Daily Technical Analysis – The U.S. dollar continued rising on Wednesday, recovering from a five-month low against major currencies on expectations of Fed policy normalization after strong business data.
Our Analysis:
Provided that the currency pair is traded below 1.2360, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2080
- Take Profit 1: 1.1980
- Take Profit 2: 1.1830
Alternative scenario:
In case of breakout of the level 1.2360, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2360
- Take Profit 1: 1.2500
- Take Profit 2: 1.2630
Source: Forex broker PAXFOREX
Daily Technical Analysis – daily pivot point
EUR/USD Intraday: key resistance at 1.2215.
Pivot:
1.2215
Our preference:
Short positions below 1.2215 with targets at 1.2195 & 1.2180 in extension.
Alternative scenario:
Above 1.2215 look for further upside with 1.2225 & 1.2240 as targets.
Comment:
The RSI is mixed to bearish.
EURUSD Chart
GBP/USD Intraday: under pressure.
Pivot:
1.4180
Our preference:
Short positions below 1.4180 with targets at 1.4145 & 1.4130 in extension.
Alternative scenario:
Above 1.4180 look for further upside with 1.4195 & 1.4210 as targets.
Comment:
The RSI is mixed to bearish.
Analyst Views Chart
AUD/USD Intraday: key resistance at 0.7755.
Pivot:
0.7755
Our preference:
Short positions below 0.7755 with targets at 0.7725 & 0.7710 in extension.
Alternative scenario:
Above 0.7755 look for further upside with 0.7770 & 0.7785 as targets.
Comment:
The RSI shows downside momentum.
Analyst Views Chart
Gold Intraday: bullish bias above 1899.00.
Pivot:
1899.00
Our preference:
Long positions above 1899.00 with targets at 1910.00 & 1916.00 in extension.
Alternative scenario:
Below 1899.00 look for further downside with 1892.00 & 1887.00 as targets.
Comment:
The RSI is mixed to bullish.
Analyst Views Chart
Silver spot Intraday: the upside prevails.
Pivot:
27.8800
Our preference:
Long positions above 27.8800 with targets at 28.2300 & 28.5500 in extension.
Alternative scenario:
Below 27.8800 look for further downside with 27.6600 & 27.3800 as targets.
Comment:
The RSI calls for a bounce.
Analyst Views Chart
Crude Oil (WTI) (N1) Intraday: bullish bias above 68.25.
Pivot:
68.25
Our preference:
Long positions above 68.25 with targets at 69.80 & 70.60 in extension.
Alternative scenario:
Below 68.25 look for further downside with 67.80 & 67.40 as targets.
Comment:
The RSI is bullish and calls for further upside.
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