EURUSD Time for a Correction
Last week we got the new lows we were expecting but with multiple levels of support now right below price, odds are we will very soon see a correction towards the 21 Daily EMA @ ~1.155. From this level bearish price action could afford us another short entry to new lows once again.
GBPUSD New Low Followed by Correction
Price is currently trading below structure resistance @ 1.345 which would suggest there is a high probability chance we see a test of support near 1.326. From this area we expect a correction back towards the Daily 21 EMA
EURGBP Important Consolidation
We are currently seeing a very important consolidation happening between the Daily 50 and 200 SMA’s. The breakout will likely set the stage for the move to come. The upper boundary is defined where the Daily 200 SMA meets the monthly S1 pivot @ 0.857 and the lower boundary where the Daily 50 SMA meets the Daily 21 EMA and weekly S1 pivot @ 0.850. Following a bullish breakout, I expect a target of 0.862 followed by 0.870. A bearish breakout could see support being tested @ 0.845
AUDUSD Pending a Correction
Last week saw our full bearish target being realized and now it seems we can expect a correction to follow if price can get back above resistance @ 0.735. This would see bullish targets of 0.741 and 0.748 and a stop @ 0.723
USDJPY Tight Consolidation in Uptrend
USDJPY is still in consolidation above the Daily 21 EMA and also the weekly pivot, which typically signifies a new breakout in the direction of the trend as the highest probability outcome. If this turns out to be the case we can expect new bullish moves to 115.6 followed by 117.0 in the weeks to come. If however, we see a deeper pullback to 38.2% the Daily 50 SMA @ 112.5 would act as support.
NASDAQ Taking a Break
Last week we mentioned that we were expecting a correction after the Doji candle on the 12th and as it turned out we did indeed see a small correction last week. Buyers have since stepped back in to drive prices higher. However, while the price remains below last weeks highs, there is definitely still a high likelihood of a deeper correction. But, if the price does take out last week’s high, the target would be between 16670 and 16890
XAUUSD Corrective Wave Next
Last week saw gold reach and exceed our bullish targets with there now being no doubt left that we have entered a new bullish trend. That being said the odds are that we now see a correction after last weeks rally with support @ 1830 being a prime target for a re-test.
BTCUSD Follow the Daily 21 EMA
At this point it seems safe to assume that the Daily 21 EMA (solid green line on chart) is a good indicator of the current BTC trend. As long as price remains above it look for a new high between 16.8k and 71.2k while a break below it could see a correction towards support @ 57.1k (Monthly Pivot)
