USDZAR Bull Flag Confirmed
Last week saw the bull flag we discussed confirmed with our bullish target reached. At this stage the trend remains bullish but it is worth noting that the July Monthly Pivot @ 15.97 remains untested. However, this means a pullback could present a buying opportunity with a new target @ 16.96 should we break back above 16.50
GBPUSD Possible Double Bottom
Last week did not see a close above the Daily 21 EMA and hence bearish price action persisted with another test of the low near 1.201 playing out exactly as mentioned. For this week we could see another test of lower support near the Weekly S1 @ 1.193 forming a potential double bottom. However, for this to be confirmed we would need to see a close above the Monthly Pivot @ 1.224 after which a correction towards the YR2 @ 1.255 could follow
EURGBP Bullish Trend Emerging
Last week saw our bullish target @ 0.866 reached with price quickly pulling back to dynamic support from the Daily 21 EMA. The trend remains bullish with a new bullish target at Friday’s high @ 0.867 and support @ 0.855 (Daily 50 SMA) in the event of a pullback.
AUDUSD Testing Major Support
AUDUSD is still contending with support from the Yearly S1 @ 0.683 and depending on whether this level holds, we will either see a breakout lower targeting 0.673 (MS1) or a breakout higher targeting the Monthly Pivot and Daily 50 SMA @ 0.701
USDCAD Trading Within Channel
USDCAD continues to trade within the bullish channel mentioned last week. For now, price is testing the center of the channel where we also see the Daily 50 SMA and Monthly Pivot converging. Depending on whether we break below 1.281 or above 1.296 will likely determine whetehr we see a test of eithe rthe upper boundary @ 1.310 or the lower boundary @ 1.256
USDCHF Support Succesfully Tested
Last week we mentioned that we are expecting price to test support from the Daily 100 SMA @ 0.950. Since then we have seen this happen and the most likely scenario now is a bullish correction back towards resitance @ 0.983 (YR2). Failure will likely see a new low and support from the YR1 @ 0.946 being tested
NASDAQ We Follow The Trend
Last week we expected a test of the Daily 50 SMA, but since this has not yet happened we could see the test happening this week instead. The level to watch would be the Weekly R1 @ 12100. The trend remains bearish and any correction could likely be met with selling driving price towards major support @ 10588 (YS2)
GOLD Bullish Hammer
Gold broke below major long term diagonal support last week but proceeded to end the week with a bullish hammer candle on Friday which typically implies a reversal. If we do see a reversal I would be looking for a test of resistance @ 1830 (YP and MP). If we get a breakout above this level the bullish target will be @ 1875. Any break below Fridays low @ 1783 will be very bearish targeting the 1750 level
UKOIL Another Test of Major Support
Last week once again saw the Daily 100 SMA being tested with the Yearly R2 just below it also helping to act as major support. For this week a bullish target would be the Weekly R1 @ 118 while support would be around 106. A break beyond either of these levels should see some additional contintuation
BTCUSD Still Looking Weak
Bitcoin continues to see bearish price action with price mostly remaining near the 20k level. At this stage, the bullish breakout level would be @ 23k (Monthly Pivot), with a break above it setting up a target @ 26k (YS1). If this level was to be reached it would present a selling opportunity. The overall bearish target here remains @ 14k (MS1)
