MARKET FIX 06/06/2022

USDZAR Heading Into Major Support

The interim trend is still trading below the Daily 21 EMA and hence still firmly bearish. However, we are approaching major support from the convergence of the yearly pivot and Daily 100 and 200 SMA’s @ 12.25. The probability remains in favor of support holding. Bullish target for the week will be the untested monthly pivot @ 15.75

GBPUSD Right Shoulder Forming

Last week saw price testing the monthly pivot @ 1.247 and could be creating the right shoulder of the corrective inverted head and shoulders targeting a correction to ~1.300 should we see a breakout above 1.272. If the price breaks back below the monthly pivot and below 1.245 the pattern will be invalidated and we will look for a re-test of the lows near 1.225

EURGBP Breakout Still Valid

The trend breakout remains bullish with a target at the yearly pivot (0.862). It s possible however that we see a correction to the untested monthly pivot @ 0.850

USDCAD Head and Shoulders

USDCAD is currently playing out a head and shoulders pattern with a bearish target @ 1.238. We are currently half way to the target and could perhaps expect a small pullback to test the weekly pivot @ 1.262

GBPNZD Bearish Breakout Confirmed

Last week saw the GBPNZD bearish breakout confirmed and we are looking for a bearish targe from the Yearly S1 pivot @ 1.891. If we see a pullback, it could likely just be a re-test of the breakout level @ 1.934

USDCHF Trend Continuation Following Support

Price seems to be finding support from the Daily 50 SMA and with the Monthly Pivot untested @ 0.973 this will be our first target of the bullish trend continuation. Failure below last weeks low @ 0.954 could see the correction extend below 61.8% to the Yearly R1 @ 0.947

USDJPY Invalidated HnS Target

Last week saw price finding support from the Daily 50 SMA and with the break above the right shoulder @ 129.6 the head and shoulders pattern has been invalidated with a new bullish target @ 133.7

NASDAQ Consolidation

The NASDAQ has spent the whole of last week consolidating above the Daily 21 EMA. In order to see the next move, we will either want a breakout above last week’s high @ 12715 likely leading to a correction near the YS1 @ 13440 or alternatively a break below last week’s low @ 12440 leading to a new low @ 11220

GOLD Still Consolidating Above Daily 200 SMA

Gold remains in consolidation above the Daily 200 SMA. This remains bullish and a move to test the Daily 100 SMA @ 1885 remains a strong possibility pending a breakout above Friday’s high. In terms of support the Yearly Pivot @ 1824 should offer plenty.

UKOIL Re-Test Complete

Last week saw a re-test of the breakout level which simultaneously also tested the Monthly Pivot @ 113. Buyers quickly stepped back in and price is now likely heading towars the YR3 target @ 128

BTCUSD Back Above The Daily 21 EMA

Bitcoin is once again trading back above the daily 21 EMA and while this is bullish in the interim, price would need to clear the monthly pivot @ 32300 if we are to expect a reversal or correction to higher levels of resistance @ 37k. Failure at any point could quickly see the lows @ 26k being re-tested with a further breakdown to ~20k