EU Session Bullet Report

US stocks closed slightly higher yesterday as global markets continue to swing on a seemingly daily basis. Next weeks widely anticipated Fed rate decision seems to have prevented any clear direction, as investors wait for further guidance.

In Asia this morning, markets are mixed although the AUDUSD continued its fightback and is now testing its resistance of 0.7065
Gold rebounded slightly yesterday and is now trading around the 1111 mark, although demand remains low.

Oil also remains under pressure, and is currently trading at $45.70 at time of writing. Goldman Sachs cut its price forecast, stating that they see potential for the black gold to slip to $20 per barrel.

News wise, not much going on in the eurozone today but later this afternoon, we have Producer Price Index and Consumer Confidence from the US.

Trading quote of the day:

“The most important organ in the body as far as the stock market is concerned is the guts, not the head. Anyone can acquire the know-how for analyzing stocks.”

– Peter Lynch

EURUSD
Pivot: 1.1235
Likely scenario: Long positions above 1.1235 with targets @ 1.132 & 1.135 in extension.
Alternative scenario: Below 1.1235 look for further downside with 1.121 & 1.117 as targets.
Comment: The RSI is well directed.

GBPUSD

Pivot: 1.539
Likely scenario: Long positions above 1.539 with targets @ 1.5475 & 1.551 in extension.
Alternative scenario: Below 1.539 look for further downside with 1.5335 & 1.529 as targets.
Comment: Technically the RSI is above its neutrality area at 50.

AUDUSD

Pivot: 0.704
Likely scenario: Long positions above 0.704 with targets @ 0.71 & 0.7125 in extension.
Alternative scenario: Below 0.704 look for further downside with 0.7 & 0.697 as targets.
Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USDJPY

Pivot: 120.4
Likely scenario: Long positions above 120.4 with targets @ 121.3 & 121.75 in extension.
Alternative scenario: Below 120.4 look for further downside with 119.9 & 119.6 as targets.
Comment: The RSI has just landed on its neutrality area at 50% and is turning up.