FXTechstrategy Team

GBPUSD: Maintains Bullish Offensive GBPUSD: Having continued to remain bullish, more recovery is expected. Resistance resides at the 1.5600 level with a break aiming at the 1.5650 level. A violation will aim at the 1.5700 level and possibly higher towards the 1.5750 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5500 level where a break if seen will aim at the 1.5450 level. A break of here will turn attention to the 1.5400 level. Further down, support lies at the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though recovering.

AUDUSD: Bullish, Extends Strength AUDUSD: With AUDUSD following through higher on the back of its Tuesday gains during Wednesday trading session, further price extension is envisaged. On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the whole, AUDUSD continues to retain its corrective upside pressure.

GBPJPY: Bullish, Strengthens Further GBPJPY: The cross is seen following through higher on the back of its Monday gains suggesting further bullishness in the days ahead. On the upside, resistance lies at the 185.00 level followed by the 186.00 level where a break will aim at the 187.00 level. A cut through here will turn attention to the 187.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Further down, support lies at the 180.00 level. All in all, the cross remains biased to the upside short term.

USDCAD: Bullish, Follows Through On Strength USDCAD: Having halted its correction to close higher the past week, it faces the risk of a move higher. It was seen following through higher on the back of its Friday gain during Monday trading session today. However, as long as it trades below the 1.2696 level, corrective pullback risk is not over. On the downside, support lies at the 1.2550 level followed by the 1.2500 level. Further down, support resides at the 1.2450 level and then the 1.2400 level. On the upside, resistance is seen at the 1.2650 level followed by the 1.2696 level. Further out, resistance comes in at the 1.2750 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2800 level. All in all, USDCAD continues to face bullish offensive medium term

EURUSD: Bear Pressure Remains EURUSD: We continue to envisage a decline having EUR closed almost flat the past week. Support is seen at 1.1278 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1100 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level. A break of here will aim at the 1.1600 level, its psycho level with a turn below that level targeting the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

USDCHF: Loses Upside Momentum, Risk Turns Lower USDCHF: With USDCHF closing on a hammer candle print the past week, it faces the risk of a move lower in the new week. This development leaves the pair targeting the 0.9300 level where a break will set the stage for a move lower towards 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. On the upside, resistance resides at the 0.9450 level where a break will aim at the 0.9534 level. Further out, resistance resides at the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9650 level. All in all, the pair remains broadly biased to the downside medium term though seen recovering recent weeks.

EURJPY: Vulnerable EURJPY- With the cross remaining weak and vulnerable to the downside, risk continues to point lower. On the upside, resistance resides at the 136.68 level where a break if seen will threaten further upside towards the 137.50. Further out, resistance resides at the 138.00 level where a break will aim at the 139.00. On the downside, support comes in the 135.55 level where a break will aim at the 135.00 level. A break will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross continues to face upside pressure on recovery

GBPUSD: Bullish On Correction GBPUSD: With GBP strengthening on Wednesday, further bullishness is likely in the days ahead. On the downside, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. Conversely, resistance resides at the 1.5450 level with a break aiming at the 1.5500 level. A violation will aim at the 1.5550 level and possibly higher towards the 1.5600 level. On the whole, GBP continues to retain its corrective recovery threats.

AUDUSD: Faces Further Recovery Risk AUDUSD: With AUDUSD strengthening on Tuesday, we expect more recovery to occur. On the downside, support resides at the 0.7700 level where a breach will aim at the 0.7650 level. Below that level will set the stage for a run at the 0.7600 level with a cut through targeting further downside towards the 0.7550 level. On the upside, resistance lies at the 0.7800 level. A cut through here will turn attention to the 0.7850 level and then the 0.7900 level where a violation will set the stage for a retarget of the 0.7950 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

GOLD: Weakens, Eyes The 1,216.00 Level. GOLD: With GOLD seen selling off on Tuesday, further downside pressure is now envisaged. On the downside, support comes in at the 1,216.00 level where a break will aim at the 1,200.00 level. Below here if seen could trigger further downside towards the 1,180.00 level where a break will aim at the 1,160.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure

EURUSD: Remains Weak And Targeting Further Decline EURUSD: Having weakened on Monday, it now faces its broader downside pressure as long as it trades below the 1.1533 level. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1269 level. Further down, support lies at the 1.1200 level where a break will expose the 1.1150 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level where a break will aim at the 1.1600 level, its psycho level. A turn below here will aim at the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term .

GBPJPY: Faces Downside Pressure. GBPJPY: The cross strengthened further the past week and followed through lower on Monday. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Further down, support lies at the 177.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 183.00 level followed by the 184.00 level where a break will aim at the 185.00 level. A cut through here will aim at the 186.00 level. All in all, the cross remains biased to the downside in the short term.

