USDZAR Another Test of Major Support and YP
Despite initial bullish momentum the Monthly R1 pivot proved to be too strong resistance consequently sending the price back to test the Monthly and Yearly Pivots @ 15.20. I expect support to hold which would subsequently see another rally to resistance @ 15.60. If support fails to hold, additional support would be at the Monthly S1 and 200 SMA @ 14.85
EURUSD Possible Bear Flag
Current price action seems to be confirming the view that we are currently in a bear flag and should we see the break of the lower diagonal support (also the Daily 21 EMA) the bearish target will be around 1.112. In the event of a minor correction, the Daily 100 SMA will act as dynamic reistance.
EURGBP Final Test of Monthly Pivot
Despite what seemed like a strong breakout from the falling wedge the momentum was actually so strong that it left behind areas of inefficiency. This has now been closed with the correction last week and the strong bearish candle on Friday. Any bullish price action from here could see the resumption of the new bullish trend with initial targets back near last week’s high @ 0.846
GBPNZD Possible Upside After MP Test
Last week saw a break back below the Yearly Pivot but the price quickly found support from the Monthly Pivot and Daily 21 EMA and ended up closing the week back above the Yearly Pivot. This leads me to suggest that there might still be a bit more upside before we see a deeper correction. Initial targets would be between 2.06 to 2.07
AUDUSD Bearish Continuation Expected
Last week saw another test of resistance, this time to the Daily 100 SMA. Currently price is trading right on the Monthly Pivot which is the final level of support. Should price break lower bearish continuation will likely see a move towards the Monthly S1 and Yearly S1
USDJPY Remaining Above Critical Support
The bullish trend remains intact with price 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 Another Rejection of The Yearly Pivot
Last week saw another test of the Yearly Pivot but was once again quickly rejected. Price is now well on its way to support @ ~13500 (Monthly S1).
GOLD Breakout and Correction
As expected we did see more bullish momentum last week with price once again making a new high. It is possible that we see a correction and test of the Yearly Pivot this week with price making another higher low.
BTCUSD Resistance Still Higher Up
Bitcoin while currently correcting remains to look weak from a technical standpoint. I am still expecting a test of the major resistance zone between 47k and 50k. Currently, dynamic support is provided by the Daily 21 EMA and a break below it could see price heading to the next major area of support near the Yearly S1 Pivot @ 26.5k
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.
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.
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.
