Forex Serbia D. T. A.

WorleyParsons: the upside prevails

9.1 is our pivot point. Our preference: as long as 9.1 remains support we favour the upside. Alternative scenario: below 9.1 expect a drop to 8.5 and 6.85. Comment: WorleyParsons has continued its bullish move towards 12.

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Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

In order to leverage this directional view we have selected the following product
	ASX Code	Type	Strike	Stop Loss Trigger Level	Required Number	Current Share Price	Gearing	Approx Value	% from Stop Loss
	WORKOD	MINI Long	6.88	7.54	1	10.38	66.25%	$3.5	27.36%

Legend

MA (50) & MA (20): The most simple trend indicators are Moving Averages. They simply correspond to an average calculated on an evolving time scale (20 and 50 periods): every day, the oldest value (often taken at the close) in the average calculus is replaced by the value of the new session.

Bollinger bands: are represented by 3 different bands and are derived from moving averages. The middle band corresponds to a simple moving average (MA (20)). The level of the upper band, in every point, corresponds to the sum of the level of the middle band and twice the value of the standard deviation associated to the 20-day moving average. Reciprocally, the level of the lower band corresponds to the level of the middle band diminished by twice the value of the standard deviation associated to the 20-day moving average. An envelop of the future price is thus determined. This makes it possible to then identify the variation margin in which the future should stay almost systematically. In the case of a future following a Gauss law, 95 % of the trades will thus occur between these bands.

RSI (14): the Relative Strength Index aims at establishing a reference scale independently from the future price levels themselves. As the RSI has boundaries (0 and 100), it then becomes very easy to determine overbought (above 70) and oversold (below 30) areas. In addition, just as on prices themselves, supports and resistances can appear, especially when nearing the neutrality zone (near 50). Thus, the RSI is one of the most commonly used counter-trend indicators.
It is based on the average of rises and drops of price, with the formula:
RSI = 100 - [100 / (1 + RS)]
Where RS represents the average of up closes divided by the average of down closes on the considered period (14).

By "Invalidation level" we at TRADING Central mean a pivotal point, a key technical level - analogous to a trading stop loss level. It is synonymous to "key technical level" - it can be anything from a Fibonacci projection to a gap, etc. Actually, there is no one-way for calculating an invalidation level. We favour the use of Fibonacci levels (either via a retracement or a projection), along with classical technical levels (gaps, horizontal lines, etc.). The choice will depend on the current market configuration. A break through our invalidation level would invalidate our forecast, mentioned as "Our Preference" and trigger the "Alternative scenario".

EUR/USD Intraday: the bias remains bullish.

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Pivot: 1.1195

Our preference: Long positions above 1.1195 with targets @ 1.1285 & 1.132 in extension.

Alternative scenario: Below 1.1195 look for further downside with 1.117 & 1.113 as targets.

Comment: The RSI is well directed.

Supports and resistances:
1.139 ***
1.132 ***
1.1285 ***
1.1249 Last
1.1195 ***
1.117 ***
1.113 ***


GBP/USD Intraday: the bias remains bullish.

Trend daily chart [You must be registered and logged in to see this image.] (=)

Trend weekly chart [You must be registered and logged in to see this image.] (=)

Pivot: 1.5615 Our preference: Long positions above 1.5615 with targets @ 1.5785 & 1.5945 in extension. Alternative scenario: Below 1.5615 look for further downside with 1.5525 & 1.5385 as targets. Comment: The RSI is well directed. [You must be registered and logged in to see this image.] Supports and resistances: 1.6035 ** 1.5945 *** 1.5785 *** 1.5689 Last 1.5615 *** 1.5525 *** 1.5385 ***

Trend daily chart [You must be registered and logged in to see this image.] (=)

Trend weekly chart [You must be registered and logged in to see this image.] (=)

	USD/JPY Intraday: under pressure.
	Pivot: 120.3 Our preference: Short positions below 120.3 with targets @ 119.6 & 119.4 in extension. Alternative scenario: Above 120.3 look for further upside with 120.5 & 120.75 as targets. Comment: A break below 119.6 would trigger a drop towards 119.4. [You must be registered and logged in to see this image.] Supports and resistances: 120.75 120.5 120.3 119.8675 Last 119.6 119.4 119

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AUD/USD Intraday: the upside prevails.

Pivot: 0.7925 Our preference: Long positions above 0.7925 with targets @ 0.8005 & 0.803 in extension. Alternative scenario: Below 0.7925 look for further downside with 0.788 & 0.786 as targets. Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. [You must be registered and logged in to see this image.] Supports and resistances: 0.8075 *** 0.803 *** 0.8005 *** 0.7976 Last 0.7925 ** 0.788 *** 0.786 ***

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USD/CHF Intraday: key resistance at 0.9295.

Pivot: 0.9295 Our preference: Short positions below 0.9295 with targets @ 0.9245 & 0.9205 in extension. Alternative scenario: Above 0.9295 look for further upside with 0.936 & 0.9415 as targets. Comment: The upward potential is likely to be limited by the resistance at 0.9295. [You must be registered and logged in to see this image.] Supports and resistances: 0.9415 0.936 0.9295 0.9269 Last 0.9245 0.9205 0.915

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	Gold spot Intraday: the upside prevails.
	Pivot: 1180 Our preference: Long positions above 1180 with targets @ 1200 & 1207 in extension. Alternative scenario: Below 1180 look for further downside with 1169.5 & 1160 as targets. Comment: Prices has broken above a declining trend line. [You must be registered and logged in to see this image.] Supports and resistances: 1214 1207 1200 1193.11 Last 1180 1169.5 1160

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S&P TSX Composite Intraday: key resistance at 15215.

Pivot: 15215 Our preference: Short positions below 15215 with targets @ 14930 & 14830 in extension. Alternative scenario: Above 15215 look for further upside with 15410 & 15480 as targets. Comment: As long as 15215 is resistance, look for choppy price action with a bearish bias. [You must be registered and logged in to see this image.] Supports and resistances: 15480 ** 15410 ** 15215 *** 15043 Last 14930 * 14830 ** 14730 **

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	Crude Oil‏ (WTI)‏ (M5) ST: limited upside.
	Pivot: 52.5 Our preference: Long positions above 52.5 with targets @ 64 & 70 in extension. Alternative scenario: Below 52.5 look for further downside with 42 & 33 as targets. Comment: The RSI is well directed. [You must be registered and logged in to see this image.] Supports and resistances: 77 ** 70 ** 64 ** 61.35 Last 52.5 *** 42 ** 33 **