EUR/USD

The EURUSD hit our upside target of 1.1350 which was successfully defended by the bears, denying bulls the chance to breach this year’s highs of 1.1376. Currently the pair is back below 1.1300 and bears will be looking to retest 1.1250 which will be well defended by bulls. Further support can be found at 1.1200 and 1.1150. Bulls will be looking to gather their forces and rally to this year’s highs, triggering stops as they try to firm their positions. Upside targets are at 1.1400, 1.1450 and 1.1500.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1089 1.1146 1.1230 1.1287 1.1371 1.1428 1.1512
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 hit the wall at 1.4500 where bears stepped in to defend the pair. This is a significant resistance area, coinciding with the 23.6% Fibo level and the bearish cross from the H4 stochastic, which will likely see bears confident and looking to target 1.4400, 1.4350 and 1.4300. However, with the recent bout of momentum, bulls will try one last charge to break above 1.4500 with targets at 1.4550 and 1.4600.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4011 1.4115 1.4295 1.4399 1.4579 1.4683 1.4863
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 has managed to peak below 111.00 yet again but found strong support as the pair continues to trade in the same range for the last 5 weeks. Bulls will be looking to hold 111 and target 111.50, 112.00 and 112.50 as they try recoup some of this week’s losses. Bears will use one of these resistance levels as a spring board to attack deeper into this year’s lows, targeting 111.00, 110.50 and 110.00.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 108.03 109.34 110.35 111.66 112.67 113.98 114.99
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 failed to move much higher as the USD slid further yesterday it was instead capped at the 23.6% fibo level and is poised to form the right shoulder of a potential head and shoulders down. A close below 1255 will see more aggressive traders entering short, with targets at 1125 and below. Interim support is at 1255, 1250 and 1245, each of which could be used by bears to move lower as they covert thee areas of current support to resistance. A close above 1265 would have bears worried as the try defend 1270, a break of which will see bulls overconfident and driving for the highs at 1285, which would negate the head and shoulder pattern as we see higher moves.

GOLD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1239.56 1247.73 1253.76 1261.93 1267.96 1276.13 1282.16
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