MARKET FIX 25/07/2022

DXY Looking For Support

Last week saw the test of the MR1 that we were looking for. So with the trend still bullish, we should probably start looking for some support. The most obvious area for a bullish reversal at this point would be 105.7 which is an imbalance level and the WS1. Breakout above 107.3 could see another test of the upper boundary near the WR2 @ 108.8

USDZAR Pullback As Expected

With the current pullback testing the MR1 we need to hold above this level as failure will see a deeper correction to the 16.50 (WS2) or even the Daily 50 SMA @ 16.20.

EURUSD Breakout Pending

The past few trading days have seen the EURUSd mostly in consolidation with a breakout to be expected soon. The bullish scenario sees a breakout above 1.02 target the Daily 50 SMA @ 1.043 whereas a bearish scenario sees a break below 1.018 target USD parity @ 1.00

EURGBP Facing Strong Resistance

Following a test of major support from the Daily 200 and 100 SMA’s, we are now seeing price stuck below the Daily 50 SMA @ 0.853 where it seems to be facing strong resistance. Bullish scenario sees a breakout targeting the monthly pivot @ 0.860 whereas a bearish scenario sees a break below 0.848 targeting 0.841

AUDUSD Possible Falling Wedge

Looking at the bigger picture it is possible that we could be seeing the formation of a falling wedge pending a breakout of the upper diagonal boundary and monthly pivot @ 0.700 with a breakout target @ 0.716 (Daily 200 SMA). rejection will likely see another test of the YR1 @ 0.683 which should now act as support

USDCAD Sideways Price Action Expected

USDCAD continues to trade within the bullish channel following a test of the Daily 50 SMA last week. It seems likely that we will see more consolidation this week between 1.281 (monthly pivot) and 1.298. If there is a break below the WS1 a test of the lower boundary @ 1.257 becomes a possibility

USDCHF Important Support Being Tested

Having reached our bearish target mentioned last week we are now seeing price testing major support from the Daily 100 SMA. If this level fails to hold we should expect a test of the lower boundary near the YR1 @ 0.947. In the event that the SMA holds a test of the Daily 50 SMA @ 0.973 is possible

GOLD Trend Remains Bearish

Last week we mentioned that we would be expecting a test of the YS1 @ 1682 followed by a slight correction back to about 1750. So far we did see the test of support but not the full correction target. So for now we still hold a bullish correction target @ 1750 with failure back below the weekly pivot @ 1710 followed by another test of the YS1 @ 1680

UKOIL Watching The Daily 21 EMA

Last week saw another test and rejection of major resistance from the Yearly R2 @ 108 and unless we see support soon there will likely be more downside to around major support from the Yearly R1 @ 93. If however we can close back above teh Daily 21 EMA there could be a bullishbreak to around 111.5

BTCUSD Bear Flag or Tripple Bottom

Bitcoin is facing a crossroads with us whether looking at a bear flag or interim triple bottom. It all depends on whether the price can hold above 21900. The bullish scenario sees a breakout and bullish correction to 27850 (Daily 100 SMA) whereas the bearish scenario sees a break below 21k followed by a measured bearish target of 14200 (MS1)

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MARKET FIX 25/07/2022

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