GBP/USD Finds Strong Resistance, Gold Appreciates
Panayiotis Miltiadous | Oct 06, 2015 03:28AM ET
AUD/USD
Market Scenario 1: Long positions above 0.7074 with targets at 0.7098 and 0.7134
Market Scenario 2: Short positions below 0.7038 with targets at 0.7014 and 0.6978.
Comment: The pair is struggling to break through first resistance line. If it succeeds to do so, AUD/USD will move towards R2 and R3
Supports and Resistances:
R3 0.7134
R2 0.7098
R1 0.7074
PP 0.7038
S1 0.7014
S2 0.6978
S3 0.6954
EUR/JPY
Market Scenario 1: Long positions above 134.83 with targets at 135.30 and 135.72.
Market Scenario 2: Short positions below 134.41 with targets at 133.52 and 133.05.
Comment: The pair is about to break through first resistance line. Next targets will be R2 and R3
Supports and Resistances:
R3 135.72
R2 135.30
R1 134.83
PP 134.41
S1 133.94
S2 133.52
S3 133.05
EUR/USD
Market Scenario 1: Long positions above 1.1225 with targets at 1.1302 and 1.1394.
Market Scenario 2: Short positions below 1.121 with targets at 1.1133 and 1.1056.
Comment: The pair found support at Pivot Point – 50% of Fridays’ move. Preparing for another test of R1
Supports and Resistances:
R3 1.1471
R2 1.1394
R1 1.1302
PP 1.1225
S1 1.1133
S2 1.1056
S3 1.0964
GBP/JPY
Market Scenario 1: Long positions above 182.77with targets at 183.64 and 184.71
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Market Scenario 2: Short positions below 181.70 with targets at 180.83 and 179.76.
Comment: The pair break through R1 and heading towards R2
Supports and Resistances:
R3 184.71
R2 183.64
R1 182.77
PP 181.70
S1 180.83
S2 179.76
S3 178.89
GBP/USD
Market Scenario 1: Long positions above 1.5231 with targets at 1.5289 and 1.5341.
Market Scenario 2: Short positions below 1.5231 with targets at 1.5179 and 1.5069
Comment: The pair finds strong resistance at R1, failure to break it will lead GBP/USD to retreat to PP or even to S1
Supports and Resistances:
R3 1.5341
R2 1.5289
R1 1.5231
PP 1.5179
S1 1.5121
S2 1.5069
S3 1.5011
USD/JPY
Market Scenario 1: Long positions above 120.62 with targets at 121.37 and 122.34.
Market Scenario 2: Short positions below 119.65 with targets at 118.90 and 117.93.
Comment: The pair is trading just above Pivot Point. Next resistance level is at 120.62
Supports and Resistances:
R3 122.34
R2 121.37
R1 120.62
PP 119.65
S1 118.90
S2 117.93
S3 117.18
GOLD
Market Scenario 1: Long positions above 1150.82 with targets at 1164.33 and 1201.05.
Market Scenario 2: Short positions below 1114.10 with targets at 1090.89 and 1054.17.
Comment: After weak report of US NFP, gold appreciated on Friday against the US dollar. Gold is moving towards R1, however, before that it can again test Pivot Point Support level.
Supports and Resistances:
R3 1201.05
R2 1164.33
R1 1150.82
PP 1127.61
S1 1114.10
S2 1090.89
S3 1054.17
CRUDE OIL
Market Scenario 1: Long positions above 45.14 with targets at 46.31 and 46.96.
Market Scenario 2: Short positions below 45.14 with targets at 44.49 and 43.32.
Comment: Crude is steadily moving higher after weak US NFP. Successful test of R1 will open the way to R2
Supports and Resistances:
R3 48.78
R2 46.96
R1 46.31
PP 45.14
S1 44.49
S2 43.32
S3 41.50
USD/RUB
Market Scenario 1: Long positions above 65.01 with targets at 66.14 and 67.22
Market Scenario 2: Short positions below 65.01 with targets at 63.93 and 62.81
Comment: Pivot Point is acting as a Resistance level. Range – bound strategy can be applied.
Supports and Resistances:
R3 69.43
R2 67.22
R1 66.14
PP 65.01
S1 63.93
S2 62.81
S3 60.60
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