FXTechstrategy Team

EURUSD: Faces Recovery Threats. EURUSD: With EUR turning higher following a halt in its weakness on Thursday, we think a follow through should occur. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2700 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.2900 level where a break will aim at the 1.2950 level, its psycho level followed by the 1.3000 level. Further out, resistance comes in at the 1.3050 level. All in all, EUR remains biased to the downside in the medium term

EURJPY: Bullish, Threatens Further Upside EURJPY- With the cross reversing its one-day correction, further upside is now expected. On the upside, resistance resides at the 140.50 level where a break if seen will threaten further upside towards the 141.00. Further out, resistance resides at the 141.50 level where a break will aim at the 142.00. Support comes in at the 139.50 level where a break will aim at the 139.00 level. A break will target the 138.50 level with a breach turning focus to the 138.00 level. Below here will aim at the 137.50 level. All in all, the cross remains biased to the upside in the medium term. [/img]

GBPUSD: Maintains Recovery Bias GBPUSD: With GBP following through on the back of its recovery during early trading today, it faces risk of continuation of that strength. Resistance resides at the 1.6350 level with a break aiming at the 1.6400 level. A violation will aim at the 1.6450 level and possibly higher towards the 1.6500 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6250 level where a break will aim at the 1.6200 levels. A break of here will turn attention to the 1.6150 level. Further down, support lies at the 1.6100 level. On the whole, GBP continues to retain its upside bias short term on correction

GBPJPY: Declines On Corrective Weakness GBPJPY – With GBPJPY seen weakening on corrective pullback, more downside is envisaged. On the downside, support comes in at the 173.00 level where a violation will aim at the 172.50 level. A break below here will target the 172.00 level followed by the 171.50 level. Further down, support lies at the 171.00 level. Resistance lies at the 174.50 level followed by the 175.00 level where a break will aim at the 175.50 level. A cut through here will aim at the 176.00 level. All in all, the cross remains biased to the upside medium term but faces corrective pullback

AUDUSD: Halts Weakness, Looks To Recover Higher. AUDUSD: With the pair halting its past week sell off during Thursday trading today, we envisaging a corrective recovery higher in the days ahead. Support lies at the 0.8983 level. A cut through here will turn attention to the 0.8950 level and then the 0.8900 level where a violation will set the stage for a retarget of the 0.8850 level. On the upside, resistance resides at the 0.9108 level where a breach will aim at the 0.9150 level. Above that level will set the stage for a run at the 0.9200 level with a cut through here resuming its broader uptrend towards the 0.9250 level. All in all, the pair faces further downside risk.

EURUSD: Sets Up To Recovery Higher On Correction EURUSD: With EUR turning off the 1.2859 level to close with a rejection candle the past week, risk of a recovery higher is now envisaged. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2870 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term but faces a recovery risk.

EURUSD: Sets Up To Recovery Higher On Correction EURUSD: With EUR turning off the 1.2859 level to close with a rejection candle the past week, risk of a recovery higher is now envisaged. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2870 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term but faces a recovery risk.

USDCHF: Vulnerable On Corrective Pullback USDCHF: With USDCHF closing on a rejection candle formation (shooting star), it faces the risk of a pullback in the new week. On the upside, resistance resides at the 0.9400 level where a break will aim at the 0.9450 level. Further out, resistance resides at the 0.9500 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9300 level with a break targeting the 0.9250 level and then the 0.9200 level. Further down, support comes in at the 0.9150 level. A cut through here will target the 0.9100 level. All in all, the pair remains biased to the upside medium term but faces a corrective pullback risk

GBPUSD: Price hesitation Sets In GBPUSD: GBP may have put a hold on to its recovery higher as price hesitation has set in. Support lies at the 1.6050 level where a break will aim at the 1.6000 levels. A break of here will turn attention to the 1.5950 level. Further down, support lies at the 1.5900 level. Conversely, resistance resides at the 1.6250 level with a break aiming at the 1.6300 level where a violation will aim at the 1.6350 level and possibly higher towards the 1.6400 level. On the whole, GBP continues to retain its downside bias short term

AUDUSD: Declines Further, Eyes The 0.9050 Level AUDUSD: With AUDUSD continuing to maintain its weakness and extending it today, further bearishness cannot be ruled out. Support lies at the 0.9100 level with cut through here turning attention to the 0.9050 level and then the 0.9000 level where a violation will set the stage for a retarget of the 0.8950 level. On the upside, resistance resides at the 0.9300 level where a break will aim at the 0.9373 level. A breach will aim at the 0.9415 level. Above that level will set the stage for a run at the 0.9476 level with a cut through here resuming its broader uptrend towards the 0.9550 level. All in all, the pair faces further pullback risk.

USDCHF: Faces Corrective Pullback Pressure USDCHF: Although USDCHF continues to hold on to its broader upside medium term, it is now seen hesitating. If corrective weakness is triggered we could see more decline in the days ahead. On the upside, resistance resides at the 0.9400 level where a break will aim at the 0.9450 level. Further out, resistance resides at the 0.9500 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9300 level with a break targeting the 0.9250 level and then the 0.9200 level. Further down, support comes in at the 0.9150 level. A cut through here will target the 0.9100 level. All in all, the pair remains biased to the upside medium term but faces a corrective risk

USDCAD: Recovers Higher, Faces Further Upside Risk USDCAD: With the pair remaining on the offensive, it faces further upside threats. This leaves the risk of a return to the 1.0942 level on the cards. Further out, resistance is seen at the 1.1000 level followed by the 1.1050 level. Above here if seen will aim at the 1.1100 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.1150 level. On the downside, support lies at the 1.0850 level followed by the 1.0800 level and then the 1.0750 level. A turn below here will create scope for a move lower towards the 1.0700 level and then the 1.0650 level. All in all, USDCAD continues to face further upside risk.

