MARKET FIX 23/05/2022

USDZAR Expecting Support To Hold

I am still expectant of a bullish target @ 16.40 with the correction to the Daily 21 EMA now completed as mentioned last week. If support does fail here, strong support can be found @ 15.33

GBPUSD Reversal Pending Breakout

Last week we mentioned that we were expecting a correction to back above the YS2 with a test of the Monthly Pivot @ 1.270, we are now right at the YS2 and looking to see whether we will get the breakout to the MP

EURGBP Breakout Still Valid

The breakout remains valid with the re-test of the breakout level completed. Support remains with the Daily 200 SMA @ 0.843. The bullish target is still the YP @ 0.862

GBPCAD Reversal and Breakout

The GBPCAD has seen proper support and is seemingly breaking the bearish channel to the upside. The weekly pivot is still untested @ 1.595 so we might still see a test to the downside before we see bullish continuation with targets @ 1.619 (MP) and 1.652 (YS1)

AUDCAD Hinting Towards Reversal

With the GBPNZD still in a bearish trend, recent rejection from the Daly 100 and 200 SMA’s could be hinting towards a larger move to the downside. It is worth noting the weekly pivot @ 1.954 is still untested so a brief move higher would not be unexpected

GBPNZD Correction Seems Completed

With current price action struggling to get back above the Daily 100 and 200 MA’s it seems likely that we will see price rejecting the Yearly Pivot @ 1.950 and see continuation of the bearish trend to much lower levels

USDCHF 50% Fibonacci Retracement

Last week I mentioned that I was expecting a correction to at least 0.972. This has now played our and with this level also being a 38.2% fib retracement, it is possible that we now see an even deeper retracement to about 0.963 as this is teh 50% retarcement level and also diagonal support.

USDJPY Head and Shoulders

Since its initial rally the USDJPY has lost some momentum and in the process formed a clear head and shoulders pattern with the neckline coinciding with the monthly pivot @ 127.5. The bearish target will be the 50% retracement level @ 123.5. A move above the right shoulder @ 129.8 will invalidate the pattern.

NASDAQ Trend Remain Firmly Down

With price trading below the head and shoulders neckline and the bearish trend still firmly intact I maintain a short target @ 11200 and expect strong resistance between 13500-14000 should we see a relief rally.

GOLD Long Term Diagonal Support Holding

The long term diagonal support thas once again held up and perhaps pending a brief move lower to test the weekly pivot @ 1825 a bullish breakout could follow seeing price tets the Daily 100 SMA @ 1890 followed bt the untested monthly pivot @ 1920

UKOIL Trending Higher

Despite relatively muted price action we are now seeing higher lows and higher highs suggesting price is slowly starting to trend higher. The initial target for this week is the weekly R1 @ 116.8 with support at the YR2 @ 107.3. Should we see a breakout I will be looking for a target near the Yearly R3 @ 128.5

BTCUSD Still Expecting A Re-Test of Lows

Bitcoin has been trading sideways for over a week now and with the trend still firmly bearish more downside can be expected. Initial bearish targets remain near the previous low @ 26k with a relief rally targeting resistance @ 35k. Overall I suspect there remains a good chance we will see 20k in the medium term judging from current price structure and trend analysis