Intraday Confluence Zones:

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Our preference: SHORT positions within 1.2715 – 1.2765 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2765 on continuation pattern with well directed RSI.

Comment: EUR/USD is in consolidation mode, however remains under pressure. Hourly stochasic is oversold.

Our preference: SHORT positions within 0.9900 – 0.9945 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 0.9945 on continuation pattern with well directed RSI.

Comment: AUD/USD currently is under heavu pressure. Hourly stochastic and RSI are oversold.

Our preference: SHORT positions within 1.5830 – 1.5890 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.5890 on continuation pattern with well directed RSI.

Comment: GBP/USD remains under heavy pressure. Hourly stochastic has crossed up. Watch the level of 1.5853 (50% Fibonacci).

Our preference: SHORT positions within 101.05 – 101.65 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario 1: SHORT positions on break of 100.55 (descending triangle pattern confirmation).

Alternative scenario 2: b

Comment: EUR/JPY currently is us under heavy pressure. Hourly stochastic has crossed down. Watch for descending triangle pattern confirmation.

Intraday Confluence Zones:

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Our preference: SHORT positions within 1.2750 – 1.2810 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2810 on continuation pattern with well directed RSI.

Comment: A pullback occurs on EUR/USD. Hourly stochasic has crossed down.

Our preference: SHORT positions within 0.9925 – 0.9970 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 0.9970 on continuation pattern with well directed RSI.

Comment: AUD/USD currently is in consolidation mode. Hourly stochastic has crossed down.

Our preference: SHORT positions within 1.5945 – 1.6005 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario 1: SHORT positions on symmetrical triangle confirmation.

Alternative scenario 2: LONG positions on break of 1.6005 on continuation pattern with well directed RSI.

Comment: GBP/USD currently is under heavy pressure. Watch the emerging syummetrical triangle pattern.

Our preference: SHORT positions within 102.45 – 102.85 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 102.85 on continuation pattern with well directed RSI.

Comment: EUR/JPY currently is conslidating. Hourly stochastic has crossed down. Watch the level of 102.64 (50% Fibonacci).

GOLD

Gold remains under heavy pressure, hit the level of 1532.75. It is too early to draw conclusion that this level is our initial support, since there has not been any bounce yet. However, there is nothing wrong to estimate that the bearish pressure will be heavier if the gold price breaks below this level. In that scenario, the gold price is expected to fall deeper to the range 1516.44 – 1498.20.

On the other hand, stochastic currently is below 25 and CCI is below -100, which indicate that the market probably is in overosld indication. Therefore, a pullback move might occur to the resistance area at the range 1559.15 – 1575.45 on bullish signal/pattern confirmation. However, note that the current major trend for gold is bearish. Therefore, for the time being we will focus on the signs that could support the bearish movement.

Since the bias will remain bearish as long as the resistance at 1575.45 intact, we assume that any bearish signal that may appear within the range 1559.15 – 1575.45 will be followed by continued bearish move back to the range 1549.06 – 1532.75.

All of these bearish scenarios possibly will fail if the resistance at 1575.45 breaks, because by so the bias wil turn to bullish and the gold price will get the chance to strengthen up to the range 1585.54 – 1601.85.

SILVER

Silver price currently remains under pressure, capped by a negative trendline as seen on the 4-hours chart. Watch if the price breaks below 27.35, because by so the price possibly will continue the bearish move to the range 26.85 – 26.30.

However, stochastic and CCI are oversold, so that there is a possibility for a pullback move to the range 28.15 – 28.65. The major trend will remain down as long as the trendline intact. Therefore, we will be looking for bearish signals within the range 28.15 – 28.65, especially around the negative trendline area. If there is any, the price is expected to continue the downtrend with the support at 27.35 as the initial target.

The bias will turn to bullish if the resistance at 28.65 breaks. In that case, silver potentially will rise to the range 28.95 – 29.45, so be careful on using the bearish scenarios.

OIL

The descending triangle pattern that we saw last week had been confirmed. The price is testing the level of 92.48, which is an extended Fibonacci level. It is still possible for the price to reach the triangle’s target at the range 90.84 – 88.18, especailly if the price drops below 92.48.

However, beware of possible pullback move to the resistance at 95.14 as the stochastic and CCI are indicating that the market is in oversold condition.

Intraday Confluence Zones:

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Our preference: SHORT positions within 1.2765 – 1.2815 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2815 on continuation pattern with well directed RSI.

