Daily Forex News(2016.01.12)

Daily Forex News(2016.01.12)

Source: ETX Capital Forex Broker (Review and Forex Rebates)

FTSE 100 (NYSE Liffe) (H6) Intraday: capped by a negative trend line.

Pivot: 5895

Our preference: short positions below 5895 with targets @ 5770 & 5730 in extension.

Alternative scenario: above 5895 look for further upside with 5965 & 6030 as targets.

Comment: the RSI is mixed to bearish.

Dax (Eurex) (H6) Intraday: key resistance at 10125.

Pivot: 10125

Our preference: short positions below 10125 with targets @ 9570 & 9400 in extension.

Alternative scenario: above 10125 look for further upside with 10290 & 10425 as targets.

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

Dow Jones (CME) (H6) Intraday: the downside prevails.

Pivot: 16380

Our preference: short positions below 16380 with targets @ 15910 & 15760 in extension.

Alternative scenario: above 16380 look for further upside with 16600 & 16880 as targets.

Comment: as long as 16380 is resistance, look for choppy price action with a bearish bias.

EUR/USD Intraday: key resistance at 1.0905.

Pivot: 1.0905

Our preference: short positions below 1.0905 with targets @ 1.0825 & 1.08 in extension.

Alternative scenario: above 1.0905 look for further upside with 1.0945 & 1.097 as targets.

Comment: as long as 1.0905 is resistance, look for choppy price action with a bearish bias.

GBP/USD Intraday: the bias remains bullish.

Pivot: 1.451

Our preference: long positions above 1.451 with targets @ 1.46 & 1.4645 in extension.

Alternative scenario: below 1.451 look for further downside with 1.445 & 1.44 as targets.

Comment: a support base at 1.451 has formed and has allowed for a temporary stabilisation.

Gold spot Intraday: key resistance at 1105.

Pivot: 1105

Our preference: short positions below 1105 with targets @ 1091 & 1086 in extension.

Alternative scenario: above 1105 look for further upside with 1114 & 1121 as targets.

Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.