EUR/USD

The pair has pulled back from recent highs which have resulted in a higher high being put in by bulls and we may have a bullish head and shoulders forming as bulls look to turn the trend bullish. For now the pair is considered to be in consolidation with only a break above 1.1215 confirming a bullish trend change, while a close below 1.1100 would see the down trend continue. As it stands, upside targets are at 1.1175, 1.1200 and 1.1225 and downside targets are at 1.1125, 1.1100 and 1.1075.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1049 1.1097 1.1124 1.1172 1.1199 1.1247 1.1274
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
 

AUDUSD

Bears managed to put in a lower low but could not capture the all-important 0.7200 support level as bulls rallied together to push prices higher. The pair is considered to be consolidating with a bullish bias, and absent of a sharp move, one way or the other, we are likely to see range bound trading with bulls and bears oscillating between control. Upside targets are at 0.7275, 0.7300 and 0.7325 while downside targets are at 0.7225, 0.7200 and 0.7175.


AUDUSD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7129 0.7165 0.7197 0.7233 0.7265 0.731 0.7333
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
 

GOLD

The battle for control rages on as both sides have established their boundaries for this battle. Bulls have drawn the line at 1205 while bears have drawn the line at 1220 with both sides slowly advancing causing price to tighten as the tension rises. We have a pendant forming which will, by the looks of it, make 1212 the zone to watch with a sharp break above the uptrend line implying bulls have the control and will look to parade past 1220 to 1230 and 1240. However, long term momentum is with the bears and should they break to the downside of the pendant, we would expect a sharp move down with targets at 1200, 1190 and 1180.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1199.10 1204.05 1207.10 1212.05 1215.10 1220.05 1223.10
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
 

CRUDE OIL

Crude is consolidating around 49.50 USD per barrel as markets await fundamental news before deciding on the next direction to take. We will likely see some covering of positions and speculative position being placed which might cause some volatility in the commodity. Upside targets are at 50.50, 51 and 52. Downside targets are at 49.00, 48.50 and 48.00.


OIL
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 46.73 47.35 48.23 48.85 49.73 50.35 51.23
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