EURUSD Another Leg Down
The EURUSD is still in a steady downtrend and judging from last week’s rejection of the Monthly pivot and Daily 21 EMA I expect another leg lower towards support from theMonthly and Yearly S1 Pivot @ 1.114. Resistance for the week can be found @ 1.137 with a break above it targeting the Daily 50 SMA.
GBPUSD Still In Steady Downtrend
GBPUSD is also still in a steady downtrend with the next level of major support only @ 1.309 (Monthly S1 Pivot). From there we will either see a pullback to the Monthly Pivot @ 1.339 or more downside towards the full head and shoulders target @ 1.288 (also the Monthly S2 Pivot).
EURGBP Testing Major Resistance
The EURGBP is now testing major resistance from the Daily 200 SMA @ 0.855 and should we see a break above it could set in motion phase 1 of the new bullish trend. Support for the week is the multi confluence area of 0.850 where we see the Weekly and Monthly pviots coinciding with the Daily 100 SMA.
GBPNZD Approaching Area of Major Resitance
GBPNZD is now approaching a level of strong major resistance from the Yearly Pivot @ 1.978 and rejection from there will quickly see price retreating to test the Monthly Pivot @ 1.932. If the MP holds we could possibly see the right shoulder of an inverted HnS forming whereas failure to hold will see a test of previous structure lows.
USDJPY Support Holding So Far
For now, it seems diagonal support is holding, and as long as the price can keep above it the chance for bullish continuation remains on the table. Failure could see a move towards the Daily 100 SMA @ 111.6.
GBPCAD Looking For Bearish Continuation
GBPCAD is a new addition to our watchlist but has been included due to the opportunity presented by the recent pullback in phase 3 of the current downtrend. If we get a break below the diagonal and Monthly Pivot @ 1.695 there is a high probability for a move to new lows in the vicinity of the Monthly S2 @ 1.655 (Initial target would be the Monthly S1 @ 1.678).
NASDAQ Head and Shoulders In-Play
NASDAQ is currently seeing the previously identified head and shoulders in play with a move towards the full target @ 15300 now a very high probability. Resistance for the week will be the Weekly pivot @ 15888.
GOLD Support Finally In?
Gold has been struggling to find its footing but the bullish engulfing candle on Friday is showing signs that the diagonal support might be holding and buyers are stepping back in. For now, it is still too early to say for sure but a break above resistance @ 1800 will be very bullish for a recovery back to previous structure highs.
BTCUSD Expecting a Re-Test of The YR2
As we have been pointing out over the past few weeks the Daily 21 EMA has been a great trend indicator, clearly showing us the way in this correction. The sell-off over the weekend was halted by the Yearly pivot (and Daily 365 SMA) but that is not to say we will not see another test of these levels @ 46k. Resistance for the week is @ 55k (Daily 100 SMA)
XRPUSD looking For Re-Test of Weekend Low
XRP (as with many of the altcoins) has followed in the wake of the Bitcoin sell-off over the weekend. And as with bitcoin, I am expecting another test of the lows (0.60 in the case of XRP). Resistance for the week is the daily 200 SMA @ 0.951.