EU Session Bullet Report – Stocks Lifted From FOMC, USD Weak

EU Session Bullet Report

Stocks were lifted from FOMC minutes last night which indicated the confidence of the FED to start raising rates in December. All major indices closed above 1.5% on the day, however the USD was mixed ahead of the 100 level of the USD index. USD/JPY rose to its highest in 3 months, while USD/CHF rose to its strongest level in 10. EUR/USD also recovered some losses of the past few days and rose above 1.07 after touching a new multi month low at 1.0613. Gold made some significant gains from 1065 to 1079 however it remains weak under 1080. The Sterling was unchanged throughout the day but was boosted during the Asian session to 1.53 ahead of the important UK Retail Sales report later today. Same picture for AUD and NZD, both currencies showing some recovery signs against USD.

Trading Quote of the Day:

Act in your best interest, placing a trade because you are afraid of missing out on a big move, is not acting in your best interest.

Green lines are resistance, Red lines are support.

EUR/USD

Pivot: 1.062

Likely scenario: Long positions above 1.062 with targets @ 1.0725 & 1.0765 in extension.

Alternative scenario: Below 1.062 look for further downside with 1.056 & 1.05 as targets.

Comment: The RSI is bullish and calls for further upside.

GBP/USD

Pivot: 1.524

Likely scenario: Long positions above 1.524 with targets @ 1.53 & 1.533 in extension.

Alternative scenario: Below 1.524 look for further downside with 1.519 & 1.5155 as targets.

Comment: The RSI is well directed.

AUD/USD

Pivot: 0.71

Likely scenario: Long positions above 0.71 with targets @ 0.7195 & 0.722 in extension.

Alternative scenario: Below 0.71 look for further downside with 0.707 & 0.704 as targets.

Comment: The RSI is bullish and calls for further advance.

USD/JPY

Pivot: 123.1

Likely scenario: Long positions above 123.1 with targets @ 123.75 & 124 in extension.