By Chuks Obiri
AUD: We expected an aggressive rally into 0.77300 for a short sell last week but that didn’t come in as price stopped 20 pipz shy of that zone. The Dip went on to violate the 0.76200 medium term key Zone. Looking into the week, we will be looking out for two things
1. A break back above the 0.76200 zone implying we may still get a retest of the key zone before determining an upside break-out or a failure of bear trend continuation.
2. Failure @ 0.76200 for a downtrend continuation (Highly Likely).
BIAS: Bearish. Sell @ 0.76200.
CAD: The Loonie strengthened against the Greenback in a surprise move slicing below the 2008/2009 Lows setting record new lows for the year, this was on the back of the Strong employment data that was posted on friday. Going into the week we still believe the bull trend is still in place therefore we will want to see the 2005/2015 highs @ 1.27500&1.28300 hold support, a violation of that zone may likely lead to a free fall and negate the current bearish trend.
BIAS: Bullish. Buy @ 1.28300.
EUR: A bit tough to determine what the fiber is up to, though its looking like the bulls are not ready to shift ground anytime soon but price is a round a Sell area the 2015/2016 highs @ 1.1500/1.14500 which we expect to put pressure on the fiber, we observe an intermediate R-Zone that price also has to contend with @ 1.14200. The Zone to watch out for in the coming week will be 1.1500/1.14500/1.14200.
BIAS: Bearish. Sell @ 1.14500~1.14200.
GBP: There is a clear confirmed uptrend on the cable. It stopped just 30pipz shy of the potential sell area for last week and is now at the post Brexit lows @ 1.28500, we expect an uptrend continuation from this zone.
BIAS: Bullish. Buy @ 1.28500
JPY: The JPY is clearly in an uptrend after scaling above the 1994 high @ 113.600, we expect the uptrend continuation to terminate @ 114.300 for a possible deep retracement, or a retest of 113.600 for a bullish trend to 115.000.
BIAS: 1. Bullish. Buy @ 113.750 if price moves down first else / Sell @ 114.300 if price continues its ascent up.
NZD: Price is closing in on the Potential major sell area from 2011/2012 lows @ 0.73800 & 0.74500 respectively. On the Daily chart we will be looking at price action around the downward sloping Trendline connecting the September 2016 highs & the Feb 2017 highs. Price is on the backside of the trendline implying we may see a further uptrend. We will be looking at buying from the Jan 2015 close @ 0.72300
BIAS: Bullish. Buy @ 0.72300
XAU: Price has broken below the important zone at 1226.00 putting the bullish trend at risk. The last frontier happens to be the 1204.40 Support Zone culminating into the D-Leg of a Bullish Bat @ 88.6. We expect the bulls to step in at this juncture.
BIAS: Bullish. Buy @ 1204.40
EURAUD: The Solid bull rally since the beginning of the year is at a make or break point on the EURAUD finding Resistance @ the lows of 2000 @ 1.5000, a break above here will see prices move into the 99 lows and possibly 2005 lows @ 1.5500. Moving into the week, if the bull rally is anything to go by then we should be looking at buying from 1.49900.
BIAS: Bullish. Buy @ 1.49900.
EURCAD: Price at the Oct 2008 lows @ 1.47000. We look at buying from this zone, The impact of the Strong CAD Job numbers is over we expect the main trend to resume.
BIAS: Bullish. Buy @ 1.46500
EURGBP: Though last week was a bullish week we still expect the bears to dominate this pair as price failed to break above the Key 2013 R zone @ 0.88200, although price is trading above this zone we expect to see the 0.88700 Medium term R-zone which has resisted price for 5 weeks now still hold ground.
BIAS: Bearish. Sell @ 0.88700.
EURJPY: We expect an ABCD pattern completion at the 2005 lows @ 130.500. Though the bullish trend is still in force we will be looking at Selling from that zone. If Price fails b4 130.500 we will sell the failure @ 129.700 else we look to sell btw 130.500~131.00
BIAS: Bearish. Sell @ 130.500.
EURNZD: Market held support @ 1.55555 just as we anticipated last week. We expect the bullish trend to continue, so we look to buy from 1.56300.
BIAS: Bullish. Buy @ 1.56300.
GBPAUD: We expect the bullish trend which commenced at the beginning of the year to continue on this pair. We look to buy @ 1.69400.
BIAS: Bullish. Buy @ 1.69400. TARGET 1.71500.
GBPCAD: Even though Price has violated the Jan 2009 Lows @ 1.6700 its stil around the buy zone, the last frontier to hold prices up will be 1.65900.
BIAS: Bullish. Buy @ 1.65900.
GBPJPY: Bullish trend meeting resistance @ the lows of 2000 @ 148.00, we anticipate downward pressure from this zone else we may see a price break out. We look to sell between 148.00~147.500 while watching out for 147.00.
BIAS: Bullish. Sell @ 147.500.
GBPNZD: In a fell swoop the Markets tanked in April/June hitting the 2013 lows @ 1.76800, the Markets is bouncing off that zone, we expect to see the trend continue.
BIAS: Bullish. Buy @ 1.76800~1.76700
AUDCAD: Price has punched below the ‘99, 2005 & 2008 Highs @ 0.98400, probably jeopardizing the Uptrend. Focus will be on the 0.97900 buy area to study price action around that zone.
BIAS: Bullish. Buy @ 0.97900~0.97800
AUDNZD: Price has still not violated the 2005 lows @ 1.04300 still validating that zone as a buy area. Going into the week we look to buy from that zone.
BIAS: Bullish. Buy @ 1.04300.
USOIL: WTI maybe building up for a massive rally to the upside. Potential inverted H&S taking shape. Last month closed like a hammer. We will be looking at the 43.79 R-Zone for a possible upleg.
BIAS: Bullish. Buy @ 43.79.