Comment: EUR/USD remains under heavy pressure. Hourly RSI is oversold.

Our preference: SHORT positions within 0.9955 – 1.0005 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0005 on continuation pattern with well directed RSI.

Comment: AUD/USD remains capped by a negative trendline. Hourly stochastic is oversold. Watch the trendline area.

Our preference: SHORT positions within 1.6020 – 1.6060 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6060 on continuation pattern with well directed RSI.

Comment: GBP/USD currently is under heavy pressure. 20 MA has re-crossed below 50 MA on the hourly chart.  Hourly stochastic and RSI are oversold. Watch the level of 1.6039 (50% Fibonacci).

Our preference: SHORT positions within 102.35 – 102.85 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 102.85 on continuation pattern with well directed RSI.

Comment: EUR/JPY currently is under pressure, capped by a negative trendline as seen on hourly chart. Hourly stochastic has crossed down.

Intraday Confluence Zones:

___________

Our preference: SHORT positions within 1.2850 – 1.2900 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2900 on continuation pattern with well directed RSI.

Comment: EUR/USD remains under pressure. Hourly stochastic and RSI are mixed. Watch the level of 1.2886 (50% Fibonacci).

Our preference: SHORT positions within 0.9995 – 1.0050 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0050 on continuation pattern with well directed RSI.

Comment: AUD/USD remains in a downtrend. Hourly stochastic is overbought.

Our preference: SHORT positions within 1.6100 – 1.6135 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6135 on continuation pattern with well directed RSI.

Comment: A pullback move occurs on GBP/USD. 20 Ma has crossed 50 MA on the hourly chart.

Our preference: SHORT positions within 102.70 – 103.10 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario #1: SHORT positions on break of 102.22 (symmetrical triangle confirmation).

Alternative scenario #2: LONG positions on break of 103.10 on continuation pattern with well directed RSI.

Comment: EUR/JPY is in consolidation mode. Watch the emerging symmetrical triangle pattern on the hourly chart.

Intraday Confluence Zones:

___________

Our preference: SHORT positions within 1.2900 – 1.2910 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2910 on continuation pattern with well directed RSI.

Comment: EUR/USD remains under pressure. Hourly stochastic and RSI are flat near the oversold area. Watch the level of 1.2929 (50% Fibonacci).

Our preference: SHORT positions within 1.0040 – 1.0080 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0080 on continuation pattern with well directed RSI.

Comment: AUD/USD remains under pressure. Hourly stochastic and RSI are mixed.

Our preference: SHORT positions within 1.6080 – 1.6120 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6120 on continuation pattern with well directed RSI.

Comment: GBP/USD currently is under heavy pressure. Hourly stochastic and RSI are mixed.

Our preference: SHORT positions within 103.40 – 103.80 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 103.80 on continuation pattern with well directed RSI.

Comment: EUR/JPY is in consolidation mode. Hourly stochastic is oversold.

Intraday Confluence Zones:

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EUR/USD: 1.2950 – 1.2990 {Bearish Bias}

Our preference: SHORT positions within 1.2950 – 1.2990 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.2990 on continuation pattern with well directed RSI.

Comment: EUR/USD remains under pressure. Hourly stochastic and RSI are mixed. Watch the level of 1.2974 (50% Fibonacci).

AUD/USD: 1.0095 – 1.0140 {Bearish Bias}

Our preference: SHORT positions within 1.0095 – 1.0140 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0140 on continuation pattern with well directed RSI.

Comment: AUD/USD remains under pressure. Hourly stochastic is moving upward. Watch the level of 1.0119 (50% Fibonacci).

GBP/USD: 1.6115 – 1.6150 {Neutral Bias}

Our preference: SHORT positions within 1.6115 – 1.6150 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6150 on continuation pattern with well directed RSI.

Comment: GBP/USD remains in consolidation mode. Hourly stochastic is oversold.

EUR/JPY: 103.40 – 103.80 {Bearish Bias}

Our preference: SHORT positions within 103.40 – 103.80 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 103.80 on continuation pattern with well directed RSI.

Comment: In general, EUR/USD remains in a downtrend. Hourly stochastic is oversold. Watch the level of 103.60 (50% Fibonacci).

