EUR/USD

The EURUSD continues to grind lower as bears continue their assault, and is currently testing the 1.1150 support zone. Should bears manage to capture this level, they will look to capture 1.1100 and 1.1050 which would trigger stops as bulls exit and bears enter in what would be considered a potential continuation of the longer term down trend. Bulls will be fully aware of this and will look to make their stand, leveraging the oversold stochastics and H4 EMA`s to their advantage as they try convince participants to forgo the current bearish bias. A recapture of 1.1168 would see bulls target 1.1200, 1.1250 and 1.1300.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1081 1.1119 1.1148 1.1186 1.1215 1.1253 1.1282
WEEKLY 1.0811 1.0933 1.1101 1.1223 1.1391 1.1513 1.1681
MONTHLY 1.0100 1.0456 1.0665 1.1021 1.1230 1.1586 1.1795
 

GBP/USD

GBPUSD bears continue to dominate and are currently on track to retest the 1.4050 support level after already shedding around 400 pips this week. Should they capture 1.4050, we would expect the pair to rebound briefly on profit taking to around the 1.4200 level before being driven lower. Downside targets are at 1.4000, 1.3950 and 1.3900. However, should bulls manage to recapture 1.4100, we would expect a brief move higher, with targets at 1.4150, 1.4200 and 1.4240.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3906 1.3993 1.4054 1.4141 1.4202 1.4289 1.4350
WEEKLY 1.3717 1.3884 1.4183 1.4350 1.4649 1.4816 1.5115
MONTHLY 1.2773 1.3303 1.3609 1.4139 1.4445 1.4975 1.5281
 

USD/JPY

USDJPY gains were capped by the 113.00 resistance level and looks set for a move lower as bears look to leverage the H4 100 EMA and overbought diverging stochastics to gain followers. Downside targets are at 112.50, 112.00 and 111.00. However, should bulls capture 113.00, we would expect stops to be triggered, driving the pair higher as the 100 EMA turns to support and bulls target 113.50, 114.00 and 114.50.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 111.24 111.68 112.05 112.49 112.86 113.30 113.67
WEEKLY 106.77 108.71 110.14 112.08 113.51 115.45 116.88
MONTHLY 98.10 104.54 108.62 115.06 119.14 125.58 129.66
 

AUD/USD

The AUDUSD has just retested and failed to break below the 23.6 % fibo retracement support after making highs of 0.76800. The pair is currently trading just below 0.7500, where bears will look to hold the pair in hopes of a retest lower. However, the current down move looks over extended for now as we see bulls re-enter on oversold stochastics and the lower Bollinger band acting as support.

AUD/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7342 0.7428 0.7480 0.7566 0.7618 0.7704 0.7756
WEEKLY 0.6928 0.7021 0.7075 0.7168 0.7222 0.7315 0.7369
MONTHLY 0.6695 0.6833 0.6987 0.7125 0.7279 0.7417 0.7571