FXTechstrategy Team

USDJPY: Sets Up To Correct Lower USDJPY: Having capped its strength at the 124.45 level to close marginally higher on a rejection candle on Thursday, further weakness is expected. On the upside, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 123.00 level where a break will target the 122.50 level. Below here if seen will aim at the 122.00 level followed by the 121.50 level. On the whole, USDJPY remains exposed to the upside in the immediate term but faces a pullback threat.

GBPUSD: Sees Weakness, Eyes Key Support GBPUSD: With the pair weakening further on Tuesday, further bearishness is envisaged possibly towards the 1.5290 level. On the downside, immediate support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. On the upside, resistance resides at the 1.5450 level with a break aiming at the 1.5500 level. A violation of here will aim at the 1.5550 level and possibly higher towards the 1.5600 level. On the whole, GBP continues to retain its downside bias

USDJPY: Bullish, Extends Strength USDJPY: With the pair bullish and extending it during Tuesday trading session, it now faces a possible hold above its key resistance turned support at 122.02 level. However, you should keep an eye on that level. On the upside, resistance resides at the 123.00 level with a turn above here aiming at the 123.50 level. A break will target the 124.00 level. Further out, resistance comes in at the 124.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 122.02 level where a break will target the 121.50 level. Below here if seen will aim at the 121.00 level followed by the 120.50 level. On the whole, USDJPY remains exposed to the upside in the medium term

EURUSD: Reverses Gain, Eyes More Weakness EURUSD: With EUR reversing its previous week gains to lower on a sell, further weakness is envisaged. Resistance is seen at the 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. Conversely, support lies at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will aim at the 1.0850 level with a turn below that level targeting the 1.0800 level. All in all, EUR faces downside threats having sold off the previous week.

USDCHF: Reverses Losses, Targets Further Upside USDCHF: With the pair closing higher for the week, further bullish is likely. Resistance resides at the 0.9500 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9600 level. Conversely, on the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. A cut through here will open the door for additional weakness towards the 0.9150 level. All in all, the pair remains biased to the upside on correction.

USDCAD: Strengthens, Eyes Further Upside USDCAD: With EUR seen strengthening, further bullishness is likely. Its now eyes the 1.2300 level. On the upside, resistance is seen at the 1.2350 level followed by the 1.2400 level. Further out, resistance comes in at the 1.2450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2500 level. On the downside, support lies at the 1.2250 level followed by the 1.2200 level. Further down, support resides at the 1.2150 level and then the 1.2100 level All in all, USDCAD remains biased to the upside medium term.

EURJPY: Builds Up On Strength EURJPY- Having closed higher on Wednesday and followed through on Thursday, further strength is envisaged. This development should see the cross target the 135.57 level initially. On the other hand, resistance lies at the 136.00 level where a break will aim at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level. On the downside, support comes in at the 134.50 level where a break will aim at the 134.00 level. A turn below here will target the 133.50 level with a breach turning focus to the 133.00 level. All in all, the cross now faces a recovery threat.

GBPJPY: Reverses Losses, Eyes Further Upside GBPJPY: With GBPJPY reversing its one-day corrective weakness, it now faces further upside risk in the days ahead. This development leaves the threat of a move higher in the days ahead. On the downside, support comes in at the 188.00 level where a violation will aim at the 187.00 level. A break below here will target the 186.00 level followed by the 185.00 level. On the upside, resistance lies at the 189.00 level followed by the 190.00 level where a break will aim at the 191.50 level. A cut through here will aim at the 191.00 level. Further out, the 192.00 level comes in as the next resistance. All in all, the cross remains biased to the upside as it is threatening to resume its broader uptrend.

EURUSD: Remains Weak And Vulnerable EURUSD: With EUR seen weakening for a second day in a row, further bearishness is envisaged in the days ahead. Support lies at the 1.1150 level where a breach will aim at the 1.1100 level. Below here if seen will turn attention to the 1.1050 level where a violation will aim at the 1.1000. The pair should halt its weakness and turn higher at this level but if that level is taken out, expect further decline towards the 1.0950 zone with a turn below here targeting the 1.0900 level. Conversely, resistance lies at the 1.1250 level with a cut through here opening the door for more downside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EUR remains biased to the downside on price weakness.