GOLD

Gold is under heavy pressure, hit the level of 1578.35 which becomes our initial support. Keep an eye on this support because the bearish pressure might be heavier if this support breaks. In that scenario, the gold price possibly will keep moving downward to the range 1562.09 – 1543.90. On the other hand, the CCI has moved upwards on the 4-hours chart. However, the stochastic is showing overbought indication. Watch the range 1604.67 – 1620.93 as it is our Fibonacci confluence zone. If any bearish signals/patterns appear within the range, the gold price is expected to decline again with the support at 1578.35 as the initial target.

These bearish scenarios will fail on break of the resistance at 1620.93. In that case, the gold price may rebound up to the next resistance at 1647.25.

SILVER

Silver currently is under heavy pressure. A pullback move occurs to the Fibonacci confluence zone at the range 29.32 – 29.74. Note that there is a decelerating trendline on the 4-hours chart. Stochasti is overbought, but the 4-hours CCI has delivered a bullish signal.

Here is our scenario: we will be watching the range 29.32 – 29.74 for bearish signal/pattern. If there is any, the silver price is expected to move down to re-test the support at 28.62. Also, keep an eye on this support because a break of it possibly will be followed by deeper bearish move to the range 28.19 – 27.21.

A rebound to the major bearish trendline would be possible if the resistance at 29.74 breaks. It would also cancel the bearish scenario mentioned above. Use care.

OIL

Crude oil price is under heavy pressure. We have an emerging descending triangle pattern on the 4-hours chart. On the same chart, the stochastic is overbought. Even though the pattern fails, the oil price still has to deal with the resistance at 97.80. A rebound would be possible if this resistance breaks, trageting the next resistance at 102.10.

Back to the emerging triangle pattern, it would be confirmed on break of the support at 95.14. In that scenario, the oil price is expected to make a bearish rally to the range 90.84 – 88.18.

Intraday Confluence Zones:

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EUR/USD: 1.2960 – 1.3005 {Bearish Bias}

Our preference: SHORT positions within 1.2960 – 1.3005 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.3005 on continuation pattern with well directed RSI.

Comment: EUR/USD remains under pressure. Hidden bearish divergence is seen on hourly stohastic. Watch the level od 1.2988 (50% Fibonacci).

AUD/USD: 1.0075 – 1.0135 {Bearish Bias}

Our preference: SHORT positions within 1.0075 – 1.0135 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0135 on continuation pattern with well directed RSI.

Comment: AUD/USD remains capped by a negative trendline. An evening star pattern is confirmed. Hourly stochastic is oversold.

GBP/USD: 1.6115 – 1.6150 {Neutral Bias}

Our preference: SHORT positions within 1.6115 – 1.6150 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6150 on continuation pattern with well directed RSI.

Comment: GBP/USD currently is consolidating, however bearish pressure remains. Hourly stochastic and RSI are mixed.

EUR/JPY: 103.15 – 103.60 {Bearish Bias}

Our preference: SHORT positions within 103.15 – 103.60 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 103.60 on continuation pattern with well directed RSI.

Comment: EUR/JPY remains under pressure. Hourly stochastic is oversold, hidden bearish divergence is seen.

Intraday Confluence Zones:

___________

EUR/USD: 1.3025 – 1.3070 {Bearish Bias}

Our preference: SHORT positions within 1.3025 – 1.3070 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.3070 on continuation pattern with well directed RSI.

Comment: EUR/USD is back under pressure. Hourly stochastic is oversold, RSI is moving upwards.

AUD/USD: 1.0135 – 1.0180 {Bearish Bias}

Our preference: SHORT positions within 1.0135 – 1.0180 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.0180 on continuation pattern with well directed RSI.

Comment: AUD/USD currently is under heavy pressure. Hourly stochastic and RSI are oversold.

GBP/USD: 1.6150 – 1.6185 {Bearish Bias}

Our preference: SHORT positions within 1.6150 – 1.6185 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 1.6185 on continuation pattern with well directed RSI.

Comment: GBP/USD is back under pressure. Hourly stochastic is oversold. Watch the level of 1.6165 (50% Fibonacci).

EUR/JPY: 104.00 – 104.40 {Bearish Bias}

Our preference: SHORT positions within 104.00 – 104.40 on bearish pattern/candlestick confirmation with divergence.

Alternative scenario: LONG positions on break of 104.40 on continuation pattern with well directed RSI.

Comment: EUR/JPY is back under pressure. Hourly stochastic and RSI are oversold.