EURUSD

The pair managed to breakout of its week long range as we saw strong selling pressure to 1.1150. With the bottom of the wedge broken, we have seen a classic retest of the broken tend line as bulls drove price back up to 1.1200 before bears stepped in to defend the area, driving price back to 1.1175. The short to medium term trend is now firmly bearish and we expect bears to test lower with a break of 1.1175 opening the way to 1.1150, 1.1125 and 1.1100. However, should bulls manage a surprise attack on 1.1200 which sees the level overrun, we would see further retracements into last week’s range with targets at 1.1225, 1.1250 and 1.1275.


EUR/USD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1096 1.1121 1.1148 1.1173 1.1200 1.1225 1.1252
WEEKLY 1.0965 1.1055 1.1105 1.1195 1.1245 1.1335 1.1385
MONTHLY 1.0687 1.0865 1.1011 1.1189 1.1335 1.1513 1.1659
 

GBPUSD

The pair has been ranging with a slight upward bias as we see bulls look to retest some of last week’s levels, starting off with key resistance at 1.3100 which they fell short off as bears re-entered driving prices back below 1.3050. Resistance is at 1.3050, 1.3075 and 1.3100 while support is at 1.3025, 1.3000 and 1.2975.


GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2878 1.2934 1.2981 1.3037 1.3084 1.3140 1.3187
WEEKLY 1.2516 1.2754 1.2877 1.3115 1.3238 1.3476 1.3599
MONTHLY 1.2367 1.2615 1.2876 1.3124 1.3385 1.3633 1.3894
 

AUDUSD

The trend is still to the downside as price oscillates at the key resistance level of 0.7550 which has been fortified by bears as they look to leverage the 50&100 EMA`s and 61.8% fibo confluence. Should bulls manage to capture this level we might be in store for more upside while the more likely scenario, should bears fend off the bulls at 0.7550, is to see a test of the recent support zones. Resistance is at 0.7550, 0.7575 and 0.7600 while support is at 0.7525, 0.7500 and 0.7475.


AUDUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 0.7373 0.7421 0.7477 0.7525 0.7581 0.7629 0.7685
WEEKLY 0.7299 0.7369 0.7430 0.7500 0.7561 0.7631 0.7692
MONTHLY 0.7146 0.7317 0.7418 0.7589 0.7690 0.7861 0.7962
 

GOLD

Gold ranged between 1315 and 1320 as gold bears and bulls test each other’s resilience with the current price of the precious metal around its 1315 equilibrium price. As it stands 1320 is the upside to beat for bulls should they want to retest 1350 via 1325,1330 and 1335 while 1310 forms the lower boundary which bears will need to penetrate should they want another crack at 1305, 1300 and 1295.


GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1303.79 1308.22 1312.69 1317.12 1321.59 1326.02 1330.49
WEEKLY 1282.80 1296.80 1301.30 1315.30 1319.80 1333.80 1338.30
MONTHLY 1227.10 1266.70 1286.80 1326.40 1346.50 1386.10 1406.20