GOLD: Bullish, Pressures Further Upside. GOLD: With GOLD continuing to hold on to its upside offensive, it looks to strengthen further in the new week. However, it now trades within its resistance levels. Support comes in at the 1,210.00 level where a break will aim at the 1,200.00 level. A cut through here will open the door for move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure towards the 1,150.00 level and then the 1,130.00 level. Conversely, resistance resides at the 1,235.00 level where a break will aim at the 1,250.00 followed by the 1,270.00 level. A violation of here will turn attention to the 1,290.00 level followed by the 1,300.00 level. All in all, GOLD remains biased to the upside on recovery

EURUSD: Maintains Upside Offensive EURUSD: Having rallied to close above the 1.1390 level the past week, risk of further upside is likely in the new week. However, you should keep your eyes on the 1.1449 and the 1.1533 zone where strong resistance levels are located. Resistance is seen at the 1.1533 level with a cut through here opening the door for more upside towards the 1.1600 level. Further up, resistance lies at the 1.1650 level where a break will expose the 1.1700 level. Conversely, support lies at the 1.1400 level where a violation will aim at the 1.1350 level. A break of here will aim at the 1.1200 level with a turn below that level targeting the 1.1150 level. All in all, EUR faces recovery threats having rallied the past week.

USDCHF: Closes Lower On Bearishness USDCHF: With USDCHF closing lower the past week, the pair continues to face downside pressure into the new week. On the downside, support comes in at the 0.9070 level. A turn below here will open the door for more weakness to occur towards the 0.9000 level and then the 0.8950 level. A cut through here will open the door for additional weakness towards the 0.8900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9200 level with a breach targeting the 0.9250 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9300 level. All in all, the pair remains biased to the downside in the medium term

AUDUSD: Faces Price Hesitation, Threatens Pullback AUDUSD: With price hesitation setting in and halting its recovery started off the 0.7862 level, a move back lower could be building up. On the downside, support resides at the 0.7963 level where a breach will aim at the 0.7900 level. Below that level will set the stage for a run at the 0.7862 level with a cut through here targeting further downside towards the 0.7800 level. On the upside, resistance lies at the 0.8150 level. A cut through here will turn attention to the 0.8200 level and then the 0.8250 level where a violation will set the stage for a retarget of the 0.8300 level. On the whole, AUDUSD continues to retain its broader downtrend pressure though recovering.

CRUDE OIL: Vulnerable On Loss Of Momentum CRUDE OIL: Having Crude Oil rejected higher prices on negative candle formation the past week, it now looks to weaken on correction in the new week. On the upside, resistance resides at the 60.00 level where a break will expose the 61.00 level followed by the 62.00 level. A cut through here will aim at the 63.00 level. On the downside, support lies at the 58.00 level where a break will expose the 57.00 level. A break will aim at the 58.00 level and then the 55.00 level. Below here will open the door for a run at the 54.00 level. All in all, Crude Oil remains biased to the downside on correction.

EURUSD: Vulnerable On Corrective Threats EURUSD: Having capped its strength at the 1.1390 level to close marginally lower the past week, corrective pullback threats are building up. Resistance is seen at the 1.1300 level with a cut through here opening the door for more downside towards the 1.1390 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Conversely, support lies at the 1.1200 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR faces corrective pullback threats having lost its upside momentum.

AUDUSD: Vulnerable Below The 0.8000/74 Zone AUDUSD: With the pair facing price hesitation ahead of its key resistance at the 0.8000/0.8074 zone, it could turn lower if that zone continues to hold. On the downside, support resides at the 0.7900 level where a breach will aim at the 0.7850 level. Below that level will set the stage for a run at the 0.7800 level with a cut through here targeting further downside towards the 0.7750 level. On the upside, resistance lies at the 0.8000 level. A cut through here will turn attention to the 0.8050 level and then the 0.8100 level where a violation will set the stage for a retarget of the 0.8150 level. On the whole, AUDUSD continues to retain its broader downtrend pressure though seeing taking some of its losses back.

