EUR/USD

The EURUSD has found resistance at the 1.13750 level which is heavily fortified with past support turned resistance. Bears have valiantly defended the level despite numerous attacks by the bulls and will look to push the demoralised bulls to below 1.1350, where we expect more bears to enter as bulls retreat further, with targets at 1.1325, 1.1300 and 1.1250. However, should bulls manage to close above 1.1375 on the hourly chart, we would see them trip stops as the pair tests 1.1400, 1.1425 and 1.1450.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1231 1.1267 1.1313 1.1349 1.1395 1.1431 1.1477
WEEKLY 1.0952 1.1092 1.1187 1.1327 1.1422 1.1562 1.1657
MONTHLY 1.0402 1.0611 1.0995 1.1204 1.1588 1.1797 1.2181
 

GBP/USD

GBPUSD bulls took control yet again, driving prices to the 1.4400 resistance level and beyond but could not hold onto these gains as bears fortified the level and the pair closed below it. We are seeing bearish divergence which combined with oversold levels and Fibonacci resistance could spell the beginning of the continuation of the longer term down trend. Bears will be looking to target 1.4350, 1.4300 and 1.4240. However, should bulls halt the current drop to the 1.4350 levels, we could see them attempt one last push for 1.4400, with an hourly close above the level opening up the way for further upside wit targets at 1.4450, 1.4500 and 1.4550.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4172 1.4228 1.4307 1.4363 1.4442 1.4498 1.4577
WEEKLY 1.3812 1.3950 1.4072 1.4210 1.4332 1.4470 1.4592
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4620 1.4877 1.5236
 

USD/JPY

USDJPY bulls fell short of the 109.50 level as they ran out of steam and bears crept into the market. Currently the pair is trading below 109.00 which coincides with the h1 50 and 100 EMA`s. should bears close below this level we would see more downside pressure as they target 108.50 and 108.00. However, should bull manage to recapture 109.00, they would try reignite upside momentum, hoping to make one last run for 109.50 and beyond to 110.00 and 110.50.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.15 108.47 108.84 109.16 109.53 109.85 110.22
WEEKLY 105.51 106.56 107.67 108.72 109.83 110.88 111.99
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

CRUDE OIL

Crude has reversed all of yesterday’s gains and is currently trading at Mondays close after heavy selling overnight. The 41-41.50 zone proved too much for bulls to hold onto and bears made sure to enter, taking advantage of what they must consider a bargain price. Currently we are seeing the 40 USD/bbl being tested and should bears manage to hold onto it, we would see them attempt to capture 39, 38 and 37. However, should bulls manage to hold onto 40, we would see them make a last stand as they try for yesterday’s highs with targets at 41, 41.50 and 42.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 38.85 39.87 40.84 41.86 42.83 43.85 44.82
WEEKLY 35.77 37.51 38.94 40.68 42.11 43.85 45.28
MONTHLY 25.31 29.34 33.84 37.87 42.37 46.40 50.90