MARKET FIX 17/01/2022

USDZAR Pending Bullish Reversal

After what appears to be a double top, the price has now pulled back towards the Yearly Pivot and slanted inverted head and Shoulders Neckline @ 15.20. This would be a good area to expect buyers to step back in and drive the price back towards the inv HnS target. Wait for a breakout above 15.55

EURUSD Bearish Trend Entering Market Phase 4

The EURUSD is still in a bearish trend but we are now seeing a deeper pullback towards the Daily 100 SMA where previously pullbacks got rejected from the 50 SMA. Continuation will see new lows for the year.

GBPUSD Yearly Pivot Acting as Crucial Support

As with the EURUSD the GBPUSD is also still technically in a bearish trend but where we used to see pullbacks to the Daily 100 SMA we now see a pullback to the 200 SMA which also coincides with the Yearly Pivot @ 1.365. If we get a strong reversal here we can expect a strong bearish move towards the Monthly S1 and previous structure lows @ 1.327.

EURGBP Still Waiting For the Falling Wedge Reversal

We have been trying to call the bottom on this falling wedge for some time now and with the consolidation we are now seeing over the past 2 weeks we could be getting really close to a breakout. I am carefully watching major Support from the Monthly S1 @ 0.831 for a possible final test.

GBPNZD Approaching Major Resistance

The GBPNZD has realized an extended rally and is now approaching major diagonal resistance which could bring about a strong correction towards support near the Yearly Pivot @ 1.955 seeing this is also where we have most of the major Daily MA’s also converging.

AUDUSD Rejection of Daily 100 SMA

AUDUSD is showing strong rejection from the Daily 100 SMA with a test of the Monthly Pivot @ 0.718 now in progress. If we see a break lower this will also break diagonal support and could see a quick move towards 0.705.

GBPCAD Rejection of Yearly Pivot

With the yearly pivot @ 1.720 and the Daily 100 and 200 SMA’s in close proximity, it helps to put the recent consolidation in context. For now, it does seem like we are rejecting the YP meaning a break below the 100 SMA @ 1.710 could see a move towards support from the Monthly S1 @ 1.673.

USDJPY Looking for Bullish Reversal

With price now testing major horizontal support and a bullish pinbar rejecting the Daily 50 SMA this could very well be the bullish reversal we have been waiting for. If however, it fails there is still strong support waiting for a little lower down.

NASDAQ Looking Weak as Monthly S1 Rejected

The NASDAQ has now shown rejection of both the Daily 100 SMA and the Monthly S1 Pivot @ 15670. This could mean that a move towards the YP @ 15075 is perhaps soon to follow seeing this is also where we have the Daily 200 SMA.

GOLD Testing Yearly Pivot

Gold is still not in the clear and currently testing major resistance from the Yearly pivot @ 1820. We have all the major Daily MA’s just below the current trading range meaning there is support should we head to test them. Until we get a strong break above the YP we will likely continue to see sideways price action.

BTCUSD Follow the Daily 21 EMA

Bitcoin is looking weak as it struggles to get its footing and continues to slide as the Daily 21 EMA clearly points out. There is a major resistance zone overhead between 48k and 50k which leads me to suspect we might still get a re-test of this area. But should we see failure in this area 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