Daily Pivot Point

Daily Pivot Point – EUR/USD Intraday: capped by a negative trend line.

Pivot: 1.2435

Most Likely Scenario: short positions below 1.2435 with targets at 1.2360 & 1.2325 in extension.

Alternative scenario: above 1.2435 look for further upside with 1.2465 & 1.2500 as targets.

Comment: as long as 1.2435 is resistance, look for choppy price action with a bearish bias.

GBP/USD Intraday: the downside prevails.
Pivot: 1.4200

Most Likely Scenario: short positions below 1.4200 with targets at 1.4100 & 1.4020 in extension.

Alternative scenario: above 1.4200 look for further upside with 1.4270 & 1.4330 as targets.

Comment: a break below 1.4100 would trigger a drop towards 1.4020.

USD/JPY Intraday: under pressure.

Pivot: 109.10

Most Likely Scenario: short positions below 109.10 with targets at 108.25 & 108.00 in extension.

Alternative scenario: above 109.10 look for further upside with 109.50 & 109.80 as targets.

Comment: as long as 109.10 is resistance, look for choppy price action with a bearish bias.

AUD/USD Intraday: intraday support around 0.8075.
Pivot: 0.8075

Most Likely Scenario: long positions above 0.8075 with targets at 0.8135 & 0.8160 in extension.

Alternative scenario: below 0.8075 look for further downside with 0.8040 & 0.8000 as targets.

Comment: a support base at 0.8075 has formed and has allowed for a temporary stabilisation.

Gold spot Intraday: the upside prevails.

Pivot: 1342.00

Most Likely Scenario: long positions above 1342.00 with targets at 1357.00 & 1361.00 in extension.

Alternative scenario: below 1342.00 look for further downside with 1335.00 & 1328.00 as targets.

Comment: the RSI is mixed to bullish.

Crude Oil (WTI) (H18) Intraday: under pressure.

Most Likely Scenario: short positions below 66.65 with targets at 65.75 & 65.40 in extension.

Alternative scenario: above 66.65 look for further upside with 66.95 & 67.20 as targets.

Comment: as long as 66.65 is resistance, expect a return to 65.75. A strong resistance at 66.65 maintains the selling pressure on the prices.

Source: Fxpro Forex Broker

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