EUR/USD

EURUSD broke out of its 8 day long range with bears gathering their strength and breaking below 1.1325 with force which left bulls with no option but to retreat. Bears continued to capture 1.1300 and are currently just above 1.1250 where bulls have resurfaced to try and support price. As it stands the short term trend is bearish and bears will look to take advantage of the current momentum, targeting 1.1250, 1.1200 and 1.1150. However, bulls still have the medium term trend in their favour, and they will be looking to drive prices higher as they look to retest the 1.1300, 1.1325 levels again.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1110 1.1189 1.1233 1.1312 1.1356 1.1435 1.1479
WEEKLY 1.1207 1.1267 1.1334 1.1394 1.1461 1.1521 1.1588
MONTHLY 1.0402 1.0611 1.0995 1.1204 1.1588 1.1797 1.2181
 

GBP/USD

Bears have taken full control as they trade over 200 pips lower than this week’s high, which bulls reached in their attempt to squeeze the shorts. Bears made quick work of their 1.4240, 1.4200 and 1.4150 targets and are or track to retest 1.4100, 1.4050 and 1.4000. However, should bull’s attempt to catch this falling knife and stem the bearish tide, we would see them try recapture 1.4200, 1.4240 and 1.4300 as they try reignite bullish hopes.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4066 1.4127 1.4158 1.4219 1.4250 1.4311 1.4342
WEEKLY 1.3665 1.3836 1.3980 1.4151 1.4295 1.4466 1.4610
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4295 1.4466 1.5236
 

USD/JPY

USDJPY is currently testing 109.50 after bulls managed to drive the pair just under 200 pips higher. Bears are beginning to re-enter at these bargain prices as the look to leverage the H4 50 EMA and the Stochastic turning down from overbought territories, and drive prices lower. As it stand bears will look to retest 109.00, 108.50 and 108.00. However, should bulls manage to capture 109.50 and close above the H4 50 EMA, we could see further gains in the pair as they target 110.00, 110.50 and key resistance at 111.00.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.90 108.22 108.82 109.14 109.74 110.06 110.66
WEEKLY 102.49 105.09 106.60 109.20 110.71 113.31 114.82
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

GOLD

The head and shoulders we pointed out certainly proved to be a well worthy trade as gold dropped more than 20 dollars after the formations appearance. As it stand, gold is currently testing key support at the 1230 region. If bears mange to capture this level, we would see them making a strong push for the 1200 handle with interim targets at 1220 and 1210. However, we might see some profit taking and a new flood of bull interest at these “bargain prices”, which may be enough to sway the balance and give the preсious metal a push higher. Upside targets are at 1240, 1250 and 1260.

GOLD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1219.64 1230.57 1236.74 1247.67 1253.84 1264.77 1270.94
WEEKLY 1194.66 1205.33 1223.66 1234.33 1252.66 1263.33 1281.66
MONTHLY 1131.86 1170.93 1202.56 1241.63 1273.26 1312.33 1343.96