Daily Pivot Points

Daily Pivot Points – EUR/USD Intraday: bullish bias above 1.2400.
Pivot: 1.2400
Our preference: long positions above 1.2400 with targets at 1.2465 & 1.2495 in extension.
Alternative scenario: below 1.2400 look for further downside with 1.2380 & 1.2335 as targets.
Comment: the RSI is bullish and calls for further upside. The pair validated a Falling Wedge: a bullish continuation pattern calling for a resumption of the short-term bullish trend.

GBP/USD Intraday: further advance.
Pivot: 1.4120
Our preference: long positions above 1.4120 with targets at 1.4210 & 1.4270 in extension.
Alternative scenario: below 1.4120 look for further downside with 1.4080 & 1.4020 as targets.
Comment: the break above 1.4120 is a positive signal that has opened a path to 1.4210. The pair has broken above a bearish channel resistance.

AUD/USD Intraday: consolidation in place.
Pivot: 0.8110
Our preference: short positions below 0.8110 with targets at 0.8040 & 0.8020 in extension.
Alternative scenario: above 0.8110 look for further upside with 0.8135 & 0.8160 as targets.
Comment: as long as 0.8110 is resistance, look for choppy price action with a bearish bias.

Gold spot Intraday: rebound expected.
Pivot: 1334.0000
Our preference: long positions above 1334.00 with targets at 1349.00 & 1352.00 in extension.
Alternative scenario: below 1334.00 look for further downside with 1328.00 & 1325.00 as targets.
Comment: the RSI is bullish and calls for further advance.

Silver spot Intraday: the bias remains bullish.
Pivot: 17.0500
Our preference: long positions above 17.0500 with targets at 17.3000 & 17.3800 in extension.
Alternative scenario: below 17.0500 look for further downside with 16.9400 & 16.8700 as targets.
Comment: a support base at 17.0500 has formed and has allowed for a temporary stabilisation.

Crude Oil (WTI) (H18) Intraday: under pressure.
Pivot: 64.7000
Our preference: short positions below 64.70 with targets at 63.30 & 62.95 in extension.
Alternative scenario: above 64.70 look for further upside with 65.20 & 65.70 as targets.
Comment: the RSI advocates for further decline. Both declining 20-period and 50-period moving averages should push the prices lower.

Source: HYCM Forex Broker

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