Gold Bearish, GBP/USD Weakens, EUR/USD Testing Lows
Panayiotis Miltiadous | May 19, 2015 07:26AM ET
AUD/USD
Market Scenario 1: Long positions above 0.8005 with target at 0.8035.
Market Scenario 2: Short positions below 0.7960 with target at 0.7930.
Comment: The pair recovers from 0.7957 but found resistance at pivot point 0.8005.
Supports and Resistances:
R3 0.8110
R2 0.8080
R1 0.8035
PP 0.8005
S1 0.7960
S2 0.7930
S3 0.7885
EUR/JPY
Market Scenario 1: Long positions above 134.71 with target at 135.24.
Market Scenario 2: Short positions below 133.32 with target at 131.93.
Comment: The pair dropped below 134.10 level as ECB may “accelerate” QE.
Supports and Resistances:
R3 138.88
R2 137.49
R1 136.63
PP 136.10
S1 135.24
S2 134.71
S3 133.32
S4 131.93
EUR/USD
Market Scenario 1: Long positions above 1.1204 with target at 1.1259.
Market Scenario 2: Short positions below 1.1055 with target at 1.0906.
Comment: The pair is testing lows below 1.1180 level after the ECB’s Coeure said that the bank may front-load its QE program before summer for seasonal reasons.
Supports and Resistances:
R3 1.1651
R2 1.1502
R1 1.1408
PP 1.1353
S1 1.1259
S2 1.1204
S3 1.1055
S4 1.0906
GBP/JPY
Market Scenario 1: Long positions above 187.30 with target at 187.78.
Market Scenario 2: Short positions below 186.81 with target at 186.33.
Comment: The pair dropped sharply to 187.00 level.
Supports and Resistances:
R3 189.24
R2 188.75
R1 188.27
PP 187.78
S1 187.30
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S2 186.81
S3 186.33
GBP/USD
Market Scenario 1: Long positions above 1.5611 with target at 1.5677.
Market Scenario 2: Short positions below 1.5570 with target at 1.5504.
Comment: The pair weakened again and dropped to lows near 1.5590 level.
Supports and Resistances:
R3 1.5825
R2 1.5784
R1 1.5718
PP 1.5677
S1 1.5611
S2 1.5570
S3 1.5504
USD/JPY
Market Scenario 1: Long positions above 120.25 with target at 120.53.
Market Scenario 2: Short positions below 119.75 with target at 119.47.
Comment: The pair trades steady below 120.00 level.
Supports and Resistances:
R3 121.03
R2 120.53
R1 120.25
PP 119.75
S1 119.47
S2 118.97
S3 118.69
GOLD
Market Scenario 1: Long positions above 1220.30 with target at 1226.20.
Market Scenario 2: Short positions below 1215.40 with target at 1209.50.
Comment: Gold prices have a bearish tone and broke support level 1220.30.
Supports and Resistances:
R3 1241.90
R2 1237.00
R1 1231.10
PP 1226.20
S1 1220.30
S2 1215.40
S3 1209.50
CRUDE OIL
Market Scenario 1: Long positions above 59.57 with target at 60.64.
Market Scenario 2: Short positions below 58.78 with target at 57.71.
Comment: Crude oil prices found support at 58.78 level.
Supports and Resistances:
R3 63.29
R2 62.50
R1 61.43
PP 60.64
S1 59.57
S2 58.78
S3 57.71
USD/RUB
Market Scenario 1: Long positions above 48.694 with target at 49.153.
Market Scenario 2: Short positions below 48.093 with target at 47.634.
Comment: The pair trades neutral below 48.300 level.
Supports and Resistances:
R3 50.213
R2 49.153
R1 48.694
PP 48.093
S1 47.634
S2 47.033
S3 45.973
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