Market Fix 13/12/2021

EURUSD Follow the Daily 21 EMA

Price is still consolidating in a tight symmetrical pattern with the Daily 21 EMA acting as resistance. If we get a break below support @ 1.124 a move towards the yearly S1 pivot @ 1.112 will be the most probably outcome.

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)

AUDUSD Testing Initial Resistance

AUDUSD is still in a downtrend and is currently testing initial resistance from the Daily 21 EMA. It is worth considering that stronger resistance is slightly higher still @ 0.723. Rejection with good follow-through will likely see a move towards the monthly S1 pivot @ 0.694

EURGBP Re-test of Breakout Level

The EURGBP last week broke above the Daily 200 SMA which initializes phase 1 of the new bullish trend. Currently we are seeing a re-tets of the breakout level and as long as price remains above 0.850 another bullish move is expected.

GBPNZD Contending With Major MA’s

GBPNZD has seen initial rejection from the convergence of the Daily 100 and 200 SMA’s and should we see any further signs of rejection with a move below the Daily 21 EMA a re-test of the lows @ 1.897 will be the highest probability outcome

CHFJPY Still Consolidating Above Support

Price has been consolidating for almost a month now and while support @ 122.4 holds a bullish break in the direction of the trend remains the highest probability outcome..

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.

CADCHF Looking For Bearish Continuation

GBPCAD has seen strong rejection from the Daily 100 SMA and also ended up closing last week below the Monthly Pivot. For this reason we expect more downside with target around 0.709

NASDAQ HnS Being Tested

The HnS on the NASDAQ technically remains valid as long as the price does not break above the high of the right shoulder (16430). Failure could see a bullish move back towards 16760. If the right shoulder remains in tact the bearish taregt remains @ 15290.

GOLD Testing Major Resistance

Gold is holding onto support and remains in consolidation with all the major MA’s currently acting as resistance at the 1795 level. If we see a break above this level a strong bullish move towards the next resistance zone @ 1840-1850 can be expected.

BTCUSD Still 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. For now, it seems another retest of the YR2 @ 46k is the likely outcome. Resistance for the week is last week’s high @ 52k