FOREX Technical Analysis

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Ø Gold: caution with Pivot: 1136

Our preference: Short positions below 1136 with targets @ 1121 & 1116 in extension.

Alternative scenario: Above 1136 look for further upside with 1142 & 1148 as targets.

Comment: Intraday technical indicators are mixed and call for caution.
Key Levels:
1148
1142
1136
1134.08 Last
1121
1116
1109

Ø EUR/USD the bias remains bullish with Pivot: 1.1105
Our preference: Long positions above 1.1105 with targets @ 1.1255 & 1.132 in extension.

Alternative scenario: Below 1.1105 look for further downside with 1.102 & 1.097 as targets.

Comment: The RSI has just landed on its neutrality area at 50% and is turning up.

Key Levels:
1.1385 ***
1.132 **
1.1255 ***
1.1190 Last
1.1105 ***
1.102 ***
1.097 **

Ø GBP/USD under pressure with Pivot: 1.531
Our preference: Short positions below 1.531 with targets @ 1.52 & 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.
Key Levels:
1.543 ***
1.538 ***
1.531 ***
1.5260 Last
1.52 **
1.515 ***
1.509 ***

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Ø Gold: capped by a negative trend line with Pivot: 1136

Our preference: Short positions below 1136 with targets @ 1121 & 1116 in extension.

Alternative scenario: Above 1136 look for further upside with 1142 & 1148 as targets.

Comment: Even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Key Levels:
1148
1142
1136
1128 Last
1121
1116
1109

Ø EUR/USD the downside prevails with Pivot: 1.118
Our preference: Short positions below 1.118 with targets @ 1.1105 & 1.102 in extension.

Alternative scenario: Above 1.118 look for further upside with 1.1255 & 1.132 as targets.

Comment: As long as the resistance at 1.118 is not surpassed, the risk of the break below 1.1105 remains hig

Key Levels:
1.132 ***
1.1255 **
1.118 ***
1.1160 Last
1.1105 ***
1.102 ***
1.097 **

Ø GBP/USD under pressure with Pivot: 1.54
Our preference: Short positions below 1.54 with targets @ 1.524 & 1.52 in extension.

Alternative scenario: Above 1.54 look for further upside with 1.546 & 1.553 as targets.

Comment: The RSI is badly directed.
Key Levels:
1.553 ***
1.546 **
1.54 ***
1.5297 Last
1.524 ***
1.52 **
1.5155 ***

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Ø Gold: capped by a negative trend line with Pivot: 1136

Our preference: Short positions below 1136 with targets @ 1116 & 1109 in extension.

Alternative scenario: Above 1136 look for further upside with 1142 & 1148 as targets.

Comment: The RSI is capped by a bearish trend line.
Key Levels:
1148
1142
1136
1123.67 Last
1116
1109
1103

Ø EUR/USD the downside prevails with Pivot: 1.118
Our preference: Short positions below 1.118 with targets @ 1.108 & 1.102 in extension.

Alternative scenario: Above 1.118 look for further upside with 1.1255 & 1.132 as targets.

Comment: As long as the resistance at 1.118 is not surpassed, the risk of the break below 1.108 remains high.

Key Levels:
1.132 ***
1.1255 **
1.118 ***
1.1135 Last
1.108 **
1.102 ***
1.097 **

Ø GBP/USD under pressure with Pivot: 1.54
Our preference: Short positions below 1.54 with targets @ 1.529 & 1.524 in extension.

Alternative scenario: Above 1.54 look for further upside with 1.546 & 1.553 as targets.

Comment: The RSI is badly directed.
Key Levels:
1.553 ***
1.546 **
1.54 ***
1.5345 Last
1.529 ***
1.524 **
1.52 **

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Ø Gold: break of a ST rising trendline support with Pivot: 1142

Our preference: Short positions below 1142 with targets @ 1127 & 1124.5 in extension.

Alternative scenario: Above 1142 look for further upside with 1147 & 1150.9 as targets.

Comment: As long as 1142 is resistance, likely decline to 1127.
Key Levels:
1150.9
1147
1142
1133.22 Last
1127
1124.5
1116
Ø EUR/USD the downside prevails with Pivot: 1.1255
Our preference: Short positions below 1.1255 with targets @ 1.115 & 1.112 in extension.

Alternative scenario: Above 1.1255 look for further upside with 1.132 & 1.1355 as targets.

Comment: The pair has validated a bearish flag pattern and remains on the downside.

Key Levels:
1.1355 ***
1.132 **
1.1255 ***
1.1200 Last
1.115 **
1.112 **
1.108 ***

Ø GBP/USD key resistance with Pivot: 1.557
Our preference: Short positions below 1.557 with targets @ 1.545 & 1.539 in extension.

Alternative scenario: Above 1.557 look for further upside with 1.566 & 1.572 as targets.

Comment: As long as the resistance at 1.557 is not surpassed, the risk of the break below 1.545 remains high.
Key Levels:
1.572 **
1.566 **
1.557 *
1.5513 Last
1.545 ***
1.539 **
1.533 **

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Ø Gold: bullish bias with Pivot: 1132

Our preference: Long positions above 1132 with targets @ 1143 & 1147 in extension.

Alternative scenario: Below 1132 look for further downside with 1124.5 & 1116.7 as targets.

Comment: A support base at 1132 has formed and has allowed for a temporary stabilisation.
Key Levels:
1150.9
1147
1143
1137.61 Last
1132
1124.5
1116.7

Ø EUR/USD under pressure with Pivot: 1.133
Our preference: Short positions below 1.133 with targets @ 1.124 & 1.121 in extension.

Alternative scenario: Above 1.133 look for further upside with 1.1355 & 1.139 as targets.

Comment: The RSI is bearish and calls for further downside.

Key Levels:
1.139 ***
1.1355 **
1.133 ***
1.1269 Last
1.124 **
1.121 **
1.118 ***

Ø GBP/USD under pressure with Pivot: 1.559
Our preference: Short positions below 1.559 with targets @ 1.549 & 1.545 in extension.

Alternative scenario: Above 1.559 look for further upside with 1.566 & 1.572 as targets.

Comment: The RSI is badly directed.
Key Levels:
1.572 **
1.566 **
1.559 *
1.5526 Last
1.549 ***
1.545 **
1.539 **