Bears have managed to put in a new year to date low as they tore through the 1.0600 support level after making short work of 1.0700. As it stands the pair is pointing firmly to the downside with 1.0600 the new battle ground. Should bears keep the pair below 1.0600 we could see 1.0575, 1.0550 and 1.0525 in play while a capture of 1.0725 would imply bulls are back in town, exposing 1.0750, 1.0775 and 1.0800.
Bulls could not overcome 1.2500 despite several attempts as bears gradually entered the game retaking 1.2400. As it stands 1.2400 is the new equilibrium and if bears mange to keep control of it, we will likely see moves south to 1.2350, 1.2300 and 1.2250 while if bulls take control we will see 1.2425, 1.2450 and 1.2475 back in play.
Bulls could do little to stem the bearish onslaught once 0.7500 was captured and we have since seen the pair trade at 0.7400 where the battle continues. With momentum on their side, bears will look to drive price lower with targets at 0.7375, 0.7350 and 0.7325. While if bulls can take 0.7425, we would see 0.7450, 0.7475 and 0.7500 back on the cards.
Glod trots south in search of the 1200 handle after bears managed to take control at 1230. The precious metal will remain biased to the downside for as long as bears keep price below 1230 with targets at 1200, 1190 and 1180. However, should bulls capture 1230, we will see some bullish resurgence to take the asset to 1240 and perhaps 1250.