EUR/USD

Bulls re-entered the game yesterday and managed to capture 1.1400, currently the pair has retraced some of its gains but the medium term trend remains bullish. Bulls will look to keep their grip on 1.1400, targeting 1.1450, 1.1500 and 1.1550. However, should bears manage to recapture 1.1400 we will see the short term downtrend continue as they test lower, looking for 1.1200 with interim targets at 1.1350, 1.1300 and 1.1250.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1315 1.1344 1.1388 1.1417 1.1461 1.1490 1.1534
WEEKLY 1.1088 1.1236 1.1321 1.1469 1.1554 1.1702 1.1787
MONTHLY 1.1037 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

GBP/USD

The pair continues its range bound trading started on Monday with traders enjoying the predictability and opportunity to both buy support and sell resistance for good reward to risk ratios present yesterday. Currently the pair`s range has tightened as key data is expected today, traders will be looking to straddle the current range with buy orders above 1.4450 and sell orders below 1.4425. Upside targets are at 1.4475, 1.4500 and 1.4550 with a potential rally to 1.4700. To the downside, targets are at 1.4400, 1.4350 and 1.4300 with a potential retest of 1.4100.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4297 1.4346 1.4389 1.4438 1.4481 1.4530 1.4573
WEEKLY 1.3943 1.4177 1.4303 1.4537 1.4663 1.4897 1.5023
MONTHLY 1.3520 1.3762 1.4187 1.4427 1.4854 1.5096 1.5521
 

USDJPY

The medium term trend is still down for the pair, however the recent retracement has seen it trade over 400 pips off its lows made last week. Looking at the H4 chart we see that the pair is beginning to look heavy and bears are looking for a good time to re-ignite the bearish trend. Resistance is expected at 109.50, 110.00 and 110.50, while support is expected at 108.50, 108.00 and 107.50.

USDJPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.11 107.73 107.98 108.60 108.85 109.47 109.72
WEEKLY104.12 104.12 104.82 106.12 106.82 108.12 108.82 110.12
MONTHLY 96.89 101.58 103.21 107.90 109.53 114.22 115.85
 

CRUDE OIL

Crude bulls have done it, tripping stops as they rampaged through 46 and gaining momentum to just shy of 47. As it stand 46.50 was well defended by bulls and they will be looking to capture 47 as they continue their march to 50 USD per barrel with interim targets of 48 and 49. For bears to have any chance to take back the controls, they would have to recapture 46.50, 46 and ultimately 45 and hope they trip stops as bulls take profit and more bears join the parade.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 42.08 43.02 44.48 45.42 46.88 47.82 49.28
WEEKLY 40.28 41.75 43.21 44.68 46.14 47.61 49.07
MONTHLY 26.98 31.11 38.52 42.65 50.06 54.19 61.60