EUR/USD is trading on a weaker note today hovering around 1.1170 for most of the day. Any bullish attempts have been capped at 1.1215 resistance so far in a generally quiet trading session, partly due to holidays in some Asian countries. Most notable market mover so far has been GOLD which collapsed in a quick fashion to 1128 from 1148 highs earlier today in a move that caught many by surprise. The shiny metal is expected to find support at 1121. This week will feature many Fed members speaking as well as 3 very important employment releases from the US, with most important being NFP on Friday.

Last week, Federal Reserve Chair Janet Yellen said the central bank is still on track to raise the borrowing cost this year. She said the turmoil in global financial markets would not have a significant impact on the Fed’s liftoff decision. However, any weak employment numbers will likely raise speculation that the FED will hold rates for this year at least at current levels.

Trading quote of the day:

“Success consists of going from failure to failure without loss of enthusiasm.”

– Winston Churchill

EURUSD
Pivot: 1.1215
Likley scenario: Short positions below 1.1215 with targets @ 1.1155 & 1.1105 in extension.
Alternative scenario: Above 1.1215 look for further upside with 1.126 & 1.1295 as targets.
Comment: As long as the resistance at 1.1215 is not surpassed, the risk of the break below 1.1155 remains high.

GBPUSD
Pivot: 1.524
Likley scenario: Short positions below 1.524 with targets @ 1.5175 & 1.513 in extension.
Alternative scenario: Above 1.524 look for further upside with 1.5285 & 1.5355 as targets.
Comment: The upward potential is likely to be limited by the resistance at 1.524.

AUDUSD
Pivot: 0.698
Likley scenario: Long positions above 0.698 with targets @ 0.706 & 0.709 in extension.
Alternative scenario: Below 0.698 look for further downside with 0.6935 & 0.69 as targets.
Comment: The RSI lacks downward momentum.

USDJPY
Pivot: 120.65
Likley scenario: Short positions below 120.65 with targets @ 119.85 & 119.5 in extension.
Alternative scenario: Above 120.65 look for further upside with 120.9 & 121.25 as targets.
Comment: The RSI is badly directed.

USDCAD
Pivot: 1.3295
Likley scenario: Long positions above 1.3295 with targets @ 1.342 & 1.3485 in extension.
Alternative scenario: Below 1.3295 look for further downside with 1.3225 & 1.317 as targets.
Comment: The RSI is well directed.

USDCHF
Pivot: 0.9765
Likley scenario: Long positions above 0.9765 with targets @ 0.981 & 0.9845 in extension.
Alternative scenario: Below 0.9765 look for further downside with 0.974 & 0.97 as targets.
Comment: The RSI is mixed to bullish.

GOLD
Pivot: 1139
Likley scenario: Short positions below 1139 with targets @ 1124.5 & 1121 in extension.
Alternative scenario: Above 1139 look for further upside with 1148 & 1157 as targets.
Comment: The RSI is bearish and calls for further downside.

OIL
Pivot: 45.75
Likley scenario: Short positions below 45.75 with targets @ 44.35 & 43.85 in extension.
Alternative scenario: Above 45.75 look for further upside with 46.4 & 47.15 as targets.
Comment: The RSI is bearish and calls for further downside.

DAX
Pivot: 9780
Likley scenario: Short positions below 9780 with targets @ 9350 & 9235 in extension.
Alternative scenario: Above 9780 look for further upside with 10020 & 10175 as targets.
Comment: As long as 9780 is resistance, look for choppy price action with a bearish bias.