MARKET FIX 09/05/2022

USDZAR Monthly Pivot Tested

With the Monthly Pivot @ 15.50 now tested we are looking for more continuation. The bullish target @ 16.40 remains the near-term goal with a small pullback to test the Weekly Pivot @ 15.84 also possible.

GBPUSD Major Diagonal Support

The GBPUSD has seen a significant sell-off with price currently trading on major diagonal support. It would not be unreasonable to expect a correction to back above the YS2 with a test of the Monthly Pivot @ 1.270

EURGBP Finally a Breakout

After months of consolidation the EURGBP has finally broken out and we can finally start to expect the emergence of a new bullish trend. The initial target remains @ 0.862 but a re-test of the breakout level at ~0.848 is also still a possibility before more upside is seen

AUDCAD Correction Completed

Last week we mentioned that we were looking for a correction to the area where the Monthly Pivot meets with the 50% Fibonacci retracement @ 0.922. And with that completed we now expect the full bearish target near the Monthly S1 Pivot @ 0.892 to be the short target of interest

GBPNZD Correction Still In Progress

While we are seeing some strong resistance from the Yearly pivot and Daily 200 SMA @ 1.950, if we can remain above the Weekly Pivot @ 1.928 chances remain that we will see a deeper correction to about 1.960 where we have the Daily 100 SMA meeting with the 50% Fibonacci Retracement Level. If the price however breaks below support @ 1.922 the bearish target is a-re-test of the YR1 @ 1.891

USDCHF Driven to a peg of 1.000

The current rally has now passed straight through all the technical levels of resistance and leaves me to think that the price is being driven to a peg of 1.000 against the USD. Once this level is reached I still expect a test of the Monthly Pivot @ 0.956

EURCHF Wait For Re-Test

While we have seen a break from the symmetrical consolidation, the overall trend remains to be bearish and hence I will be looking for resistance near 1.050 (Daily 200 SMA) leading to a re-test of the breakout @ 1.036 (which might end up failing to hold and see price head to support @ 1.024)

NASDAQ Will We See a Relief Rally?

With price now trading back on the HnS neckline there is a chance we might see a small relief rally with a target of at least 13657 (Monthly Pivot). If this happens we can carefully monitor price action to see where the best opportunity isto get short once again. The bearish target remains @ 11300

GOLD Imbalance Area Likely To Be Tested

The Monthly Pivot @ 1921 remains untested and with price currently trading below the Daily 100 SMA and chances remain we will see the inefficiency zone @ 1840 being tested. From this level a good long opportunity will exist with a stop @ 1819 and a target @ 1970

UKOIL Breakout

Last week we mentioned we were looking for a breakout following a contraction in volatility and should we see a break to the upside which is in line with the bigger trend, the bullish targets will be 115 (MR1) and 128 (YR3)

BTCUSD Bearish Break

Bitcoin has broken below major support @ 38k and I am now expecting short targets of 31k (MS2) followed by 26k (YS1). If we get a correction resistance will be the breakout level @ 37788