EUR/USD

The pair continues to consolidate after last week’s heavy selloff with bears displaying a slight edge as price slowly squeezes lower, forming a descending channel. Bulls have managed to control 1.1135 and are currently retesting 1.1150 as they look to confirm a break of the upper channel line, which will see them target 1.1175, 1.1200 and 1.1225. However, should bears capture 1.1135, we are likely to see the down trend continue as they target 1.1125, 1.1100 and 1.1075.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1044 1.1086 1.1114 1.1156 1.1184 1.1226 1.1254
WEEKLY 1.0951 1.1064 1.1131 1.1244 1.1311 1.1424 1.1491
MONTHLY 1.0766 1.0858 1.1016 1.1108 1.1266 1.1358 1.1516
 

GBPUSD

The cable continues to consolidating between 1.3125 and 1.3060, and is currently trading at the midpoint of the range as further direction is sought. Should bears close below 1.3075, we would expect a retest of 1.3050, 1.3025 and 1.3000. However, should bulls capture 1.3100, we would see them make a move for 1.3125, 1.3150 and 1.3175 as they seek to erase last week’s losses.


GBPUSD
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2990 1.3024 1.3053 1.3087 1.3116 1.3150 1.3179
WEEKLY 1.2762 1.2894 1.3017 1.3149 1.3272 1.344 1.3527
MONTHLY 1.2168 1.2482 1.2857 1.3171 1.3546 1.3860 1.4235
 

AUDUSD

Bear managed to power through support to capture lows of 0.7500, before bargain buying bulls entered the market as bears took profit, driving price back up to the 0.7525 resistance level. Bears will be eager to continue south with their new found momentum, and a break below 0.7500 will open the way for 0.7475, 0.7450 and 0.7425. However, should bulls capture 0.7525, we would see them target 0.7550 and 0.7575 which would put in a higher high, confirming consolidation and, if confirmed, potentially an end to the current down trend.


AUD/USD
 
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7394 0.7445 0.7478 0.7529 0.7562 0.7613 0.7646
WEEKLY 0.7365 0.7456 0.7510 0.7601 0.7655 0.7746 0.7800
MONTHLY 0.7172 0.7288 0.7443 0.7559 0.7714 0.7830 0.7985
 

GOLD

Bears managed to make new lows, capturing 1310, but the parade was short lived as bulls re-entered to drive price back to the 1315 resistance level. Bears have since taken back control and are marching south to retest 1310, which if they manage to capture , will open the path for 1305, 1300 and 1295. However, should bulls recapture 1315, we would see them run for 1320 and 1325, which would put in a higher high, placing the current downtrend into consolidation and signalling the potential end of the current sell off as more bulls enter the game.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1291.66 1299.83 1305.76 1313.93 1319.86 1328.03 1333.95
WEEKLY 1287.74 1302.37 1311.94 1326.57 1336.14 1350.77 1360.34
MONTHLY 1254.14 1283.47 1316.40 1345.57 1378.34 1407.67 1440.44