GOLD

Gold continued its bullish trajectory all week and has been relentless in making higher highs, managing to retake levels not seen since May as it topped out at 1290.00 before retracing to 1281.00. the hourly chart has the precious metal firmly in an uptrend after bulls leveraged the trend line, 50 and 100 EMA`s and the 50% fibo level confluence in their favour. A break above 1288 will see bulls look to make higher highs with targets at 1290.00, 1295.00 and the all-important 1300.00 handle. However, should bears manage to recapture 1281.00, we could see a potential bear recovery as they look to make a lower low below 1276.00 setting the scene for a potential trend change with targets at 1275, 1270 and 1265.


TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1268.40 1273.10 1280.30 1285.00 1292.20 1296.9 1304.10
WEEKLY 1205.76 1221.13 1247.26 1262.63 1288.76 1304.13 1330.26
MONTHLY 1069.00 1134.00 1174.40 1239.40 1279.80 1344.80 1385.20
 

EUR/USD

Bears leveraged the H4 50 and 100 EMA`s to their advantage, driving the pair deeper into the fibo retracements as they look change the medium term trend to bearish. However, bulls have made a stand at the 23.6% as they attempt one final drive for higher highs and should they maintain their grip on 1.1200, we expect them to target 1.1225, 1.1250 and 1.1275 as they look to finally overcome key resistance formed by the EMA`s. Should bears capture 1.1200, they would look to target 1.1175, 1.1150 and 1.1125, thus making a lower low, potentially turning the medium term bearish.


TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1057 1.1123 1.1166 1.1232 1.1275 1.1341 1.1384
WEEKLY 1.1017 1.1130 1.1191 1.1304 1.1365 1.1478 1.1539
MONTHLY 1.0426 1.0761 1.0947 1.1282 1.1468 1.1803 1.1989
 

USDJPY

Bears could not capture 105.50 as bulls threw everything at defending the key support level. Currently the pair has retraced to the 23.6% fibo of the latest wave down where the battle for the direction of the pair will be held. Bears still have the momentum on their side and will be looking to make a final drive lower in an attempt to capture the 105.50 support level with interim targets at 106.25, 106.00 and 105.75. Bulls, will look to take advantage of the market flattening out by capturing the 106.60 level, effectively making a higher high, sending the pair into consolidation and putting a trend change back on the cards. Upside targets are at 106.50, 106.75 and 107.00.


TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 104.89 105.26 105.68 106.05 106.47 106.84 107.26
WEEKLY 104.50 105.37 106.18 107.05 107.86 108.73 109.54
MONTHLY 101.06 103.29 107.00 109.23 112.94 115.17 118.88
 

AUDUSD

The pair has found support on the H4 50 and 100 EMA`s and has formed a double bottom as bulls look to drive the pair higher. Bulls will look to capture 0.7400, making a higher high with an eye on 0.7425, 0.7450 and 0.7475. Bears will be well aware of the bull’s targets and we expect them to throw everything at defending 0.7400 at which they will hope to hold the bulls and gather enough momentum to retake 0.7375, 0.7350 and 0.7325, effectively changing the short term trend back to bearish.


TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7247 0.7289 0.7321 0.7363 0.7395 0.7437 0.7469
WEEKLY 0.7094 0.7203 0.7287 0.7396 0.7480 0.7589 0.7673
MONTHLY 0.6428 0.6785 0.7009 0.7366 0.7590 0.7947 0.8171