EURJPY: Weakens, Eyes Further Downside EURJPY- Having triggered a corrective pullback, further weakness is envisaged. This is coming on the back of price pullbacks on the lower level charts on Friday and a long tailed candle formation. Resistance lies at the 134.50 level. Further out, resistance resides at the 135.00 level where a break if seen will threaten further upside towards the 136.00. Further out, resistance resides at the 136.50 level. On the downside, support comes in at the 132.50 level where a break will aim at the 132.00 level. A turn below here will target the 131.50 level with a breach turning focus to the 131.00 level. All in all, the cross now faces price hesitation suggesting an impending pullback.

USDJPY: Retains Broader Upside Bias USDJPY: Unless the pair retains below the 118.48/32 support zone, it continues to retain its broader upside bias in the medium term. On the upside, resistance resides at the 120.83 level with a turn above here aiming at the 122.00 level. A break will target the 122.50 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 123.50 level. On the downside, support comes in at the 119.50 level where a break will target the 119.00 level. Below here if seen will aim at the 118.50 level followed by the 118.00 level. On the whole, USDJPY remains exposed to the upside in the medium term despite price hesitation.

EURUSD: Bullish With Caution EURUSD: Although EUR may be biased to the upside on the weekly chart, its price action on the daily chart is suggestive of a move lower on correction. This development leaves risk lower in the new week. Resistance is seen at the 1.1289 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. Conversely, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR remains biased to the upside on recovery but with caution.

USDCHF: Sells Off On Loss Of Upside Momentum USDCHF: Having USDCHF declined strongly the past week, it could extend that weakness in the new week. On the downside, support comes in at the 0.9250 level. A turn below here will open the door for more weakness to occur towards the 0.9200 level and then the 0.9150 level. A cut through here will open the door for additional weakness towards the 0.9100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9400 level with a breach targeting the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9500 level. All in all, the pair remains biased to the downside medium term

GBPUSD: Weakens On Correction GBPUSD: GBP weakened on Thursday leaving risk of a move further lower on the cards. On the upside, resistance resides at the 1.5400 level with a break aiming at the 1.5450 level. A violation will aim at the 1.5500 level and possibly higher towards the 1.5550 level. On the downside, support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. On the whole, GBP looks to decline further following its Thursday weakness with eyes on its key support at the 1.5166 level.

GBPUSD: Builds Up On Strength GBPUSD: With GBP maintaining above its broken resistance turned support at the 1.5166 level, it faces further bullish offensive. However, watch out for any pullback risk of its recent strength. On the downside, support lies at the 1.5200 level where a break if seen will aim at the 1.5150 level. A break of here will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation will aim at the 1.5450 level and possibly higher towards the 1.5500 level. Its daily RSI is bullish and pointing higher supporting this view. On the whole, GBP remains biased to the upside on recovery

USDJPY: Halts Weakness, Eyes Further Upside USDJPY: The pair now faces further recovery risk after turning higher off its intra day low at 118.76 level during early Monday trading. On the upside, resistance resides at the 119.74 level with a turn above here aiming at the 120.50 level. A break will target the 122.02 level. Further out, resistance comes in at the 122.50 level where a violation will aim at the 123.00 level. On the downside, support comes in at the 118.76 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside after turning higher ahead of its key support at 118.32 level

GOLD Remains Weak And Vulnerable GOLD: With GOLD declining the past week, it faces further downside pressure in the new weak. However, it will have to overcome the 1,178.39 level convince the market of further weakness. Support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. A cut through here will open the door for move lower towards the 1,130.00 level. Below here if seen could trigger further downside pressure towards the 1,100.00 level and then the 1,080.00 level. On the upside, resistance resides at the 1,190.00 level where a break will aim at the 1,200.000 followed by the 1,215.00 level. A violation of here will turn attention to the 1,225.00 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats at the 1,178.39 level.

EURUSD: Risk Continues To Point Higher EURUSD: Outlook for EUR remains to the upside after closing higher at the end of the week following a reversal of most of its losses. This development leaves risk higher in the new week. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Conversely, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0650 level. All in all, EUR remains biased to the upside on recovery.