GOLD: Bearish, Remains Vulnerable GOLD: GOLD may have closed marginally lower the past week but it continues to hold on to its broader downside pressure medium term. On the downside, support comes in at the 1,216.00 level where a break will aim at the 1,200.00 level. Below here if seen could trigger further downside towards the 1,180.00 level where a break will aim at the 1,160.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure

EURUSD: Vulnerable Below The 1.1533 Level EURUSD: While EUR may have closed higher the past week, it still faces its broader downside pressure as long as it trades below the 1.1533 level. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1269 level. Further down, support lies at the 1.1200 level where a break will expose the 1.1150 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level where a break will aim at the 1.1600 level, its psycho level. A turn below here will aim at the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term .

The Week Ahead On USDCHF USDCHF: Corrective Pullback Risk Envisaged USDCHF: Despite its past week attempts on upside, it still faces corrective pullback risk. This view remains valid as long as USDCHF holds below the 0.9344 level. On the downside, support lies at the 0.9250 level with a break targeting the 0.9200 level and then the 0.9150 level. Further down, support comes in at the 0.9100 level. On the upside, resistance resides at the 0.9344 level where a break will aim at the 0.9400 level. Further out, resistance resides at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9500 level. All in all, the pair remains broadly biased to the downside medium term.

EURJPY: Weakens, Vulnerable EURJPY- Having activated a corrective pullback on Thursday, more decline is expected but with caution. On the downside, support comes in the 135.00 level where a break will aim at the 134.00 level. A break will target the 133.00 level with a breach turning focus to the 132.00 level. On the upside, resistance resides at the 137.00 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.00 level where a break will aim at the 140.00. All in all, the cross continues to face corrective pullback threats risk.

USDCAD: Triggers Corrective Pullback. USDCAD: With USDCAD triggering a corrective pullback, it now faces further downside pressure in the days ahead. On the downside, support lies at the 1.2500 level followed by the 1.2450 level. Further out, support resides at the 1.2400 level and then the 1.2350 level. Its daily RSI has turned lower supporting its corrective view. On the upside, resistance is seen at the 1.2600 level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2750 level. All in all, USDCAD continues to face bullish offensive medium term but now faces a correction lower.

CRUDE OIL: Vulnerable, Weakens Further CRUDE OIL: With price extension seen on Wednesday, further downside pressure is likely. On the downside, support lies at the 48.00 level where a break will expose the 47.00 level. A break will aim at the 46.00 level and then the 45.00 level. A turn below here will open the door for a run at the 44.00 level. On the upside, resistance resides at the 50.00 level where a break will expose the 51.00 level followed by the 52.00 level where a break will aim at the 53.00 level and then the 54.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

EURUSD: Vulnerable On Price Hesitation. EURUSD: Although EUR is facing price hesitation, it still faces downside threats. outlook on EUR remains biased to the downside though hesitating. Support is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1100 level. Its daily RSI has turned lower supporting this view. On the upside, resistance lies at the 1.1400 level where a violation will aim at the 1.1450 level where a break will aim at the 1.1500 level, its psycho level followed by the 1.1550 level. Further out, resistance comes in at the 1.1600 level. All in all, EUR remains biased to the downside in the medium term.

USDCAD: Vulnerable On Correction USDCAD: Despite its Friday strength, its correction triggered off the 1.2798 level has not ended. On the downside, support lies at the 1.2400 level followed by the 1.2350 level. Further out, support resides at the 1.2300 level and then the 1.2250 level. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. All in all, USDCAD continues to face bullish offensive medium term though correcting

AUDUSD: Develops Recovery Threats AUDUSD: AUDUSD continues to trace out a bottom as a platform for its impending correction. On the downside, support resides at the 0.7750 level where a breach will aim at the 0.7700 level. Below that level will set the stage for a run at the 0.7650 level with a cut through targeting further downside towards the 0.7600 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces a corrective recovery threats in the nearer term

GBPUSD: Weak And Vulnerable GBPUSD: With GBP now seen following through on the back of its Friday weakness, further decline is envisaged. This development leaves it targeting further downside but with caution. On the downside, support lies at the 1.5150 level where a break if seen will aim at the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5300 level with a break aiming at the 1.5350 level. A violation will aim at the 1.5400 level and possibly higher towards the 1.5450 level. On the whole, GBP continues to retain its broader downside bias medium term but faces corrective risk

GOLD: Remains Vulnerable With Caution GOLD: With a second week of downside pressure occurring the past week, further downside pressure is likely. Except it returns above the 1,285/1,300 levels, downside threat remains. On the downside, support comes in at the 1,200.00 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,25se40.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure

EURUSD: Faces Downside Pressure EURUSD: With EUR closing marginally lower on a price rejection candle formation, further downside pressure is envisaged. Support is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1110 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

USDCHF: Closes Flat, Faces Corrective Pullback Risk USDCHF: With a flat price action trading occurring the past week, risk of an impending corrective pullback continues to loom. On the downside, support lies at the 0.9200 level with a break targeting the 0.9150 level and then the 0.9100 level. Further down, support comes in at the 0.9050 level. On the upside, resistance resides at the 0.9344 level where a break will aim at the 0.9400 level. Further out, resistance resides at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9500 level. All in all, the pair remains biased to the downside medium term.