EURUSD

The pair bottomed out at 1.0590 after a strong bearish drive from the 1.0650 resistance level. As it stands bulls have managed to drive prices to the 1.0625 resistance level where we have the 50% fibo and the stochastic providing a resistance area where bears are looking to reignite a move down with targets at 1.0600, 1.0575 and 1.0550. However, bulls will be hard pressed to give back the ground and will look to close above 1.0625 in hopes of driving the pair to the 1.0675 resistance point, effectively negating the short term bearish trend and making way for a move higher.

  EURUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0504 1.0547 1.0572 1.0615 1.0640 1.0683 1.0708
WEEKLY 1.0366 1.0486 1.0563 1.0683 1.0760 1.0880 1.0957
MONTHLY 1.0011 1.0175 1.0486 1.0650 1.0961 1.1125 1.1436
 

GBPUSD

Bulls continue to drive price higher as we see several levels of resistance broken. However, the 23.6% fibo appears to have held up and only a close above 1.2550 will open the way for a move higher to 1.2575, 1.2600 and 1.2625. If bears can take control of the 1.2525, taking advantage of the resistance and the overbought stochastics, we would see further downside with targets at 1.2500, 1.2475 and 1.2450.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2410 1.2439 1.2483 1.2512 1.2556 1.2585 1.2629
WEEKLY 1.2120 1.2232 1.2361 1.2473 1.2602 1.2714 1.2843
MONTHLY 1.1451 1.1715 1.2147 1.2411 1.2843 1.3107 1.3539
 

CRUDE OIL (WTI)

Crude oil topped out at the 54.50 resistance level which has held up to several bullish attacks. Bears will look to keep price below 53.50 in hopes of targeting 53, 52.50 and 52 as they look for the bottom of the recent range. However, if bulls can retake 53.50, we could see further upside as bulls give one more go at breaking 54.50 with an interim target at 54.

  CRUDE OIL

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 51.31 52.04 52.49 53.22 53.67 54.40 54.85
WEEKLY 49.10 50.16 52.01 53.07 54.92 55.98 57.83
MONTHLY 46.07 48.39 50.60 52.92 55.13 57.45 59.66
 

GOLD

Gold remains relatively flat on the week after initial selling was halted and reversed by determined bulls. Currently the precious metal is trading between the 1225 support area and the 1230 resistance area. If bears manage to capture 1225, we would see the potential for further downside with targets at 1220, 1215 and 1210 while if bulls can capture 1230, we would see further upside with potential targets at 1235, 1240 and 1245.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1206.46 1212.73 1218.56 1224.83 1230.66 1236.93 1242.76
WEEKLY 1195.24 1206.87 1220.64 1232.27 1246.04 1257.67 1271.44
MONTHLY 1091.24 1118.87 1163.74 1191.37 1236.24 1263.87 1308.74