ICM Capital Daily Market Update - Tuesday 13 December 2016

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.0595 Our preference: long positions above 1.0595 with targets at 1.0680 & 1.0705 in extension. Alternative scenario: below 1.0595 look for further downside with 1.0550 & 1.0525 as targets. Comment: technically the RSI is above its neutrality area at 50.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

USD/JPY Intraday: under pressure.

Pivot: 115.60 Our preference: short positions below 115.60 with targets at 114.60 & 114.30 in extension. Alternative scenario: above 115.60 look for further upside with 116.15 & 116.50 as targets. Comment: the RSI lacks upward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

GBP/USD Intraday: aim @ 1.2700.

Pivot: 1.2640 Our preference: long positions above 1.2640 with targets at 1.2700 & 1.2740 in extension. Alternative scenario: below 1.2640 look for further downside with 1.2620 & 1.2595 as targets. Comment: the RSI is supported by a rising trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Gold spot Intraday: continuation of the rebound.

Pivot: 1160.00 Our preference: long positions above 1160.00 with targets at 1169.00 & 1172.00 in extension. Alternative scenario: below 1160.00 look for further downside with 1154.50 & 1151.00 as targets. Comment: the RSI is mixed to bullish.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Silver spot Intraday: continuation of the rebound.

Pivot: 16.9500 Our preference: long positions above 16.9500 with targets at 17.2400 & 17.3500 in extension. Alternative scenario: below 16.9500 look for further downside with 16.8200 & 16.7300 as targets. Comment: the RSI is mixed with a bullish bias. Prices broke above a broadening wedge pattern (bullish)

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Crude Oil (WTI) (F7) Intraday: under pressure.

Pivot: 53.45 Our preference: short positions below 53.45 with targets at 51.90 & 51.20 in extension. Alternative scenario: above 53.45 look for further upside with 54.50 & 55.00 as targets. Comment: the RSI advocates for further decline.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dax (Eurex) (Z6) Intraday: bullish bias above 11000.00.

Pivot: 11000.00 Our preference: long positions above 11000.00 with targets at 11255.00 & 11400.00 in extension. Alternative scenario: below 11000.00 look for further downside with 10900.00 & 10785.00 as targets. Comment: the RSI lacks downward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dow Jones (CME) (H7) Intraday: bullish bias above 19635.00.

Pivot: 19635.00 Our preference: long positions above 19635.00 with targets at 19809.00 & 19860.00 in extension. Alternative scenario: below 19635.00 look for further downside with 19530.00 & 19425.00 as targets. Comment: the RSI lacks downward momentum. The 50-period exponential moving average is playing a support role.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Ichimoku Cloud Analysis 09.12.2016 (GBP/USD, GOLD)

GBP USD, “Great Britain Pound vs US Dollar”
 
GBP USD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen intersected and formed “Dead Cross” (1), but the lines are still influenced by D “Golden Cross” (3). Ichimoku Cloud is heading up, the daily cloud is rising as well, and Chinkou Lagging Span is on the chart. Short-term forecast: we can expect resistance from Tenkan-Sen – Senkou Span A, and attempts of the price to fix below the cloud.

GBP USD, Time Frame H1. Indicator signals: Tenkan-Sen and Kijun-Sen intersected under Kumo Cloud and formed “Dead Cross” (1). Ichimoku Cloud is very narrow and still going down (2); Chinkou Lagging Span is below the chart. Short-term forecast: we can expect support from Tenkan-Sen, resistance from Kijun-Sen, and decline of the price.

XAU USD, “Gold vs US Dollar”
 
XAU USD, Time Frame H4. Indicator signals: Tenkan-Sen and Kijun-Sen ran into one another below Kumo Cloud (1), but both lines are still influenced by D “Dead Cross” (3). Ichimoku Cloud is moving downwards, the daily cloud is falling as well. Chinkou Lagging Span is close to the chart, and the price is on Tenkan-Sen. Short‑term forecast: we can expect resistance from W Senkou Span B, and decline of the price.
 

Forex Technical Analysis 09.11.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair has reached the target at 1.06 and right now is consolidating. If later the market breaks this range to the downside, the downtrend may continue towards 1.04; if to the upside – start another correction to reach 1.0770.

