EUR/USD

The pair topped out at 1.1350 yesterday where strong selling pressure entered the market pushing the pair lower to just above the 1.1225 support zone. The current short term trend is bearish with the pair retracing into strong resistance in the form of the 50 and 100 EMA`s and 61.8% fibo retracement at the 1.1275 zone. Should bears manage to hold 1.1275 they will be looking to make new lows with targets at 1.1250, 1.1225 and 1.1200. However, should bulls capture 1.1275 they will likely look to extend their retracement with targets at 1.1300, 1.1325 and 1.1350 at which point the short term trend would be one of consolidation.


 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1103 1.1172 1.1211 1.1280 1.1319 1.1388 1.1427
WEEKLY 1.0993 1.1061 1.1169 1.1237 1.1345 1.1413 1.1521
MONTHLY 1.0426 1.0761 1.0947 1.1282 1.1468 1.1803 1.1989
 

GBPUSD

The pair has found stern resistance in the 1.4775 zone, losing more than 150 pips since bulls relinquished power to bargain hunting bears. Currently the pair has formed what appears to be the right shoulder of a bearish head and shoulder formation after finding resistance at the 38.2% fibo. Bears will be looking to leverage the 50 and 100 EMA`s, using them as key resistance and a platform to launch their attack on lower prices with target at 1.4600, 1.4550 and 1.4500. However, should bulls manage to recapture 1.4700, we would expect them to challenge yesterday’s highs with interim targets at 1.4725 and 1.4750.


 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4429 1.4523 1.4593 1.4687 1.4757 1.4851 1.4921
WEEKLY 1.3738 1.387 1.4116 1.4252 1.4494 1.4630 1.4872
MONTHLY 1.3842 1.4086 1.4282 1.4526 1.4722 1.4966 1.5162
 

USDJPY

The pair bottomed out at 103.50 after aggressive selling was stemmed by profit taking and bargain hunting bulls. The downtrend bias is still intact and the bears have managed to defend the 50% region as they look to drive prices higher. Currently the pair is beginning to look heavy after bears managed to recapture the H1 100 EMA`s capture of 104.25 would imply bears are ready to test lower with targets at 104.00, 103.75 and 103.50. However, should bulls manage to recapture 104.75 they will be on the hunt for 105.00 which would imply a move higher to 105.25 and 105.50 as bulls look to reverse the current short term trend.


 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 102.40 103.00 103.85 104.45 105.30 105.90 106.75
WEEKLY 99.46 101.52 102.82 104.88 106.18 108.24 109.54
MONTHLY 101.06 103.29 107.00 109.23 112.94 115.17 118.88