EUR/USD

EURUSD has yet again found resistance at the top of the H4 Bollinger band as the 1.1425 resistance level shows to be well fortified by bears. As it stands the pair is due for a retrace down to the bottom of the week long range with 1.1350 looking like key support as the bottom of the Bollinger band , the H4 50 EMA and the round number come together to form a solid point for bulls to hold. Should bears manage to break through 1.1350, we would see them target 1.1300, 1.1250 and 1.1200. However, if bulls overcome the bears and capture 1.425, we would see them target 1.1450, 1.1500 and 1.1525.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1381 1.1391 1.1398 1.1408 1.1415 1.1425 1.1432
WEEKLY 1.1207 1.1267 1.1334 1.1394 1.1461 1.1521 1.1588
MONTHLY 1.0402 1.0611 1.0995 1.1204 1.1588 1.1797 1.2181
 

GBP/USD

Bear managed a quick peek below the neckline of the head and shoulders but were stopped in their tracks as bull’s resurfaced to defend 1.4000, driving prices back up for what appears to be a retest of 1.4150, 1.4200 and 1.4240. Bears will no doubt be waiting at these levels as they try work the current bearish momentum, leveraging the H4 50 and 100 EMA confluence to their advantage as they look to retest 1.4100, 1.4050 and 1.4000. Should they succeed, the pair could see a 300 pip drop from here as the head and shoulder natural target presents itself at around 1.3700.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4092 1.4101 1.4115 1.4123 1.4138 1.4146 1.4161
WEEKLY 1.3665 1.3836 1.3980 1.4151 1.4295 1.4466 1.4610
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4295 1.4466 1.5236
 

USD/JPY

USDJPY is back below 108.00 as bears look to extend their current gains in what appears to be a clearly bearish environment. Downside targets are at 107.00, 106.50 and 106.00. However, if bulls manage to recapture 108.00, we would expect them to target 108.50, 109.00 and 109.50 as they retrace some of their recent losses. Only a sustained close above 109.50 and a crossing up of the 50 EMA through the 100 EMA would begin to suggest a real change in the medium term trend to bullish.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 107.72 107.85 108.07 108.20 108.42 108.55 108.77
WEEKLY 102.49 105.09 106.60 109.20 110.71 113.31 114.82
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

GOLD

Gold is trading back at 1250 after bulls managed to break above the downward trend line and finding Key support on the 50 and 100 EMA confluence before shooting up. 1250 is the equilibrium price, with the precious metals having retested the area several times in the past, suggesting that whichever side wins the battle here will determine the trend for the next week or so. If bulls manage to capture 1250 we see upside targets at 1260, 1270 and 1280. However, if bears maintain their grip over the price point, we would see them look to recapture 1240, 1230 and 1224.

GOLD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1231.36 1235.73 1241.06 1245.43 1250.76 1255.13 1260.46
WEEKLY 1194.66 1205.33 1223.66 1234.33 1252.66 1263.33 1281.66
MONTHLY 1131.86 1170.93 1202.56 1241.63 1273.26 1312.33 1343.96