GBP USD, “Great Britain Pound vs US Dollar”

Being under pressure, the GBP/USD pair is moving downwards. We think, today the price may reach 1.2476. Later, in our opinion, the market may grow with the target at 1.2630 or even higher 1.2800.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair has reached its upside target at 1.0177 and right now is forming another consolidation range. If later the market breaks this range to the upside, it may grow with the target at 1.03; if to the downside – start another correction towards 1.0050.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is consolidating at the top of the ascending wave. Possibly, today the market may grow to reach 115.20. After that, the instrument may fall towards 112.30.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has returned to the center of its consolidation range and right now is forming another ascending structure with the target at 0.7550. Later, in our opinion, the market may continue falling inside the downtrend towards 0.7100.

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair has broken its consolidation range to the downside. Possibly, today the market may continue falling inside the downtrend towards 62.35. After that, the instrument may be corrected to return to 63.65 and then continue moving downwards to reach the local target at 61.00.

XAU USD, “Gold vs US Dollar”

Gold is still moving in the center of the consolidation channel. Possibly, today the market may grow to reach 1188. After that, the instrument may fall towards 1173.

BRENT

Brent is forming the ascending structure with the target at 55.20. Later, in our opinion, the market may fall to reach 54.20 and then resume growing with the local target at 56.

Daily Market Update - Friday 09 December 2016

EUR/USD Intraday: under pressure.

Pivot: 1.0635 Our preference: short positions below 1.0635 with targets at 1.0570 & 1.0535 in extension. Alternative scenario: above 1.0635 look for further upside with 1.0680 & 1.0710 as targets. Comment: the RSI broke below a bullish trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

USD/JPY Intraday: further advance.

Pivot: 114.13 Our preference: long positions above 114.13 with targets at 114.75 & 115.00 in extension. Alternative scenario: below 114.13 look for further downside with 113.85 & 113.66 as targets. Comment: the RSI is mixed to bullish.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

GBP/USD Intraday: key resistance at 1.2605.

Pivot: 1.2605 Our preference: short positions below 1.2605 with targets at 1.2545 & 1.2510 in extension. Alternative scenario: above 1.2605 look for further upside with 1.2655 & 1.2700 as targets. Comment: the upward potential is likely to be limited by the resistance at 1.2605.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Gold spot Intraday: the downside prevails.

Pivot: 1173.50 Our preference: short positions below 1173.50 with targets at 1162.00 & 1157.00 in extension. Alternative scenario: above 1173.50 look for further upside with 1180.00 & 1188.00 as targets. Comment: technically the RSI is below its neutrality area at 50.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Silver spot Intraday: the downside prevails.

Pivot: 17.0300 Our preference: short positions below 17.0300 with targets at 16.8200 & 16.7300 in extension. Alternative scenario: above 17.0300 look for further upside with 17.1100 & 17.2300 as targets. Comment: the RSI is below its neutrality area at 50%

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Crude Oil (WTI) (F7) Intraday: bullish bias above 50.25.

Pivot: 50.25 Our preference: long positions above 50.25 with targets at 51.90 & 52.43 in extension. Alternative scenario: below 50.25 look for further downside with 49.60 & 49.00 as targets. Comment: the RSI is above its neutrality area at 50%.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dax (Eurex) (Z6) Intraday: bullish bias above 10900.00.

Pivot: 10900.00 Our preference: long positions above 10900.00 with targets at 11130.00 & 11230.00 in extension. Alternative scenario: below 10900.00 look for further downside with 10815.00 & 10740.00 as targets. Comment: the RSI is bullish and calls for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dow Jones (CME) (H7) Intraday: further upside.

Pivot: 19425.00 Our preference: long positions above 19425.00 with targets at 19630.00 & 19750.00 in extension. Alternative scenario: below 19425.00 look for further downside with 19290.00 & 19205.00 as targets. Comment: the RSI lacks downward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Forex Technical Analysis 08.11.2016 (EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/RUB, GOLD, BRENT)

EUR USD, “Euro vs US Dollar”

The EUR/USD pair is forming the fifth descending structure towards 1.0680. Later, in our opinion, the market may start growing to return 1.0740 and then fall with the target at 1.0600.

