EUR/USD

The EURUSD broke to the upside after finding support just above 1.1050 and breaking through the down-slope from its consolidation phase. Currently the pair is testing our upside target of 1.1250. Bulls will look to target 1.1300, 113.50 and the 2016 highs of 1.1375. However, the pair is looking heavy as the H4 stochastic trades in overbought levels and the H1 stochastic has diverged from the higher highs made by the pair. Should 1.1250 hold, we would see bears try for 1.1200, 1.1150 and 1.1100.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0920 1.0989 1.1103 1.1172 1.1286 1.1355 1.1469
WEEKLY 1.0508 1.0664 1.0908 1.1064 1.1308 1.1464 1.1708
MONTHLY 1.0100 1.0456 1.0665 1.1021 1.1230 1.1586 1.1795
 

GBP/USD

GBPUSD has been set up for a bearish head and shoulders after bears managed to recapture the 1.4150 support before bulls managed a short retrace to 1.4250, should this level hold, we would see the right shoulder develop as bears look to control the area. A close below 1.4200 would get early adopters excited and we would see the pair look to test 1.4150, 1.4100 and 1.4050, which would confirm that the longer term downtrend has been re-established. However, should bulls capture 1.4300, they will look to negate the bearish pattern by reaching for 1.4450 via 1.4350 and 1.4400.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3892 1.3973 1.4112 1.4193 1.4332 1.4413 1.4552
WEEKLY 1.3868 1.3992 1.4190 1.4314 1.4512 1.4636 1.4834
MONTHLY 1.2773 1.3303 1.3609 1.4139 1.4445 1.4975 1.5281
 

USD/JPY

USDJPY was capped at 113.80 and is currently trading at 111.72 after bears captured the H4 50 and 100 EMA`s with force, breaking the recent uptrend line and firmly closing below 1.1300. Current downside targets are at 111.00, 110.50 and 110.00. H4 stochastic are oversold and a halt at 111.50, would see bulls try for 112 and possibly 112.50 and 113.00.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 110.68 111.51 112.16 112.99 113.64 114.47 115.12
WEEKLY 110.00 111.07 112.42 113.49 114.84 115.91 117.26
MONTHLY 98.10 104.54 108.62 115.06 119.14 125.58 129.66
 

GOLD

Gold bulls staged a battle for support at 1225 and managed to overcome the bears, breaking through multiple resistance points to finish the day at 1263. As it stand, gold has retraced 61.8% of its recent down move with upside targets at 1265, 1270 and 1275. Downside targets are at 1255, 1250 and 1245.

GOLD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1199.16 1213.23 1236.56 1250.63 1273.96 1288.03 1311.36
WEEKLY 1171.06 1194.83 1232.36 1256.13 1293.66 1317.43 1354.96
MONTHLY 1000.36 1057.83 1145.86 1203.33 1291.36 1348.83 1436.86