USDZAR Going As Expected
USDZAR is playing out exactly as we expected with the yearly pivot being tested last week and immediately rallying back above the monthly pivot as buyers stepped in to buy from this major level of support. We can probably expect more upside judging from the previous rally in April and a test of the previous highs @ 16.35 is a strong possibility here. Support for the week will be around 15.60
GBPUSD Failed Inverted HnS
The inverted head and shoulders we looking for last week did not play out as expected. We now rather expect to see bearish continuation unfolding instead. I expect new lows in the vicinity of the monthly S2 @ 1.195 with support expected from the weekly pivot @ 1.240
EURGBP Breakout Still Valid
Following the correction to the monthly pivot @ 0.850 last week, we expect the breakout target at the yearly pivot (0.862) to be tested this week.
NZDUSD Bearish Continuation
Following the rejection of the Yearly S1 Pivot for the second time in 2 months, odds are we wll see further bearish continuation unfolding with the interim taregt @ 0.623 and the full taregt @ 0.609. Support will be between 0.641 and 0.648
GBPNZD Rejection of Resistance
Last week saw a sharp pullback with price testing major resistance from the convergence of the YP and Daily 100 and 200 SMA’s. Resistance has held up and we could likely realize the short target from the Yearly S1 pivot @ 1.891 in the next two weeks.
USDCHF Trend Continuation Following Support
With price trending firmly upwards we are expecting further bullish trend continuation to 0.998 initially and eventually 1.025.
USDJPY Invalidated HnS Target
Last week saw the invalidated HnS target @ 133.7 reached with price action around the Monthly R2 didctating what we can expect this week. If we see price break below the weekly pivot @ 133.2 then the weekly S1 @ 4131.6 will be a short target. Whereas a break hgher could see teh Monthlky R3 tested @ 136.1
Following negative sentiment after the release of economic data last week, we saw price breaking below the previous week’s lows @ 12440 setting up our short scenario target @ 11220. Failure below this level could see the Yearly S2 tested @ 10600
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 @ 1890 remains a strong possibility pending a breakout above Friday’s high. In terms of support the Yearly Pivot @ 1824 continues to offer plenty.
UKOIL Trend Still Bullish
We are currently seeing a slight correction but the bullish trend remains intact. Support will be at the lower boundary of the current bullish channel @ 118.7. The bullish target remains the YR3 target @ 128.
BTCUSD Bearish Momentum Building
Last week we mentioned that failure at any point could quickly see the lows @ 26k being re-tested with a further breakdown to ~20k and so far this is playing out as expected. Resistance for the week will be between 28-30k