MARKET FIX 2/11/2021

EURUSD Expecting New Structure Lows

We finally have the rejection we were waiting with price action from the Daily 50 SMA creating a large bearish engulfing candle that should set in motion the move to new structure lows @ 1.150 followed by 1.143. It is possible that we can still see another move higher towards resistance @ 1.172 but a break above last week’s high would obviously first need to occur for this to happen.

GBPUSD The Move Lower Continues

The bearish impulse wave in GBPUSD is now well underway and I expect that we will continue to see this move lower towards support @ 1.346. Note that there is some interim support @ 1.362 which could potentially see a slight correction back towards the weekly pivot @ 1.372

EURGBP Bottom Seems To Be In

With the bullish break and close above the 21 EMA on Friday it seems the bottom is finally in. From here moves can be expected to 0.856 and 0.858 respectively with the weekly pivot @ 0.844 now support

AUDUSD Possible Head and Shoulders Top

AUDUSD could finally have seen the interim top with the high of last week showing strong rejection from the Daily 200 SMA. It is also quite possible that this can turn out to be a small head and shoulders with the neckline @ 0.746. In such a scenario, we can expect the right shoulder to form just above the weekly pivot @ 0.751. The eventual target would be 0.737 with an extended move heading even lower towards support at 0.722 to 0.729

NZDUSD Consolidation (Expecting a Breakout)

After what initially appeared to be a breakout from a symmetrical triangle formation we have now seen an extended period of consolidation which is likely due to breakout this week. Chances are about 50/50 whether this will be to the upside or downside. In the event of a bearish break the target would be 0.691 whereas a bullish break would likely see a move towards 0.740

NASDAQ Continues To Grind Higher

The NASDAQ is showing no signs of slowing down and continues to grind higher. I have my doubts about the sustainability of this move but while the trend is up and resistance @ 16065 is still a little ways above us that will remain the target. We do however urge caution above 16065.

XAUUSD Trend Is Up

With the inverted head and shoulders still in play and price trading above all the major moving averages, the trend remains up with the expectation that we will see a re-test of resistance @ 1820 remaining in place. Interim support is @ 1770

BTCUSD Looking a Bit Top Heavy

Bitcoin is starting to look a little top-heavy as it struggles to absorb all supply in the current price zone. The yearly R3 pivot @ 63200 is also acting as very strong support and could turn out to be the boundary for the right head and shoulders pattern that has emerged. If this plays out and we see a break below 57k there is a high likelihood of a move lower towards major support @ 46k

XRPUSD Still Consolidating

As one of the only major altcoins to not see new highs recently XRP has been in a tight consolidation for over a month. This is not necessarily a bad thing as a bullish run could see XRP following suit with much upside compared to some of the other altcoins. If however, we see a correction in cryptocurrencies and XRP dips below 1.00 we could see a move towards support @ 0.85