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USD strikes back as traders flock back to the greenback

EURUSD

The pair is currently trading over 100 pips from its 1.0900 highs as we see profit taking from buyers and bargain selling form sellers. As it stands, the pair is up against stiff support and bears will look to keep price below 1.0800 and capture 1.0775 as a stepping stone to 1.0750, 1.0725 and 1.0700. However, bulls will look to leverage the support in hopes of capturing 1.0800 and 1.0825 as confirmation of a move higher for a potential retest of the 1.0900 highs.

  EURUSD​ ​

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.0704 1.0750 1.0781 1.0827 1.0858 1.0904 1.0935
WEEKLY 1.0625 1.0671 1.0735 1.0781 1.0845 1.0891 1.0955
MONTHLY 1.0098 1.0295 1.0436 1.0633 1.7740 1.0971 1.1112

 

GBPUSD

Bears managed to peel off over 200 pips from the 1.2600 highs as we saw a barrage of sellers enter the market, tripping stops and sending buyers scattering. As it stands, support has been found at the 1.2400 H4 200 EMA and bulls are looking to test higher with targets at 1.2425, 1.2450 and 1.2475 while bears will look to capture 1.2375 as confirmation of further weakness, attracting sellers and stopping out buyers for a ride to 1.2350, 1.2325 and 1.2300.

  GBPUSD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1.2230 1.2334 1.2392 1.2495 1.2553 1.2656 1.2714
WEEKLY 1.2159 1.2246 1.2358 1.2445 1.2557 1.2644 1.2756
MONTHLY 1.1884 1.2114 1.2248 1.2478 1.2612 1.2842 1.2976

 

USDJPY

The pair found support at the 110.25 level and has since moved higher by over 100 pips as bulls look to turn the tide. As it stands bulls will look to keep the pair above 111.00 and drive higher beyond the 111.25 resistance level as a stepping stone to 111.50, 111.75 and 112.00 while bears will look to capture 111.00 in a bid to attract more sellers for one last run on the 4 month lows reached this week.

  USDJPY

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 109.39 109.77 110.46 110.84 111.53 111.91 112.60
WEEKLY 108.02 109.3 110.33 111.62 112.64 113.93 114.95
MONTHLY 107.83 109.70 111.24 113.11 114.65 116.52 118.06

 

GOLD

Gold yet again finds itself at the 1250 level as bulls and bears battle over the key level. As it stands bulls will have to capture 1255 if they wish to convince more buyers to enter and sellers to run while bears will have to capture 1245 if they wish to attract more sellers and send the bull running. Capturing of either level will dictate the medium-term trend going forward.

  GOLD

 

TIME FRAME S3 S2 S1 PIVOT POINT R1 R2 R3
DAILY 1241.86 1244.18 1246.21 1248.53 1250.56 1252.88 1254.91
WEEKLY 1210.14 1218.27 1233.24 1241.37 1256.34 1264.47 1279.44
MONTHLY 1147.44 1172.67 1212.64 1237.87 1277.84 1303.07 1343.04

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