EURUSD: Sets Up For More Decline EURUSD: With a sharp sell off occurring the past week, further bearishness is envisaged. We may see corrective recovery in the new week. Support lies at the 1.2900 level where a break will expose the 1.2850 level. Below here will pave the way for a move lower towards the 1.2800 level. If this continues, expect further downside to occur towards the 1.2750 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term

GBPUSD: Faces Further Bear Threats GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

GBPUSD: Faces Further Bear Threats GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

GBPUSD: Faces Further Bear Threats GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

USDJPY: Turns Lower Ahead Of The 105.43 Level USDJPY: With USDJPY turning ahead of its key resistance at the 105.43 level to close lower on Wednesday, it faces further decline. Resistance resides at the 105.43 level where a break will target the 106.00 level. Further out, resistance comes in at the 106.50 level where a violation will aim at the 107.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 104.50 level where a break if seen will aim at the 104.00 level. A break if it occurs will aim at the 103.50 followed by the 103.00 and then the 102.50 level. On the whole, USDJPY remains exposed to the upside long term.

EURUSD: Strengthens, Triggers Recovery. EURUSD: With EUR triggering a second day of recovery, it now faces further bullishness in the days ahead. On further upside, resistance lies at the 1.3200 level where a break will aim at the 1.3250 level, its psycho level followed by the 1.3300 level. Further out, resistance comes in at the 1.3350 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3100 level where a break will expose the 1.3050 level. Below here will pave the way for a move lower towards the 1.3000 level. If this continues, expect further downside to occur towards the 1.2950 level. All in all, EUR remains biased to the upside in the nearer term

AUDUSD: Bearish, Roles Over AUDUSD: With the pair selling off strongly during Tuesday trading session today, it now faces the risk of further decline. Support lies at the 0.9250 level. A cut through here will turn attention to the 0.9200 level and then the 0.9150 level where a violation will set the stage for a retarget of the 0.9100 level. On the upside, resistance resides at the 0.9336 level followed by the 0.9373 level where a breach will aim at the 0.9415 level. Above that level will set the stage for a run at the 0.9476 level with a cut through here resuming its broader uptrend towards the 0.9550 level. All in all, the pair faces further downside pressure.

GBPJPY: Strengthens, Eyes The 174.00 Level GBPJPY – With GBPJPY extending its Friday strength, further bullishness is envisaged. On further gains, resistance lies at the 173.50 level followed by the 174.21 level where a break will aim at the 175.50 level. A cut through here will open the door for more downside towards the 176.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 172.50 level where a violation will aim at the 172.00 level. A break below here will target the 171.50 level followed by the 171.00 level. Further down, support lies at the 170.50 level. All in all, the cross remains biased to the upside medium term

EURUSD: Susceptible, Risk Points Lower EURUSD: With a continuation of its previous week weakness seen the past week, further downside pressure is envisaged in the new week. Support lies at the 1.3100 level where a break will expose the 1.3050 level. Below here will pave the way for a move lower towards the 1.3000 level. If this continues, expect further downside to occur towards the 1.2950 level. On the upside, resistance lies at the 1.3200 level where a break will aim at the 1.3250 level, its psycho level followed by the 1.3300 level. Further out, resistance comes in at the 1.3350 level. All in all, EUR remains biased to the downside in the medium term

USDCHF: Faces Corrective Pullback Risk USDCHF: With USDCHF unable to follow through higher on the back of its previous week, it faces the risk of a pullback in the new week. On the upside, resistance resides at the 0.9200 level where a break will aim at the 0.9250 level. Further out, resistance resides at the 0.9300 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9150 level with a break targeting the 0.9100 level and then the 0.9050 level. Further down, support comes in at the 0.9000 level. A cut through here will target the 0.8950 level. All in all, the pair remains biased to the upside in the medium term though facing corrective risk.

GBPUSD: Vulnerable, Loses Upside Steam GBPUSD: GBP closed slightly higher on a rejection candle on Thursday leaving risk of a downside trend continuation on the cards. On the downside, support lies at the 1.6550 level where a break will aim at the 1.6500 levels. A break of here will turn attention to the 1.6450 level. Further down, support lies at the 1.6400 level. Conversely, resistance resides at the 1.6656 level with a break aiming at the 1.6700 level where a violation will aim at the 1.6950 level and possibly higher towards the 1.7000 level. On the whole, GBP continues to retain its downside bias short term

USDJPY: Sees Further Corrective Weakness USDJPY: Having continued to face downside pressure, USDJPY extended its weakness today. This leaves risk of further downside on the cards. On the downside, support comes in at the 103.50 level where a break if seen will aim at the 103.00 level. A break if it occurs will aim at the 102.50 followed by the 102.00 and then the 100.00 level. Resistance resides at the 104.00 level followed by the 104.50 level where a break will target the 105.00 level. Further out, resistance comes in at the 105.50 level where a violation will aim at the 106.00 level. On the whole, USDJPY remains exposed to the downside short term.

USDCAD: Weakens, Targets The 1.0850 Level USDCAD: With USDCAD selling off strongly, further downside is likely in the days ahead. On the downside, support lies at the 1.0850 level followed by the 1.0800 level where a break will aim at the 1.0750 level and then the 1.0700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1.0950 level where a violation will target the 1.1000 level followed by the 1.1050 level. Further out, resistance comes in at the 1.1100 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.1150 level. All in all, USDCAD continues to face further upside risk.