EURUSD

The pair has pulled back from its 1.0900 highs to retest the 23.6% fibo level which, together with the trendline, has acted as support and seen a turnabout in momentum as bulls begin to pile in. Going forward, we anticipate bulls to maintain control provided they can keep the price above 1.0600. However, if 1.0600 is captured, bears might have a go at the 1.0500 support level and beyond which would turn the pair potentially bearish as a lower low is put in place.

  EURUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
MONTHLY 1.0046 1.0269 1.0461 1.0684 1.0876 1.1099 1.1291
 

GBPUSD

The pair has pulled back from its 1.0900 highs to retest the 23.6% fibo level which, together with the trendline, has acted as support and seen a turnabout in momentum as bulls begin to pile in. Going forward, we anticipate bulls to maintain control provided they can keep the price above 1.0600. However, if 1.0600 is captured, bears might have a go at the 1.0500 support level and beyond which would turn the pair potentially bearish as a lower low is put in place.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
MONTHLY 1.1716 1.1911 1.2230 1.2425 1.2744 1.2939 1.3258
 

USDJPY

The pair has hit the 50% fibo support level with a wedge beginning to form as the pair begins to flatten out. As it stands, bulls will look to take control of 110.00 as a stepping stone to breaking to the upside with a capture of 112.5 implying further upside to 115.00. However, if bears manage to take 108.00, we would see a deeper retrace to the 38.2 and even the 23.6% fibo.

  USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
MONTHLY 103.71 106.90 109.14 112.33 114.57 117.76 120.00
 

GOLD

Gold extended its 2017 highs, peeking above $1285 confirming a potential move higher by breaking the downward trending consolidation zone. As it stands, we could see a retest of the 1250 level before bulls continue north to the 1350 resistance level. Only a close below 1250 would place the bullish run in jeopardy as we are likely to see bulls being stopped out as bargain hunting bears enter the market.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
MONTHLY 1148.28 1172.23 1209.76 1233.73 1271.26 1295.23 1332.76