MARKET FIX 31/01/2022

USDZAR Bullish Reversal Confirmed

Previously we mentioned that we were expecting a bullish reversal. Since the rejection of support from the Yearly Pivot @ 15.20 we have seen good momentum building which could take us closer towards resistance @ 15.80. If we see a breakout here it will trigger the larger bull flag.

EURUSD Bear Flag Break Making New Lows

With the downtrend still intact and the bear flag break last week, new structure lows could be an indication of more downside. Strong support can be seen @ 1.092 where we have the Yearly S1 Pivot. Resistance for the week woukd be @ 1.130

GBPUSD Short Term Trend Alligned with Long Term Trend

After the rejection, we saw from the Yearly Pivot and Daily 200 SMA the short-term trend is now confirming the bearish long-term trend. At this point a short correction is possible but overall the Daily 21 EMA will act as dynamic resistance seeing the trend along as it progresses.

EURGBP Still Waiting For the Falling Wedge Reversal

EURGBP is still not relenting but the falling wedge and its support remain intact. For now it is best to wait for more bullish price action confirmation.

GBPNZD Test of Yearly Pivot

After rocketing through major resitance we are now trading above the yearly picot which could be a catalyst for sellers stepping in and driving price lower. The higher probability outcome here is thus a correction towards at least the 2.00 level

AUDUSD Bearish Continuation Expected

Since the rejection of the Daily 100 SMA and the ensuing bear flag break we have seen price progressing nicely towards our bearish target @ 0.683. It is possible that we see a slight correction but overall the downtrend remains in tact.

GBPCAD Test of Daily 200 SMA

GBPCAD Test of Daily 200 SMA

With price now consolidating we are keeping a close eye on the Daily 200 SMA as we once again test this key level of resistance. Rejection would likely see more downside while a break higher will see another test of the Yearly Pivot @ 1.720

USDJPY Daily 100 SMA confirmed as Support

The bullish trend remains intact with the Dialy 100 SMA confirmed as support. Targets include a new high at the Weekly R2 Pivot which is also the top of the current bullish channel.

NASDAQ Possible Correction Incoming

The NASDAQ has dipped into our previously identified area of support and could now be looking to re-test the important breakout level @ 15000. From here we will have to see what price action dictates but the trend is now firmly down.

GOLD Higher Highs and Higher Lows

The gold price is still not showing much enthusiasm but overall we are seeing higher highs and higher lows. As long as we see the price trade above long term support (currently @ 1760) it remains probable that we continue to see higher lows and higher highs.

BTCUSD Follow the Daily 21 EMA

Bitcoin is looking weak as it struggles to get its footing and continues to slide as the Daily 21 EMA clearly points out. There is a major resistance zone overhead between 48k and 50k which leads me to suspect we might still get a re-test of this area. But should we see failure in this area the bearish trend could likely continue lower towards the next major area of support all the way down near the Yearly S1 Pivot @ 26.5k