MARKET FIX 07/02/2022

USDZAR Bullish Reversal Confirmed

Friday’s bullish candle gives credence to the reversal of support from the Yearly Pivot @ 15.20. We will likely continue to see momentum building which could take us closer towards resistance @ 15.80. If we see a breakout here it will trigger the larger bull flag.

GBPUSD Follow the Daily 21 EMA

Since the rejection from the Yearly Pivot and Daily 200 SMA, the short-term trend has confirmed a bearish bias. As mentioned last week a correction like we currently have was good and a break back below the Daily 21 EMA will see a resumption of the downtrend

EURGBP Falling Wedge Validated

We have finally seen the bullish reversal we have been expecting for quite some time. The catalyst was the spike lower in order for buyers to grab liquidity and push the price to new highs. The falling wedge has now been validated and after a pullback to re-test the breakout around 0.840 another move higher can be expected.

GBPNZD Consolidating on YP

After rocketing through major resistance we are still consolidating above the yearly pivot. I still think the higher probability outcome here is a correction back towards at least the 2.00 level with a break back below the YP trigger to keep an eye out for.

AUDUSD Bearish Continuation Expected

Last week we mentioned that we were expecting a slight correction while the overall trend will remain bearish. The correction seems to have found resistance from the Daily 50 SMA and a break below the new weekly pivot @ 0.707 will likely be the trigger for the next leg down.

GBPCAD Test of Yearly Pivot

As we mentioned last week the Daily 200 SMA was the technical level to watch as a break higher will see another test of the Yearly Pivot @ 1.720. This has now happened and now we need to see whether the YP will hold as support or fail with the price heading lower once again.

USDJPY Trending Higher

The bullish trend remains intact with prices remaining above the Daily 21 EMA and 50 SMA. Targets include a new high above the Monthly R1 Pivot @ 114.5 which is also close to the top of the current bullish channel.

NASDAQ Correction Completed

Last week we mentioned that we could likely see a re-test of the important breakout level @ 15000. Since this has now happened and we seem to be rejecting this area which is now acting as resistance. We can thus look to expect another move toward support @ ~13500.

GOLD Higher Highs and Higher Lows

We started seeing some bullish price action last week with prices starting to peek out above the confluence of Daily MA’s. The near term target will be the Yearly Pivot @ 1825 while support will be the Daily 100 SMA @ 1795.

BTCUSD Testing Resistance

Bitcoin while currently correcting remains to look weak from a technical standpoint. If the price can manage to clear the Daily 50 SMA @ 43k there is a major resistance zone overhead between 48k and 50k which will act as even stronger resistance. But should we see failure in either of these areas the bearish trend could likely continue lower towards the next major area of support all the way down near the Yearly S1 Pivot @ 26.5k.