USDZAR Still Bullish
USDZAR remains bullish following a slight pullback to the Monthly Pivot last week. We are looking for a break above the Monthly R1 @ 16.15 to target a new hogh @ 16.44. Support for the week will be the Monthly Pivot @ 15.75
GBPUSD Failed Inverted HnS
Following the failed inverted HnS we mentioned that we would be looking for bearish continuation and a target at the monthly S2 @ 1.195. This is indeed what we ended up seeing and now we wait to see whether price will break back below the weekly pivot @ 1.218 to target last week’s low @ 1.199 or whether price will break higher above last week’s high @ 1.243 and target resistance near 1.265
EURGBP Target Reached
Following a big bullish candle, last week on Tuesday, we finally saw our target @ 0.862 being reached with a strong pullback following the next day. For now we will either see price continue with the bullish trend and target resistance @ 0.866 or break below the Daily 21 EMA and test support @ 0.850
AUDUSD Volatility Squeeze
Following a couple of major price swings over the last couple of weeks the AUDUSD has now entered what can be described as a volatility squeeze. This effectively means that following consolidation we are expecting a breakout to either major support or resistance. The levels to watch is as follows: Break above 0.705 (WR1) targets 0.718 (Daily 100 SMA) whereas a bearish break below 0.684 (YS1) will target 0.668
USDCAD Failed HnS
USDCAD has also seen a failed head and shoulders pattern and is still underway to the target @ 1.323. At the moment the YR1 is acting as strong resistance and rejection could see price correct to support @ 1.281
USDCHF Back Testing Support
Price is once again testing major support from both the diagonal as well as the Daily 50 SMA. If support holds and manages to break above the weekly pivot @ 0.978 then we could expect to see further bullish continuation. If however, price breaks below support we could see deeper dupport being tested from the YR1 and Daily 100 SMA @ 0.947
USDJPY Invalidated HnS Target Reached
Two weeks ago we saw the invalidated HnS target @ 133.7 reached with price action mostly just consolidating around this level last week. Going forward it would be best to carefully watch the YR3 level @ 132 for a bearish break. We have some additional resistance this week from the Weekly R3 @ 136.1
NASDAQ Continue To Follow The Trend
At this stage it would be wise to simply continuee to follow the trend which remains bearish. We also still maintain a bearish taregt @ 10500 which is where we will have major support from teh Yearly S2. Reistance for the week will be @ 12225
GOLD Still Contending With Major Support
Gold remains in consolidation near the Daily 200 SMA having once again tested the long-term diagonal support boundary last week. As long as gold remains above support @ 1810 we could still see a reversal, but we would need to see a break above the immediate resistance offered by the Daily 100 SMA @ 1875
UKOIL Daily Trend Still Bullish
Last week saw a big correction back into the support zone. With price still trading above the major Daily MA’s the trend does remain bullish. At this point is does look like we will see slightly more bearish price action with a test of the Daly 100 SMA @ 107 very likely. This level is also the YR2
BTCUSD Bearish Scope Remains
Bearish price action across cryptocurrencies continues to unfold and considering the measured price targets, we likely still have some ways to go. In terms of BTC, we still expect a tag of 13840 and perhaps in a more bearish scenario even a move below 10k to test the YS2 @ 6500 in the not-too-distant future. Major resistance will remain the Yearly S1 @ 26.5k
