EUR/USD

Yesterday saw a period of consolidation as markets seek further direction with the upside capped by the H1 50 and 100 EMA band which coincides with the 1.1100 handle. A failure to break above this area will see bears continue the medium term bearish assault with targets at 1.1050, 1.1025 and 1.1000. However, a close above 1.11000 will imply that bulls are not done yet and we would expect targets at 1.1125, 1.1150 and 1.1175.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0986 1.1019 1.1041 1.1074 1.1096 1.1129 1.1151
WEEKLY 1.0812 1.1089 1.1013 1.1091 1.1214 1.1292 1.1415
MONTHLY 1.0339 1.0624 1.0864 1.1149 1.1389 1.1674 1.1914
 

GBPUSD

Cable bulls could not break above the 1.3050 resistance level as bears ensured that the 50 EMA was well protected, driving prices back to 1.2875, making a lower low and setting up a potential bearish head and shoulder which is busy forming the right shoulder. Should bears capture 1.2975, more aggressive traders can enjoy the ride lower to 1.2900, 1.2875 and 1.2850. However, should bull manage to capture 1.3000, there is a good chance that they will make run for 1.3050 which would negate the head and shoulders and imply further upside with targets at 1.3075, 1.3100 and 1.3125.


GBPUSD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2675 1.2777 1.2843 1.2945 1.3011 1.3113 1.3179
WEEKLY 1.2620 1.2869 1.3066 1.3315 1.3512 1.3761 1.3958
MONTHLY 1.0706 1.1912 1.2611 1.3817 1.4516 1.5722 1.6421
 

USDJPY

The pair has managed to make a higher high after finding key support just above the 100 handle and is currently testing the 100.50 level as bulls look to continue a short term run to the north by puting in a higher low by recapturing 101.00 and forming the right shoulder of a potential head and shoulder with targets at 101.25, 101.50 and 101.75. However, should bears recapture 100, we are likely to see lower prices with targets at 99.75, 99.50 and 99.25.


USDJPY
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 99.84 100.22 100.49 100.87 101.14 101.52 101.79
WEEKLY 99.43 100.40 101.47 102.44 103.51 104.48 105.55
MONTHLY 86.20 92.64 97.97 104.41 109.74 116.18 121.51
 

GOLD

Gold continued to slide from its multi-year highs of 1375 and is currently in the process of forming a triangle which will help in determining the direction of the precious metal as it winds up tighter and tighter ready to break out. A close above 1365 would imply bulls are in the driving seat and we would expect to see a run on recent highs at 1375 and higher to 1385 and 1395. However, a close below 1355 would imply that the retracement will deepen with targets at 1350, 1340 and 1330.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1334.34 1342.42 1352.44 1360.52 1370.54 1378.62 1388.64
WEEKLY 1284.86 1298.23 1317.46 1330.83 1350.06 1363.43 1382.66
MONTHLY 1080.46 1142.93 1230.66 1293.13 1380.86 1443.33 1531.06