EUR/USD

The EURUSD has retraced some of last week losses and is currently testing resistance at 1.1275. The medium term bias is to the downside and we expect bears to enter the market at this level with 1.1300 forming key resistance with the 1.1300 handle, 50% fibo retracement and the H4 50 and 100 EMA`s converging to make it an ideal place for bears to gather and drive lower to 1.1250, 1.1225 and 1.1200. However, if bulls manage to capture 1.1300, they would attract more bulls and see bears run for cover with upside targets at 1.1325, 1.1350 and 1.1375.

EUR/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.1180 1.1202 1.1234 1.1256 1.1288 1.1310 1.1342
WEEKLY 1.0986 1.1101 1.1168 1.1283 1.1350 1.1465 1.1532
MONTHLY 1.0402 1.0611 1.0995 1.1204 1.1588 1.1797 1.2181
 

GBP/USD

The cable made short work of the 1.4450 resistance level as bulls captured 1.4500 as they continue to flex their muscles and no doubt have their eye on 1.4550 and 1.4600. However, price action is beginning to flatten out and we are seeing some selling pressure coming through at 1.4500 as bears look to make a stand. Should bears recapture 1.4400, we would see the medium term downward bias reinstated as bulls exit and more bears re-enter, looking to drive prices lower.

GBP/USD

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.4304 1.4354 1.4420 1.4470 1.4536 1.4586 1.4652
WEEKLY 1.3883 1.4006 1.4205 1.4328 1.4527 1.4650 1.4849
MONTHLY 1.3388 1.3645 1.4004 1.4261 1.4620 1.4877 1.5236
 

USD/JPY

USDJPY continues to give back last week gains as bears have manage to drive prices below the 111.00 handle, should they manage to capture 110.00 we would see the pair sell off for the remainder of the week as both the 50 and 100 EMA`s are violated. However, the short term trend is up and price action suggests that this week’s sell off is a correction and should bulls recapture 111.00, we will see them drive higher as they target 111.50, 112.00 and 112.50.

USD/JPY

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 110.16 110.50 110.81 111.15 111.46 111.80 112.11
WEEKLY 105.11 106.46 109.12 110.47 113.13 114.48 117.14
MONTHLY 106.73 108.69 110.64 112.60 114.55 116.51 118.46
 

CRUDE OIL

Crude has pierced below 43 after failing to break above 44.50 completing the double top suggested by the spinning tops on the daily chart. As it stands, crude is in a slight downward channel where we expect it to remain until new data surfaces. However, should bears manage to close below the channel, we would see them target 42, 41 and 40 and if bulls manage to close above the top of the channel, we would see them challenge 44.50, 45 and 46.

CRUDE OIL

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 40.84 41.71 42.30 43.17 43.76 44.63 45.22
WEEKLY 32.51 35.06 39.39 41.94 46.27 48.82 53.15
MONTHLY 25.31 29.34 33.84 37.87 42.37 46.40 50.90