EUR/USD

Bulls took control yesterday as they hit their third target at 1.1125 before we saw light profit taking and bears resurfacing. Currently the pair is trading around the 1.1100 level with the short term trend still bullish. Bulls will be looking to take control of 1.11025 with targets at 1.1125, 1.1150 and 1.1175. However, should bears manage to close below the uptrend line and capture 1.1085, we would see the pair drop to 1.1075, 1.1050 and 1.1025.


EUR/USD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0992 1.1021 1.1072 1.1101 1.1152 1.1181 1.1232
WEEKLY 1.0347 1.0628 1.0872 1.1153 1.1397 1.1678 1.1922
MONTHLY 1.0426 1.0761 1.0947 1.1282 1.1468 1.1803 1.1989
 

GBPUSD

The pair broke to the topside of the wedge as bulls took control of trade yesterday, driving price to 1.3530 before taking profits and bearish resilience saw the pair give back several pips to trade back at 1.3350. The short term trend is still bullish and bulls will look to keep control of 1.3400 as they look to retest yesterday’s highs with targets at 1.3450, 1.3500 and 1.3550. However, should bears manage to take control of 1.3350, we might see the medium term trend continue to the downside with targets at 1.3300, 1.3250 and 1.3200.


GBPUSD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.3073 1.3181 1.3317 1.3425 1.3561 1.3669 1.3805
WEEKLY 1.1134 1.2179 1.2930 1.3975 1.4726 1.5571 1.6522
MONTHLY 1.3842 1.4086 1.4282 1.4526 1.4722 1.4966 1.5162
 

USDJPY

The pair topped out at our third target of 103.00 as we saw selling pressure re-enter the market on profit taking and bargain hunting by bears. Currently, the pair has broken the inside trend line and is likely headed to the outer where the medium term fate of the pair will be decided. Should bulls keep control of 102.50, we will see them target 102.75, 103.00 and 103.25 as they look to top yesterday’s highs. However, should bears take control of 102.50, we would see them push for 102.25, 102.00 and 101.75.


USDJPY
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 101.46 101.82 102.30 102.66 103.14 103.50 103.98
WEEKLY 90.82 94.95 98.59 102.72 106.36 110.49 114.13
MONTHLY 101.06 103.29 107.00 109.23 112.94 115.17 118.88
 

GOLD

The precious metal appreciated vis a vis the USD for most of the day yesterday as we saw prices topping out at the 1330 resistance zone and bears resurfaced, driving prices back below the 1320 balance line. Currently the pair is trading around 1.1315 and should bears manage to hold this level, closing below 1313, we would see them target 1310, 1300 and 1290. However, should bulls manage to overcome key resistance at 1320, we would see them target 1330, 1340 and 1350.


GOLD
TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1295.30 1303.45 1311.10 1319.25 1326.90 1335.05 1342.70
WEEKLY 1162.04 1207.87 1263.94 1309.77 1365.84 1411.67 1467.74
MONTHLY 1069.00 1134.00 1174.40 1239.40 1279.80 1344.80 1385.20