Daily market recommendations for today Wednesday 08-01-2014

[Ahmed Mahmoud]

EURUSD Near Term : Downside favored

Pivot Point : 1.3660

EURUSD is Downside favored, So Sell at 1.366 with Target at 1.3565

If breaks above pivot 1.366 Buy with Target at 1.37


GBPUSD Near Term : Upside favored

Pivot Point : 1.6370

GBPUSD is Upside favored , So Buy at 1.637 with Target at 1.647

If breaks below pivot 1.637 Sell with Target at 1.6335


USDJPY Near Term : Upside favored

Pivot Point : 104.65

USDJPY is Upside favored , So Buy at 104.65 with Target at 105.2

If breaks below pivot 104.65 Sell with Target at 104.3


Crude Oil Near Term : Downside favored

Pivot Point : 95.40

Crude Oil is Downside favored, So Sell at 95.4 with Target at 93.3

If breaks above pivot 95.4 Buy with Target at 96.55


Gold Near Term : Under Pressure

Pivot Point : 1235

Gold is Under Pressure, So Sell at 1235 with Target at 1215

If breaks above pivot 1235 Buy with Target at 1245



Most Important Forex Events for Today (GMT):

· ADP Non-Farm Employment Change for US Dollar at 13:15

· FOMC Meeting Minutes for US Dollar at 19:00