EUR/USD

EURUSD bears have proven resilient and have overturned any bullish momentum evident in the earlier half of the week. Currently the pair is testing support at 1.1350 after bears made short work of 1.1400 and 1.1375 and the likely scenario is a retest of 1.1375, where bulls and bears will decide the fate of the pair, should bears manage to hold the level and break below 1.1350, we would see a continuation of the short term retracement with targets at 1.1325, 1.1300 and 1.1275. However, should bulls manage to capture 1.1375, they will target 1.1400, 1.1425 and 1.1450 which would imply the making of a bullish head and shoulders, turning sentiment bullish in line with the medium term sentiment.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1295 1.13333 1.1353 1.1391 1.1411 1.1449 1.1469
WEEKLY 1.1088 1.1236 1.1321 1.1469 1.1554 1.1702 1.1787
MONTHLY 1.107 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

GBP/USD

Yesterday’s strategy of buying above 1.4450 and selling below 1.4425 proved worthwhile as the pair continues to trade in a range bound fashion , albeit with a more negative tone after bears overturned strong bullish momentum, trading over 100 pips lower than yesterday’s high. Currently the pair is back below 1.4425 and 1.4400 seems more likely than ever as bears look to target 1.4350 and 1.4300. However, should bulls renter at these levels, we would expect them to try capture 1.4450, 1.4475 and 1.4500 as the tug of war between the two continues.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4267 1.4337 1.4391 1.4461 1.4515 1.4585 1.4639
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 daily chart we see that the pair is beginning to look heavy as bears have pushed prices back below the 50% fibo retracement level. Should this level hold, we would expect bears to enter heavily as they drive for 105.00. 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 107.25 107.74 108.42 108.91 109.59 110.08 110.76
WEEKLY 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

Currently the pair is oscillating around 47, with both forces throwing their all at trying to maintain their grip. Bulls will look to capture 47, using it as a gate way for 47.50, 48 and 49 in their laser point focused attempt to capture the flag at 50 USD. Bears, well aware of this, will look to hold 47 with targets at 46.50, 46 and 45.50 as they attempt to attract more sellers and perhaps force some bulls to take profit as the weekend approaches.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 44.25 44.94 45.64 46.33 47.03 47.72 48.42
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