EUR/USD

Bears continued their assault yesterday, making short work of all targets and closing in on 1.1200. Bulls will be amassing at 1.1200, making it difficult for the bears to overcome the zone and we expect some reprieve for bulls as the market consolidates at this level with upside targets at 1.1225, 1.1250 and 1.1275. However, the short and medium term are in a downtrend and bears will not give up that easy, we expect a retest of 1.1200 at some point with targets at 1.1175, 1.1150 and 1.11.00.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1082 1.1148 1.1184 1.1250 1.1286 1.1352 1.1388
WEEKLY 1.1075 1.1178 1.1243 1.1346 1.1411 1.1514 1.1579
MONTHLY 1.1037 1.1125 1.1290 1.1378 1.1543 1.1631 1.1796
 

GBP/USD

The cable gained over 200 pips yesterday as bulls took the reins assaulting resistance after resistance in quick succession to make highs of 1.4630. Currently the pair is off its highs, trading at around 1.4575 after bears enjoyed a brief break thanks to a strengthening USD. Should bull’s recapture 1.475, we would expect them to target 1.4600, 1.4625 and 1.4650 as they try capitalise on yesterday momentum. However, the USD is bullish across the board and bulls will have their work cut out for them as they fight this trend, allowing hope for bears to target 1.4550, 1.4525 and 1.4500 should they take control of 1.4575.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4222 1.4313 1.4453 1.4544 1.4684 1.4775 1.4915
WEEKLY 1.4098 1.4218 1.4290 1.4410 1.4482 1.4602 1.4674
MONTHLY 1.3520 1.3762 1.4187 1.4427 1.4854 1.5096 1.5521
 

USDJPY

The pair broke above the consolidation zone and is trading at the 23.6 fibo level offering bears one last chance to make a stand before bulls rally to the top of the move at 112.00. Bears will try to leverage the daily 50 EMA and fibo to hold onto 110.25 with targets at 110.00, 109.75 and 109.50. However, should bulls capture 110.50, we would see them make a b-line for 112.00 with interim targets at 111.00 and 111.50 as they look to change the medium term trend to bullish.

USDJPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.64 108.18 109.18 109.72 110.72 111.16 112.26
WEEKLY 104.74 105.87 107.4 108.37 109.74 110.87 112.24
MONTHLY 96.89 101.58 103.21 107.90 109.53 114.22 115.85
 

CRUDE OIL

Crude was stopped just short of the 50 target as bear’s re-entered the market at 49.50, managing to overpower bulls who were quick to take profits. Currently the commodity is testing 48.00 and should bears capture this level too, we would see them target 47.50, 47.00 and 46.50 as they recover some of their recent losses. However, bulls could just be regathering strength and should they hold 48, we would expect them to target 48.50, 49.00 and 49.50 as they move higher.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 46.35 47.05 47.55 48.25 48.75 49.45 49.95
WEEKLY 39.83 41.43 43.82 45.42 47.81 49.41 51.80
MONTHLY 26.98 31.11 38.52 42.65 50.06 54.19 61.60