MARKET FIX 28/03/2022

USDZAR Back on 10-Year Support

Last week I noted price was trading on the 61.8% Fibonacci level but when looking at the bigger picture and taking into account those highs and lows we are in fact only now trading at the 61.8% correction level. This is also coinciding with the 10-Year diagonal support @ 14.50. I still hold the view that this is a high probability reversal zone for the USDZAR with a recovery not too far off.

AUDUSD Bullish Momentum Driving Price Higher

We were hoping for a test of the weekly pivot last week @ 0.733 but instead, bullish momentum continued to drive price higher. This level will very likely be tested in the near future so will remain relevant in the coming days. The bullish target for the double bottom remains @ 0.768.

GBPCAD Major Support Being Tested

GBPCAD is currently trading at the lowest support levels after breaking through support from the Yearly S1 and major diagonal support. In almost every trend calculation scenario the level @ 1.634 will be the lowest estimation for the week before a correction and/or recovery is expected.

GBPNZD Major Support Level Being Tested

The GBPNZD is also currently testing major levels of support from the yearly S1 pivot and the weekly S1 pivot @ 1.880 is the current lowest estimation for the week. If we do see a recover and/or correction the initial target will be at the Yearly Pivot @ 1.949.

USDCHF Breakout After Re-Test

Last week saw the re-test of the breakout level near the Monthly R1 pivot @ 0.925 being realized after which price once again took off. We continue to hold a bullish target at the Yearly R1 @ 0.946.

NASDAQ Head and Shoulder Still Valid

The head and shoulders remain valid as long as price remains below the high of the right shoulder @ 15180. There are still an unclosed area of imbalance between 14850 and 14950 which could perhaps be tested. But either way I still expect a reversal to occur below the Yearly Pivot sending price back to the HnS neckline and YS1 @ ~13500.

GOLD Continue To Watch For The Reversal

With the bullish trend established for Gold we continue to watch for a reversal with the YR1 @ 1970 so far acting as resistance. There remains an area of imbalance @ 1890 which could be the target of another correction. But once price closes above the Yearly R1 I suspect bullish moves to 1992 and eventually 2100.

UKOIL Consolidation Expected To Continue

Last week saw price reach our initial target @ 115 (MR2) followed by another push slightly higher to 124. For now, we are trading on support from the MR2 and continue to expect the possibility of another test of the upper range near the YR3 @ 128. Additional support can be expected from the YR2 @ 107.

BTCUSD Breakout

Bitcoin has finally seen a breakout from consolidation with a test of resistance from the Monthly R1 and Daily 365 and Daily 200 SMA @ 48k now in progress. If resistance can be overcome there will be even stronger resistance between 49000-51000. This could likely see another bearish price reversal taking price even lower than before. Support levels @ 42k, 38k and 26.5k.