GBP USD, “Great Britain Pound vs US Dollar”

The GBP/USD pair is moving downwards with the target at 1.2555. After that, the instrument may start growing to reach 1.2800.

USD CHF, “US Dollar vs Swiss Franc”

The USD/CHF pair is forming another ascending wave to reach 1.011. Later, in our opinion, the market may fall towards 1.008 and then grow with the target at 1.017.

USD JPY, “US Dollar vs Japanese Yen”

The USD/JPY pair is moving downwards with the target at 112.30. After that, the instrument may grow towards 113.85 and then fall to reach 110.80.

AUD USD, “Australian Dollar vs US Dollar”

The AUD/USD pair has completed the ascending structure with the target at 0.7500. We think, today the price may fall to reach 0.7435. Later, in our opinion, the market may form another ascending structure towards 0.7550.

USD RUB, “US Dollar vs Russian Ruble”

The USD/RUB pair is consolidating; this range may be considered as a downside continuation pattern. Possibly, today the market may fall to break 63.40 and then reach 62.35. After that, the instrument may return to 63.80.

XAU USD, “Gold vs US Dollar”

Gold is growing to reach 1188. After that, the instrument may fall towards 1173. The entire structure may be considered as another consolidation range. After breaking it upwards, the market may start growing towards 1222.

BRENT

Being under pressure, Brent is still moving downwards. Possibly, today the market may reach 52.83 and then grow towards 54. After that, the instrument may form another descending structure to reach 52.40 and then resume growing with the local target at 56.

Daily Market Update - Thursday 08 December 2016

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.0735 Our preference: long positions above 1.0735 with targets at 1.0795 & 1.0820 in extension. Alternative scenario: below 1.0735 look for further downside with 1.0700 & 1.0680 as targets. Comment: the RSI is supported by a bullish trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

USD/JPY Intraday: the downside prevails.

Pivot: 113.87 Our preference: short positions below 113.87 with targets at 113.12 & 112.95 in extension. Alternative scenario: above 113.87 look for further upside with 114.40 & 114.75 as targets. Comment: the RSI advocates for further decline.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

GBP/USD Intraday: further advance.

Pivot: 1.2600 Our preference: long positions above 1.2600 with targets at 1.2695 & 1.2735 in extension. Alternative scenario: below 1.2600 look for further downside with 1.2560 & 1.2515 as targets. Comment: the RSI advocates for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Gold spot Intraday: further upside.

Pivot: 1171.00 Our preference: long positions above 1171.00 with targets at 1185.00 & 1188.00 in extension. Alternative scenario: below 1171.00 look for further downside with 1165.00 & 1160.50 as targets. Comment: the RSI broke above a bearish trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Silver spot Intraday: further advance.

Pivot: 16.9800 Our preference: long positions above 16.9800 with targets at 17.3700 & 17.5100 in extension. Alternative scenario: below 16.9800 look for further downside with 16.8200 & 16.6200 as targets. Comment: the RSI broke above a declining trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Crude Oil (WTI) (F7) Intraday: under pressure.

Pivot: 51.10 Our preference: short positions below 51.10 with targets at 48.80 & 48.24 in extension. Alternative scenario: above 51.10 look for further upside with 51.60 & 52.40 as targets. Comment: the RSI is capped by a declining trend line.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dax (Eurex) (Z6) Intraday: bullish bias above 10740.00.

Pivot: 10740.00 Our preference: long positions above 10740.00 with targets at 10975.00 & 11055.00 in extension. Alternative scenario: below 10740.00 look for further downside with 10630.00 & 10545.00 as targets. Comment: the RSI is bullish and calls for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

Dow Jones (CME) (Z6) Intraday: bullish bias above 19310.00.

Pivot: 19310.00 Our preference: long positions above 19310.00 with targets at 19630.00 & 19700.00 in extension. Alternative scenario: below 19310.00 look for further downside with 19175.00 & 19085.00 as targets. Comment: the RSI is bullish and calls for further advance.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced