EUR/USD

Bears continued their domination throughout yesterday, driving prices lower, capturing lows from March 2016. Currently the pair is off its worse levels as bears take a breather before the next assault with 1.1150 the new battle ground. Bears will look to control 1.1150 with hopes of gathering more shorts as they target 1.1125, 1.1100 and 1.1075. However, should bulls manage to capture 1.1150, they will target 1.1175, 1.1200 and 1.1225 in what will be major stepping stones in achieving some respite from the recent bearish onslaught.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1011 1.1072 1.1104 1.1165 1.1197 1.1258 1.1290
WEEKLY 1.0980 1.1079 1.1151 1.1250 1.1322 1.1421 1.1493
MONTHLY 1.1037 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

USDJPY

The USDJPY has been subject to a major tug of war with bulls managing to reverse all of the losses experienced on Monday. Currently, the pair is back at the 110.00 level where its fate will be decided. Bears will be looking to leverage the daily 50 EMA in their favour, hoping to attract more shorts and shaking off bulls as they look to target 109.50, 109.00 and 108.50. However, bulls will be reluctant to give up yesterday momentum and we expect them to attack 110.00 with all they have as they look to overcome the daily 50 EMA opening the gate ways for 110.50, 111.00 and 111.50.


USDJPY
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.47 108.82 109.49 109.84 110.51 110.86 111.53
WEEKLY 106.69 107.56 108.85 109.72 111.01 111.88 113.17
MONTHLY 96.89 101.58 103.21 107.90 109.53 114.22 115.85
 

AUDUSD

AUDUSD bears were stopped dead in their tracks just above 0.7140 as bull’s leveraged the support level in their favour, gathering strength and driving prices back above the all-important 0.7200 level. The short term trend is still down with the pair currently testing the hourly 50 and 100 EMA confluence zone, fraught with several Fibonacci retracement levels. Bears will look to recapture 0.7200, which would see bulls retreat and give the bears open gateways to 0.7150, 0.7100 and 0.7050. However, should bulls maintain their current grip on 0.7200, we expect them to make a move for 0.7250, which would send short scurrying and set up the potential for a bullish head and shoulder which would more than likely scare off bears and attract more bulls in what will prove to be an epic battle to convert the short term trend to bullish.


AUDUSD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7070 0.7108 0.7149 0.7187 0.7228 0.7266 0.7307
WEEKLY 0.6945 0.7059 0.7141 0.7255 0.7337 0.7451 0.7533
MONTHLY 0.7100 0.7294 0.7448 0.7642 0.7796 0.7990 0.8144
 

USDCAD

Bulls could not reach the coveted 1.3200 target as they were battered away just short of their target by a very determined bearish force who stood their ground well. Bears have currently taken the lead from the discouraged bulls and are trading over 100 pips lower than the recent highs managed by the bulls. Currently 1.3100 is the new point of defence for bears who are looking to drive prices back below 1.3000 with interim target at 1.3075, 1.3050 and 1.3025. Bulls will begin to consider these levels as bargain buys and we expect skirmishes to attempt a cheeky move higher, should they capture 1.3100, we would expect more bulls to enter and bears to take profit as bulls gather strength for a final attempt to the upside with targets at 1.3125, 1.3150 and 1.3175.


USDCAD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2979 1.3033 1.3080 1.3134 1.3181 1.3235 1.3282
WEEKLY 1.2582 1.2708 1.2911 1.3037 1.3240 1.3366 1.3569
MONTHLY 1.2021 1.2437 1.2722 1.3138 1.3423 1.3839 1.4124