EUR/USD

The EURUSD experienced choppy trade yesterday with bulls capturing 1.1300 and reaching all three of our suggested upside targets, until bears stepped in an stopped their run at 1.1375 and proceeded to drive the pair back down below 1.1300. As it stand we are back at the 1.1300 battle zone where the future of the pair will be decided. The bulls will be looking to capture 1.1300 and retest 1.1325, 1.1350 and 1.1375. However, the momentum appears to be bearish with the 1.1300-1.1325 zone full of resistance in the form of the 61.8% fibo and H4 50 and 100 EMA`s which bears will look to leverage as they target 1.12750, 1.1250 and 1.1225.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1113 1.1192 1.1241 1.1320 1.1369 1.1448 1.1497
WEEKLY 1.0952 1.1092 1.1187 1.1327 1.1422 1.1562 1.1657
MONTHLY 1.0402 1.0611 1.0995 1.1204 1.1588 1.1797 1.2181
 

GBP/USD

The pair retested recent highs after bears managed to retest 1.4300 but could not reach the 1.4450 target and has subsequently fallen back to support in the form of the H1 50 and 100 EMA`s. Despite the stochastics beginning to paint oversold levels the bulls look to be in the driving seat as they battle for 1.4350 with targets at 1.4400 and 1.4450. However, should bears manage to close below 1.4350 they will try make a run for 1.4300 as they break heavy support and gather momentum with targets at 1.4240 and 1.4200.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4128 1.4214 1.4268 1.4354 1.4408 1.4494 1.4548
WEEKLY 1.3812 1.3950 1.4072 1.4210 1.4332 1.4470 1.4592
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4620 1.4877 1.5236
 

USD/JPY

USDJPY gently slid to just below 109.50 in yesterday’s trade before bulls resurfaced today, capturing 109.50 and currently trading around the 110.00 resistance level. If bulls manage to keep their grasp on 110, we would expect them to make a run for 110.50 and 111.00 as they look to reverse recent losses. However, bears will be reluctant to give up 110 and should they manage to drive prices below this level, they will look to target 109.50, 109.00 and 1.0850.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.68 109.00 109.23 109.55 109.78 110.10 110.33
WEEKLY 105.51 106.56 107.67 108.72 109.83 110.88 111.99
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

CRUDE OIL

Crude has found resistance at 44 and we are seeing an all-out battle between bulls and bears at this level. Should bulls manage to capture 44, we would see them drive higher as they target 45, 46 and 47 USD P/bbL. However, bears will be reluctant to give up their good work from yesterday as they look to turn the tide and continue the longer term downward trend with initial targets at 43, 42 and 41.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 41.46 42.47 42.86 43.67 44.26 45.07 45.66
WEEKLY 35.77 37.51 38.94 40.68 42.11 43.85 45.28
MONTHLY 25.31 29.34 33.84 37.87 42.37 46.40 50.90