USDZAR Reversal from 10Y Diagonal Support
The ZAR has seen significant gains against the USD over the past 3 weeks resulting in a test of the 10-year diagonal support line @ 14.08. From here the probability for a reversal and pullback to at least 14.60 (38% Fib along with the Daily 100 and 200 SMA’s) or 14.90 (61% Fib) is significant. If the price gets rejected and closes below Friday’s low this will be considered very bearish with a move to 14 and below likely in such a scenario
EURUSD Bearish Continuation
Last week saw the EURUSD pulling back towards the previous resistance zone from where price action clearly dictated rejection. At this stage, a move challenging the previous lows @ 1.170 is very likely. If price were to find support from the Monthly Pivot @ 1.179 then a move back to the resistance zone @ 1.190 is likely the most probable move.
GBPUSD Possible Trend
Over the past 2-months, the GBPUSD has broken below the 200 Daily SMA twice now with price both times recovering back above albeit making lower highs. This time it seems as though it might be the last as momentum fades and a bearish pin bar is printed. As long as price stays below the Daily 50/200 SMA it will most likely be heading lower with the next support level around 1.365
GBPNZD Perfect Setup for a Range Breakout
On Friday the GBPNZD printed a Doji-type candle providing us with a perfect range to trade a breakout when it occurs. The high of the candle is @ 1.950 and the low @ 1.939. If we break to the downside a move equal to the range will see price test the Monthly S1 Pivot @ 1.930 followed by further downside to support @ 1.918. If price breaks to the upside I suspect a re-test of the Daily 100 SMA @ 1.964 to be the most likely target.
US30 Still Trading Above Support
Despite the recent pullback, the overall trend is still intact with price testing the Daily 100 SMA as it has done multiple times before. If the re-test is successful we can expect to see price head back to the Monthly pivot @ 35200 with another move towards ATH ~35800 also possible should the buyers step back in. If however, the price breaks below last week’s low @ 34600 it will likely trigger a sell-off towards support @ 34035
Brent Crude Breakout
Brent Crude Oil seems to finally hint at a possible breakout after some consolidation. If we can get a Daily close above last week’s high @ 73.74 it could trigger a move higher towards resistance @ 76.46. From there price action will dictate whether we see a continued push higher or a pullback to re-test the breakout.
BTCUSD Deeper Pullback Can Be Expected
Soon after hitting the phycological level of 50k BTC has seen very aggressive selling as profit-taking no doubt happened at these levels. This is not necessarily a bad thing but with the current price action, a deeper pullback can certainly be expected. Price is currently trading just below the Yearly R2 Pivot which equates to about a 38% pullback which is actually very conservative as far as pullbacks are concerned. I suspect that should the 44k level fail to hold a deeper pullback to around 50-60% can be expected. This will see price test support from the Daily 50 SMA which is also the current VWAP average when anchored on the previous major highs and lows. In the event where price starts climbing again, the 50k zone will no doubt offer some serious resistance which might lead to some further consolidation before a definitive move higher.
XRP Bearish Breakout Triggered
XRP has broken below its trading range setting up a short-term target of around 0.877. This will see price right in between the Daily 100 and 200 SMA’s which should offer it some support. In terms of a recovery, we would first need to see pricer head back into the trading range with a move above 1.133 followed by a break above Friday’s high @ 1.241