EUR/USD

As the daily chart shows, the EURUSD has found heavy resistance at the 1.1400/50 region which bears are trying to leverage to their advantage. Bulls were discouraged on Friday and we could see some profit taking as they look to build strength lower down. As it stands, bears are likely to make a run for 1.1350 and 1.1300 which is where we expect bulls to begin resurfacing as the pair approaches the daily 50 EMA. Upside targets remain at 1.1400, 1.1450 and 1.1500.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1376 1.1382 1.1389 1.1395 1.1402 1.1408 1.1415
WEEKLY 1.0934 1.1044 1.1217 1.1327 1.1500 1.1610 1.1783
MONTHLY 1.0409 1.0616 1.0998 1.1205 1.1587 1.1794 1.2176
 

GBP/USD

Our sell at 1.4450 is around 250 pips in the money as the potential right shoulder of a bearish head and shoulder turned out to be a good entry for aggressive traders. 1.4150 was however heavily defended by bulls and we are likely to see the level retested as bears look to drive the pair lower. Support is at 1.4200, 1.4150 and 1.4100. Upside targets are at 1.1240, 1.4300 ad 1.4350, which will all be heavily fortified by bears as the confluence of the H4 50 and 100 EMA looms.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4204 1.4210 1.4217 1.4223 1.4230 1.4236 1.4243
WEEKLY 1.3738 1.3929 1.4077 1.4268 1.4416 1.4607 1.4755
MONTHLY 1.3399 1.3652 1.4008 1.4261 1.4617 1.4870 1.5226
 

USD/JPY

USDJPY traded in its 111.00 and 114.50 consolidation range for the 7th consecutive week as the pair looks for direction. Currently bears are looking to retest the 111.00 zone with downside targets at 110.50, 110.00 and 109.50. Should bulls manage to hold this level yet again, we would see them push for 112.00, 112.50 and 113.00 as the two battle it out for direction.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 111.35 111.46 111.58 111.69 111.81 111.92 112.04
WEEKLY 108.71 110.15 110.93 112.37 113.15 114.59 115.37
MONTHLY 106.71 108.69 110.60 112.58 114.49 116.47 118.3
 

GOLD

GOLD bears have successfully controlled the upside pressure from the bulls and have leveraged the 1240 zone to rally and push the precious metal lower, despite several attempts by bulls to push higher. Currently the pair is trading at 1215, with a break below 1209 to open the way for 1200. A surprise resurgence by bulls, whereby they recapture 1220, could see 1224, 1230 and possibly 1240 being retested.

GOLD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1215.64 1217.57 1219.74 1221.67 1223.84 1225.77 1227.94
WEEKLY 1170.14 1189.67 1205.94 1225.47 1241.74 1261.27 1277.54
MONTHLY 1131.86 1170.93 1202.56 1241.63 1273.26 1312.33 1343.96