US Session Bullet Report
The market saw a sharp drop on the cable as it tumbled down breaking the support 1.5215 and touching the low of 1.5198, the sudden drop happened due to the weaker than expected data from the UK.
The Euro tried to break the resistance of 1.1410 but was not able to do so until now, while the Gold is hovering around the resistance at 1160.50 which is also the pivot point at the time of this writing.
We do have the Federal budget Balance later today and it might be able to create some volatility in the market.
Oil is range trading with a resistance at $47.85 while the support is at $46.40 and furthermore at $45.70. The crude oil inventories will come out on Thursday this week because of the Columbus Day holiday in the U.S. on Monday.
After touching the highs at 0.7380 levels yesterday, the Australian dollar shed the gains today and is trading near the support at 0.7275 as of now, if it is able to break this support then the next support can be seen at 0.7235 and furthermore at 0.7200 levels. While the Kiwi has been trading in a tight range of 0.67400 and 0.6650, the Royal Bank of New Zealand's Gov. Wheeler is due to speak about monetary policy and economic conditions later today and might be able to create some volatility in the NZD crosses.
Trading quote of the day:
The easiest thing to do is prepare. If you don't, on behalf of the other market participants, we thank you.
EURUSD
Pivot: 1.133
Likely scenario: Long positions above 1.133 with targets @ 1.141 & 1.144 in extension.
Alternative scenario: Below 1.133 look for further downside with 1.1295 & 1.126 as targets.
Comment: The RSI is mixed to bullish.
GBPUSD
Pivot: 1.53
Likely scenario: Short positions below 1.53 with targets @ 1.5215 & 1.517 in extension.
Alternative scenario: Above 1.53 look for further upside with 1.533 & 1.5375 as targets.
Comment: The RSI is badly directed.
AUDUSD
Pivot: 0.7345
Likely scenario: Short positions below 0.7345 with targets @ 0.7275 & 0.7235 in extension.
Alternative scenario: Above 0.7345 look for further upside with 0.738 & 0.741 as targets.
Comment: The RSI is badly directed.
