EUR/USD

The pair has flattened out as global markets re-balance and is currently trading at a pivot point confluence area with 1.0900 forming resistance. Should this level hold, bears will look for 1.0863, 1.0841 and 1.0802 as targets. However, a close above 1.0900 will see bulls try for 1.0934 and 1.09700.

EUR USD
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
INTRADAY 1.0823 1.0839 1.0862 1.0878 1.0901 1.0917 1.0940
DAILY 1.0688 1.0767 1.0811 1.0890 1.0934 1.1013 1.1057
WEEKLY 1.0537 1.0623 1.0777 1.0863 1.1017 1.1103 1.1257
MONTHLY 1.0058 1.0298 1.0579 1.0819 1.1100 1.1340 1.1621

GBP/USD

Bulls managed to lift prices off of multi year lows but were stopped just shy of the weekly pivot point, where bears reasserted themselves and drove prices lower. The pair looks set to retest 1.44943 and beyond to the Daily S1 at 1.4486 and the Weekly S1 of 1.4411. A break above the daily pivot point will see bulls regain momentum as they look to take out yesterday’s highs and attempt to close above the weekly pivot point of 1.4613 in hopes of gaining further support.

GBP USD
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
INTRADAY 1.4486 1.4501 1.4512 1.4527 1.4538 1.4553 1.4564
DAILY 1.4369 1.4430 1.4486 1.4547 1.4603 1.4664 1.4720
WEEKLY 1.4100 1.4302 1.4411 1.4613 1.4722 1.4924 1.5033
MONTHLY 1.4044 1.4383 1.4561 1.4900 1.5078 1.5417 1.5595

USD/CAD

The USDCAD continues to punish bears by flirting with ever higher prices. However, the 1.42675-1.4295 resistance zones could prove tricky for bulls to overcome and bears might yet see some of the pain recede. A close below 1.4200 will see a potential head and shoulders or double top begin to form as the bears defend this rally point.

USD CAD
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
INTRADAY 1.4169 1.4190 1.4217 1.4238 1.4265 1.4286 1.4313
DAILY 1.3924 1.3993 1.4109 1.4178 1.4294 1.4363 1.4479
WEEKLY 1.3560 1.3686 1.3928 1.4054 1.4296 1.4422 1.4664
MONTHLY 1.2707 1.2998 1.3419 1.3710 1.4131 1.4422 1.4843

CRUDE OIL

Crude is trading below the 2008 low of 32.70 relatively unchallenged but a large support zone is up ahead and will see some choppy trading as multi year lows continue to be challenged. As it stand, price is below the daily pivot of 31.80 with targets at 30.71 and 30.40. However if bulls manage to close above 31.80 we will see profit taking with 32.72 and 33.61 as possible targets.

CRUDE
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
INTRADAY 29.47 29.94 30.25 30.72 31.02 31.50 31.80
DAILY 28.08 29.48 30.40 31.80 32.72 34.12 35.04
WEEKLY 24.42 28.26 30.71 34.55 37.00 40.84 43.29
MONTHLY 25.02 29.50 33.27 37.75 41.52 46.00 49.77