EURUSD

The pair continues to range ahead of today’s key data with either side unable to make a clear break, implying that when the break does come, we will see a significant run. Bulls will look to capture the 1.0675 resistance level to expose 1.0700, 1.0725 and 1.0750 while bears will look to retake the 1.0650 in hopes of continuing the medium-term trend to the downside with targets at 1.0625, 1.0600 and 1.0575.

  EURUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0576 1.0604 1.0634 1.0662 1.0692 1.0720 1.0750
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, 1.2500 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 1.2475 confirming this. However, a close above 1.2500 will imply further bullish pressure which will expose 1.2600.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2354 1.2387 1.2435 1.2468 1.2516 1.2549 1.2597
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 pair experience a volatile day yesterday as we saw bulls take the early lead to drive the pair over 100 pips higher before being stopped dead in their tracks and bears reentering to drive the pair aggressively lower for a retest of the 110.25 support level. As It stands, 110.25 is the key level for bears to capture should they wish for further downside while bulls will look to maintain their grip on 110.50 as a stepping stone to a more sustained run up.

  USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 109.35 109.93 110.31 110.89 111.27 111.85 112.23
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 whipsawed yesterday as we saw the precious metal sell off hard in early trade only to be supported above 1242 before being driven back above the 1255 resistance level and now settling below 1255. Bears have the edge provided they can stay below 1255, and a capture of 1250 would entice more sellers to enter. However, if 1255 is retaken, bulls will be in the driving seat to test the 1275 level.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1228.94 1237.17 1242.84 1251.07 1256.74 1264.97 1270.64
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