EURUSD

The pair continues to range and we are experiencing an extreme tightening as traders await todays key data. As it stands, if bulls manage to break north of the wedge, we would look for a retest, which if bulls can maintain, will see the pair climb higher. However, if the pair breaks below the bottom of the wedge and bears can manage to prevent bulls from re-entering, we would see the pair trade south.

  EURUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0559 1.0593 1.0619 1.0653 1.0679 1.0713 1.0739
WEEKLY 1.0307 1.0478 1.0565 1.0736 1.0823 1.0994 1.1081
MONTHLY 1.0046 1.0269 1.0461 1.0684 1.0876 1.1099 1.1291
 

GBPUSD

Cable continues to wind up as the wedge draws ever tighter. For now, 1.2475 is the key level which bears will defend and provided prices stay below this level, we expect the breakout to be to the downside with a capture of 1.2450 confirming this. However, a close above 1.2475 will imply further bullish pressure which will expose 1.2500 and beyond.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2382 1.2415 1.2442 1.2475 1.2502 1.2535 1.2562
WEEKLY 1.2165 1.2270 1.2410 1.2515 1.2655 1.2760 1.2900
MONTHLY 1.1716 1.1911 1.2230 1.2425 1.2744 1.2939 1.3258
 

USDJPY

The USDJPY has also entered consolidation ahead of today’s key data and we are seeing ever tightening wedge forming. As it stands, bulls will look to maintain their grip on 110.50 as a stepping stone to 110.75, 111.00 and 111.25 while bear swill look to capture 110.25 as a catalyst to further downside, exposing this years low and beyond.

  USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 109.47 109.87 110.34 110.74 111.21 111.61 112.08
WEEKLY 108.15 109.12 110.26 111.23 112.37 113.34 114.48
MONTHLY 103.71 106.90 109.14 112.33 114.57 117.76 120.00
 

GOLD

Gold found strong support at 1250 and bulls managed to make an impressive run of over 18 dollars to drive the precious metal to the 1268 resistance level before we saw a retrace to the 1260 support level. As it stands bulls will look to keep gold bid above 1260 in hopes of exposing 1265, 1270 and 1275 while bears will look to capture 1260 in hopes of shaking out some bulls and attracting more bears for a retest of 1255, 1250 and 1245.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1239.84 1245.57 1249.44 1255.17 1259.04 1264.77 1268.64
WEEKLY 1219.10 1228.90 1238.10 1247.90 1257.10 1266.90 1276.10
MONTHLY 1148.28 1172.23 1209.76 1233.73 1271.26 1295.23 1332.76