MARKET FIX 30/05/2022

USDZAR Approaching Major Support

Although the overall trend is still bullish the interim trend has now turned bearish as price is trading below the Dialy 21 EMA. This suggests that we will likely see major support being tested this week between 15.20 and 15.35. Probability is in favor of this support holding. Bullish target for the week will be ~15.85

GBPUSD Higher Levels Expected

With price currently still trading above the Yearly S2 it is highly probable that we will see the monthly pivot @ 1.271 being tested this week. If price breaks back below the YS2 then the likelihood of another test of the major lower diagonal @ 1.226 is back on the table

EURGBP Breakout Still Valid

Despite a brief rally and rejection of the Monthly R2 last week, support from the Monthly R1 and Daily 21 EMA is still intact and the bullish target remains at the YP @ 0.862. failure could see a test of the Daily 200 SMA @ 0.843

AUDCAD Bullish Trend Breakout

The AUDCAD has now broken out of its bearish trend and we could see a reversal happening. Initial bullish targets will be the Daily 100 SMA @ 0.918 followed by the 61.8% Fibonacci level @ 0.928

GBPNZD Bearish Breakout Pending

The GBPNZD has likely completed its correction following rejection at the 50% retracement level seeing the Daily 200 and 100 SMA’s acting as a strong area of support. With price now trading right on diagonal support a break below current levels could see a quick move lower to tets the Yearly S1 pivot @ 1.891

USDCHF Still Looking For Support

Last week we expected that price will find some support at ~0.963 being the 50% retracement level but with price exceeding this level, the 61.8% retracement level @ 0.953 now seems a more likely candidate. There is also a chance we will see an even deeper correction to the Yearly R1 pivot @ 0.947. From here we will be looking for bullish trend continuation with an initial target @ 0973

USDJPY Head and Shoulders

The head and shoulders pattern remains firmly intact with price still trading below the neckline @ 127.5. As mentioned previously the bearish target will be the 50% retracement level @ 123.5. Only a move above the right shoulder @ 129.8 will invalidate the pattern.

NASDAQ Possible Relief Rally

Last week we casually mentioned the chance of a relief rally to between 13500-14000. And while we are not quite there yet this area remains the target area to consider.

GOLD Consolidating Above Daily 200 SMA

Gold has mostly seen consolidation last week with price holding just above the Daily 200 SMA. This remains bullish and a move to test the Daily 100 SMA @ 1885 remains a strong possibility for this week. Since the Monthly Pivot @ 1977 remains untested this will also remain a target going forward.

UKOIL Breakout Confirmed

With a clear breakout of the resistance boundary, we are expecting an upside to around 128 with the possibility of a re-test of the breakout level @ 113 following a test of initial resistance @ 121

BTCUSD No Confirmed Reversal Yet

Although we are seeing some bullish price action at the moment we are still below the daily 21 EMA and also below resistance @ 31500. Only once this level is overcome can we expect a reversal or correction to higher levels of resistance @ 37k. Failure at any point could quickly see the lows @ 26k being re-tested, so be careful.