EUR/USD

Bears have managed to peak below 1.1100 as the pair continues to tumble. Currently, bulls have staged an intervention and are trading above this week’s open as they look to regain some composer. With the short term trend firmly bearish, bears will be looking to renter at higher prices as they sell rallies with the most likely trigger points being the 1.1150, 1.1175 and 1.1200 resistance levels. Downside targets are at 1.1100, 1.1050 and 1.1000.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1097 1.1102 1.1105 1.1110 1.1113 1.1118 1.1121
WEEKLY 1.0980 1.1017 1.1066 1.1155 1.1204 1.1293 1.1342
MONTHLY 1.1037 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

AUD/USD

Bears are back in the driving seat after selling last week’s rally and recapturing 0.7200 with a brief interlude below 0.7150. The short term bias is downwards with bears likely to target 0.7150, 0.7125 and 0.7100. However, the waves have become shorter and bulls have managed to retest as high as the 23.6% fibo level, indicating that bearish momentum is fading and should bulls capture 0.7200, we would see them target 0.7250 as they try change the short term trend to bullish by making higher highs and higher lows.


AUD/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7163 0.7170 0.7174 0.7181 0.7185 0.7192 0.7196
WEEKLY 0.7010 0.7076 0.7130 0.7196 0.7250 0.7316 0.7370
MONTHLY 0.7100 0.7294 0.7448 0.7642 0.7796 0.7990 0.8144
 

GOLD

Gold has fallen over 100 USD this month and is currently testing key support at 1200 which is touted to be a key level in deciding the direction of the precious metal over the next few months. Bulls have defended the level for now and are likely to stage an attack on higher prices aided by bears taking profit and bargain hunters entering the market. Upside targets are at 1210, 1220 and 1230 while bears will be looking to retake 1200, with targets at 1190, 1180 and 1170.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1188.94 1197.67 1205.74 1214.47 1222.54 1231.27 1239.34
WEEKLY 1151.06 1178.73 1196.26 1223.93 1241.46 1269.13 1286.66
MONTHLY 1147.46 1178.33 1233.76 1264.63 1320.06 1350.93 1406.36
 

CRUDE OIL

Crude managed to peek above 50 USD per barrel and has since come off as bulls take profit and bears enter at the, technically, over extended level. The bias is still bullish with support found at 48.85. Currently the commodity is retesting the 61.8% fibo level, which if bulls manage to hold, would imply a move higher with target at 50.00, 51.00 and 52.00. However, should bears recapture 48.85, we would see a prolonged correction phase which would have crude testing 48.50, 47.50 and 46.50.


CRUDE OIL
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 49.34 49.44 49.51 49.61 49.68 49.78 49.85
WEEKLY 44.94 46.17 47.75 48.98 50.56 51.79 53.37
MONTHLY 26.98 31.11 38.52 42.65 50.06 54.19 61.60