CRUDE OIL

Bulls where rejected at 50.25 as bears hammered them lower in a last ditch attempted to capture recent highs. Bears came in with force driving prices over 2% lower from the highs, managing to capture 48.80, making a lower low in an attempt to turn sentiment bearish. As it stands, markets are expected to pull back, testing the 49.40 region where the battle for direction will take place. Bulls will be looking to close above the level with hopes of retesting previous highs and making a new high in an attempt to negate the effects of the lower low. Bears will look to maintain control at this level, making a lower high and breaking below 48.80 with targets at 48.50, 48.00 and 47.50.


CRUDE OIL
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 47.11 47.94 48.43 49.26 49.75 50.58 41.07
WEEKLY 44.94 46.17 47.75 48.98 50.56 51.79 53.37
MONTHLY 26.98 31.11 38.52 42.65 50.06 54.19 61.60
 

GOLD

Bulls have managed to drive prices just short of their second target at 1220 before stumbling at the 100 EMA and giving back 5 USD to the prowling bears who will look to retest 1200 before the day is over. Should bulls capture 1220, they will look to drive prices higher with targets at 1230, 1240 and 1250 as they look to make higher highs. Bears, on the other hand, will look to capture 1210 and target 1200, 1190 and 1180 as they leverage the longer term bearish momentum.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1202.76 1206.63 1212.91 1216.78 1223.06 1226.93 1233.21
WEEKLY 1151.06 1178.73 1196.26 1223.93 1241.46 1269.13 1286.66
MONTHLY 1147.46 1178.33 1233.76 1264.63 1320.06 1350.93 1406.36
 

EUR/USD

Bulls took the driving seat in early trade, managing to drive price to just short of the 1.1175 resistance level in what appeared to be a bullish recovery, but bears took the higher prices as an invitation to get in at a better price and were quick to leverage the 61.8 fibo level to their advantage as they drove prices below the day’s open and managing a lower low which implies the move down still has some legs. Downside targets are at 1.1100, 1.1075 and 1.1050. Upside targets are at 1.1150, 1.1175 and 1.1200.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1062 1.1092 1.1113 1.1143 1.1164 1.1194 1.1215
WEEKLY 1.0928 1.1017 1.1066 1.1155 1.1204 1.1293 1.1342
MONTHLY 1.1037 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

AUD/USD

AUD bulls have been impressive this week, posting more than 150 pips in gains against the USD as they look to re-establish the bullish bias. The pair has managed to make higher highs and higher lows, implying that the trend for now is up with bulls likely to enter the market again as price dips into the 0.7250 region, where key support is expected. Upside targets are at 0.7275, 0.7300and 0.7325. However, bears will be looking to quickly erase the recent losses and attract more sellers by capturing 0.7250 and ultimately 0.7210 in hopes of making a lower low with targets at 0.7200, 0.7175 and 0.7150.


AUD/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7110 0.7148 0.7192 0.7230 0.7274 0.7312 0.7356
WEEKLY 0.7010 0.7076 0.7130 0.7196 0.7250 0.7316 0.7370
MONTHLY 0.7100 0.7294 0.7448 0.7642 0.7796 0.7990 0.8144