EUR/USD

EURUSD has tightened even further as it now trades between the upper bands of the Bollinger band and the market begins to signal a potential breakout. As it stands the pair is due for a retrace down to the bottom of the week long range, with 1.1350 looking like key support as the bottom of the Bollinger band , the H4 50 EMA and the round number come together to form a solid point for bulls to hold. However, for bears to make this move they will first have to overcome support at 1.1400. Should bears manage to break through 1.1350, we would see them target 1.1300, 1.1250 and 1.1200. For the upside, bulls will need to overcome the bears and capture 1.4250, which would see them target 1.1450, 1.1500 and 1.1525.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1295 1.1333 1.1372 1.1410 1.1449 1.1487 1.1526
WEEKLY 1.3665 1.3836 1.3980 1.4151 1.4295 1.4466 1.4610
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4295 1.4466 1.5236
 

GBP/USD

Yesterday saw bulls putting the hurt on bears with short squeeze lasing over 150 pips from the open. Currently the pair has found resistance at 1.4250 which coincides with the 50% fibo level of the drop begun in FEB. Bears will look to springboard off these levels and complete the bearish head and shoulder formation already in play with targets at 1.4200, 1.4150 and 1.4050. However, should bulls manage to capture 1.4250, they will look to extend their gains with hopes of nullifying the head and shoulders by breaking above 1.4500, with interim targets at 1.4300 and 1.4400.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3944 1.4023 1.418 1.4207 1.4312 1.4391 1.4496
WEEKLY 1.3665 1.3836 1.3980 1.4151 1.4295 1.4466 1.4610
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4295 1.4466 1.5236
 

USD/JPY

USDJPY has the H1 stochastics showing overbought conditions as the pair flirts with resistance in the form of the 50 EMA. A break above 108.50 will open the way for a further retrace from this year’s lows as bulls look to test 109.00, 109.50 and 110.00. As it stand 108.00 will be the bears major support to overcome, with a break here opening up the way for several target point below, starting with 107.50, 107.00 and 106.50.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 106.73 107.17 107.56 108.00 108.39 108.83 109.22
WEEKLY 102.49 105.09 106.60 109.20 110.71 113.31 114.82
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

AUD/USD

AUDUSD has made a 150 pip retrace after forming the neckline of a potential bearish head and shoulders. Currently the pair is trading just below the 0.7650 resistance zone, where bears will be looking to attract more selling in hopes of making lower lows targeting 0.7600, 0.7550 and 0.7500. However, should bulls manage a break above 0.7650, they will look to negate the head and shoulder formation by closing above 0.7700 with targets at 0.7750 and 0.7800.

AUD/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7429 0.7477 0.7535 0.7583 0.7641 0.7689 0.7747
WEEKLY 0.7274 0.7381 0.7535 0.7575 0.7662 0.7769 0.7856
MONTHLY 0.6647 0.6876 0.7267 0.7496 0.7887 0.8116 0.8507