EURUSD

EURUSD finished last week in negative territory, roughly 200 pips lower from its open. This weeks open saw the pair gap down 20 pips to 1.0912, the 23% fibo retracement from recent highs. Bulls have since resurfaced and have taken charge and the pair is currently trading at 1.0950 with resistance at 1.0968, 1.1000 and 1.1050 in their paths. However, The hourly stochastics are pointing south and bears will be lying in wait at one of the resistance levels to drive the pair lower, with targets at 1.0940, 1.0912 and 1.0850.

EURUSD

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0898 1.0905 1.0914 1.0921 1.0930 1.0937 1.0946
WEEKLY 1.0624 1.0767 1.0702 1.0844 1.0979 1.1121 1.1305
MONTHLY 1.0425 1.0567 1.0702 1.0844 1.0979 1.1121 1.1256
 

GBPUSD

Cable shed north of 500 pips last week as multiple stops were triggered as the pair tests multi year lows not seen since 2008 and just a few hundred pips off its 1980`s lows. The pair gaped lower this week but has managed to recover mildly to just above the 1.3900 resistance level, with stochastic firmly in overbought territory. Bears are expected to re-enter the game once they manage a firm close below 1.3900 with target at 1.3840, 1.3800 and 1.3750. Upside targets lie at 1.3950 and 1.4000.

GBPUSD

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3845 1.3851 1.3856 1.3862 1.3867 1.3873 1.3878
WEEKLY 1.3238 1.3545 1.3707 1.4014 1.4176 1.4483 1.4645
MONTHLY 1.3209 1.3644 1.3945 1.4380 1.4681 1.5116 1.5417
 

USD/JPY

USDJPY has flattened out, with bulls managing to close just above last week open. The H4 50 and 100 EMA`s are still sloping down with the 100 EMA acting as strong resistance, rejecting bull attempts to break through. Upside targets are at 113.80, 114.50 and 115.00 which would see stops triggered and bulls taking control in the medium term. Should bears successfully defend the 50 EMA we would see them drive lower with targets at 112.00, 110.96 and 110.50 as they look to extend their strength deeper into 2014 prices.

USD/JPY

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 113.10 113.33 113.53 113.76 113.96 114.19 114.39
WEEKLY 109.06 110.05 112.02 113.01 114.98 115.97 117.94
MONTHLY 111.70 113.83 117.44 119.57 123.18 125.31 128.92
 

CRUDE OIL

Crude managed to briefly peak through 35 USD after a bullish run on 34, but were stopped in their tracks and crude is trading lower at 33.50. Daily charts show a divergence in the price and the stochastic oscillator, and together with the price having found the daily 50 EMA, could make for a good entrance for a move south. Targets to the down side are at 33, 32 and 31. However, should bulls manage a break above 34 and 35, we would see a deeper correction with resistance at 38 and 39 USD being tested.

CRUDE OIL

 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 32.15 32.35 32.46 32.66 32.77 32.97 33.08
WEEKLY 24.74 27.11 29.95 32.32 35.16 37.53 40.37
MONTHLY 14.87 20.53 27.07 32.73 39.27 44.93 51.47