the cluster as mentioned earlier, the rate will aim at the bottom border of the channel pattern at 0.6993 within this session.
AUDUSD Outlook: Fresh recovery looks for break through Fibo barrier at 0.7145Our preference: short positions below 0.7120 with targets at 0.7095 & 0.7080 in extension.Alternative scenario: above 0.7120 look for further upside with 0.7130 & 0.7140 as targets.
NZDUSD Daily HFT Trade Setup at HFT selling zone!
Our preference: long positions above 0.6496 with targets at 0.6517 & 0.6537 in extension.Alternative scenario: below 0.6469 look for further downside with 0.6452 & 0.6435 as targets.
Potential technical rebound in short term in pattern….
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USD/CAD bullish above 1.3080 – Commerzbank
Our preference: long positions above 1.2960 with targets at 1.3015 & 1.3050 in extension.Alternative scenario: below 1.2960 look for further downside with 1.2930 & 1.2910 as targets.
We were watching price action last week for sell on the USDCAD 0.09%
but it was forming lower time frame correction and was keep pushing for upside. It is still in the short term correction which can break up and can form one more short term bullish wave. if so then how you can trade on this chart