EURUSD

The pair topped out at 1.1250 as bears reentered to retest the 1.1200 support zone which coincides with the back of the downward trendline and has held up as support. As it stands, bulls will look to capture 1.1225 as a stepping stone to capturing 1.1250, 1.1275 and 1.1300. however, if bears capture 1.1200, we are likely to see a deeper retrace with 1.1175, 1.1150 and 1.1125 exposed.

  EURUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1136 1.1169 1.1191 1.1224 1.1246 1.1279 1.1301
WEEKLY 1.1028 1.1093 1.1138 1.1203 1.1248 1.1313 1.1358
MONTHLY 1.0535 1.0687 1.0963 1.1115 1.1391 1.1543 1.1819
 

GBPUSD

Bulls held the bearish skirmish at the 1.2825 support level before launching a new attack on 1.2900, managing to test just beyond 1.2915, failing to break the weeks highs. Currently the pair has fallen back into consolidation as we see bears pressuring the 1.2875 support level, which if broken will see a potential testing of 1.2850 and beyond. However, if bulls hold the level and capture 1.2900, we might see the completion of the bullish head and shoulder formation, implying that bulls will look to test the 1.3000 level.

  GBPUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2754 1.2792 1.2839 1.2877 1.2924 1.2962 1.3009
WEEKLY 1.2432 1.2602 1.2703 1.2873 1.2974 1.3144 1.3245
MONTHLY 1.2470 1.2620 1.2748 1.2898 1.3026 1.3176 1.3304
 

USDJPY

Bulls have managed to turn the tide in the short term after finding support at 110.50, now over 100 pips higher as they look to defend 111.50 for a possible break beyond 111.75, which may expose 112.00 and beyond. However, if bears manage to capture 111.50, we could see a retrace of the recent run higher as bears look to retest the 110.50 lows.

  USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 110.28 110.53 110.98 111.23 111.68 111.93 112.38
WEEKLY 109.44 110.14 110.74 111.44 112.04 112.74 113.34
MONTHLY 105.10 107.67 109.23 111.80 113.36 115.93 117.49
 

GOLD

1265 proved too difficult for bulls to hold and we have since seen bears retake control to drive the precious metal below 1260, making a new low and setting up the neckline for a potential bearish head and shoulder. If bulls hold at 1260, we will likely see a retest of 1265 and 1270 with bears defending the areas in search of the right shoulder of the H&S pattern. If bears manage a convincing capture of 1260, we could see further downside as bears hunt the 1250 support level and beyond.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1251.63 1256.48 1260.52 1265.37 1269.41 1274.26 1278.30
WEEKLY 1232.34 1239.97 1254.04 1261.67 1275.74 1283.37 1297.44
MONTHLY 1171.93 1193.41 1230.99 1252.47 1290.05 1311.53 1349.11