EUR/USD

The pair formed a bearish head and shoulder formation on the H1 time frame and is currently completing the right shoulder. Aggressive traders can begin entering short while more conservative traders can wait for a break of the neckline at 1.0975 before entering, with targets at 1.0950, 1.0925 and 1.0900. However, should bulls manage to capture 1.1000, the pattern will be less reliable, with a close above 1.1025 negating the head and shoulders and implying further upside to 1.1050, 1.1075 and 1.1100.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
Daily 1.0910 1.0943 1.0965 1.0998 1.1020 1.1053 1.1075
Weekly 1.0787 1.0869 1.0923 1.1005 1.1059 1.1141 1.1195
Monthly 1.0339 1.0624 1.0864 1.1149 1.1389 1.1674 1.1914
 

GBPUSD

Bulls fought well to drive price back above 1.3150 after a strong sell off by bears which saw the pair make lows of around 1.3050. Currently, sentiment is still a bearish with a wedge forming. A break to the downside, would see 1.3100 being tested with further targets at 1.3075, 1.3050 and 1.3025. However, a break to the upside, would see 1.3150 being retested and potentially giving way to 1.3175, 1.3200 and 1.3225.


GBPUSD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
Daily 1.2941 1.2998 1.3065 1.3122 1.3189 1.3246 1.3313
Weekly 1.2755 1.2908 1.3010 1.3163 1.3265 1.3418 1.3520
Monthly 1.0706 1.1912 1.2611 1.3817 1.4516 1.5722 1.6421
 

USDJPY

The pair dropped over 175 pips in early trade but was quickly snapped up by bargain hunting bulls to trade back above yesterdays open as bulls tested deep into the 106 resistance zone, with highs of 106.60 before relinquishing some ground to the 105.00 support zone. Currently the pair is technically bearish with 106.00 forming key resistance, which should bears hold, will see support being tested at 105.50, 105.25 and 105.00. However, should bulls recapture 106.50, we would see further upside with targets at 106.75, 107.00 and 107.25.


USDJPY
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
Daily 101.88 102.93 103.79 104.84 105.70 106.75 107.61
Weekly 102.48 103.76 104.92 106.20 107.36 108.64 109.80
Monthly 86.20 92.64 97.97 104.41 109.74 116.18 121.51
 

GOLD

Gold failed to break above 1325 as bears continued to pressure the precious metal lower. Currently the pair is trading at 1318 with resistance at 1320 and support at 1315. A break to the upside would expose 1325, 1330 and 1335. However, a break south below 1315, will expose support at 1310, 1305 and the 1300 handle.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
Daily 1312.06 1313.63 1317.16 1318.73 1322.26 1323.83 1327.36
Weekly 1286.74 1299.77 1311.44 1324.47 1336.14 1349.17 1360.84
Monthly 1080.46 1142.93 1230.66 1293.13 1380.86 1443.33 1531.06