FXTechstrategy Team

USDJPY: Builds Up On Its Strength USDJPY: Further bullish price extension is now underway following the pair’s higher close on Monday. Resistance resides at the 102.79 level where a break will target the 102.79 level. Further out, resistance resides at the 103.01 level where a violation will aim at the 103.38 level and possibly higher towards the 104.12 level. On the downside, support comes in at the 101.00 level where a break if seen will aim at the 100.72 followed by the 100.50 and then the 100.00 level. Further down, support stands at the 99.50 level. On the whole, USDJPY remains exposed to the upside short term.

GBPUSD: Susceptible With Caution GBPUSD: With continued downside pressure seen the past week, further downside is likely though a correction could occur in the new week. On the other hand, support lies at the 1.6921 level where a break will aim at the 1.6900 levels. A break of here will turn attention to the 1.6850 level. Further down, support lies at the 1.6800 level. Conversely, resistance resides at the 1.7042 level with a break aiming at the 1.7100 level where a violation will aim at the 1.7150 level and possibly higher towards the 1.7200 level. On the whole, GBP continues to retain its downside bias nearer term [/img]

EURUSD: Vulnerable, Targets Further Downside With Caution EURUSD: Outlook for EUR remains lower following a bearish price extension the past week. Corrective may occur in the new week. Support lies at the 1.3000 level where a break will expose the 1.3350 level. Below here will pave the way for a move lower towards the 1.3300 level. If this continues, expect further downside to occur towards the 1.3250 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.

USDCHF: Remains On The Offensive USDCHF: With a second week of recovery higher occurring the past week, further upside is likely. On the upside, resistance resides at the 0.9100 level where a break will aim at the 0.9150 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9250 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8842 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.

EURJPY: Triggers Recovery, Eyes More Strength EURJPY- With a temporary bottom formed and recovery higher triggered, further strength is now envisaged. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 1.38.00. Further out, resistance resides at the 139.27 level where a break will aim at the 140.00. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. Support comes in at the 136.50 level where a breach will target the 136.00 level. A turn below here will aim at the 135.50 level where a violation if seen will aim at the 135.00 level. All in all, the cross remains biased to the upside in the nearer term.

EURUSD: Prints Negative Candle, Risk Builds On The Upside EURUSD: Though closing lower the past week, the pair ability to reject downside price and print a rejection candle is suggestive of a recovery higher. Support lies at the 1.3490 level where a break will expose the 1.3450 level. Below here will pave the way for a move lower towards the 1.3400 level. If this continues, expect further downside to occur towards the 1.3350 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.3650 level, its psycho level followed by the 1.3700 level. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level. All in all, EUR remains biased to the downside in the medium term.

USDCHF: Rallies, Eyes Further Upside. USDCHF: With a strong rally occurring the past week, further bullishness is expected in the new week. On the upside, resistance resides at the 0.9000 level where a break will aim at the 0.9050 level. Further out, a break will retarget the 0.9100 level where breather may occur and turn the pair lower but if broken it will turn focus on the 0.9150 level. On the downside, support lies at the 0.8950 level. A cut through here will target the 0.8900 level where a violation will open the door for more weakness towards the 0.8850 level. A turn below here will set the stage for a run at the 0.8800 level. All in all, the pair remains biased to the upside on recovery.

USDCAD: Vulnerable, Faces Corrective Pullback USDCAD: Having continued to hold below the 1.0793 level, our bias remains lower on pullbacks. On the downside, support is seen at the 1.0600 level where a break will aim at the 1.0550 level. Further down, support comes in at the 1.0500 level and then the 1.0450 level. On the upside, resistance resides at the 1.0700 level where a break will expose the 1.0750 level. A violation if seen will target the 1.0800 level. Further out, resistance resides at the 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to weaken targeting further downside.

GBPUSD: Faces Bearish Threats. GBPUSD: GBP may be biased to the upside in the medium term but it will have to break and hold above the 1.7177/90 level to trigger that uptrend. In case this fails, support lies at the 1.7058 level with a cut through here will aim at the 1.7000 level followed by the 1.6921/20 levels where a reversal of roles as support is likely. But a break of here will turn attention to the 1.6850 level. On the upside, resistance resides at the 1.7178 level where a break will aim at the 1.7200 level and possibly higher towards the 1.7250 level. A cut through here will aim at the 1.7300 level. On the whole, GBP continues to retain its upside bias but faces corrective weakness threats.

GBPJPY: Vulnerable, Targets Further Downside GBPJPY – With GBPJPY reversing its intra day gains to close lower on Monday, further downside is likely. On the upside, resistance resides at 175.50 level where a break will set the stage for a run at the 176.00 level where a break will aim at the 176.50 level. Its daily RSI is bullish and pointing higher. On the downside, support comes in at the 173.50 level followed by the 172.50 level where a break will aim at the 172.00 level followed by the 171.50 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.

EURJPY: Triggers Recovery, Eyes More Strength EURJPY- Having triggered a corrective recovery higher during early trading today, it looks to extend that strength in the days ahead. On the upside, resistance resides at the 139.27 level will be targeted where a break will aim at the 140.00. Its daily RSI is bullish and pointing higher supporting this view. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. Support is located at the 137.70 level where a breach will target the 137.00 level. A turn below here will aim at the 136.50 level where a violation if seen will aim at the 136.00 level. All in all, the cross remains biased to the downside in the short term.

GOLD: Bullish, Outlook Remains Higher GOLD: With the commodity closing higher the past week, there is risk of further strength towards the 1,345.90 level with a cut through here extending gains towards the 1,360.30 level. A violation will aim at the 1,380.00 level. A break will aim at the 1,359.00 level and then the 1,400.00. We expect the bears to come in here and turn it lower. On the downside, support lies at the 1,310.13 followed by the 1,300.00 level where a break if seen will aim at the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards the 1,250.00 level. All in all, GOLD remains biased to the upside in the medium term.

USDCHF: Consolidates, Corrective Risk Seen USDCHF: Although USDCHF failed to follow through on the back of its previous week gains, its recovery risk remains. On the downside, support lies at the 0.8855 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. On the upside, resistance resides at the 0.8950 level where a break will aim at the 0.9000 level where a break will retarget the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. All in all, the pair remains biased to the upside on recovery.

AUDUSD: Vulnerable, Risk Still Points Lower AUDUSD: Although AUDUSD continues to recover higher, it remains vulnerable to the downside below the 0.9504 level. On the downside, support lies at the 0.9350 level where a violation will aim at the 0.9300 level followed by the 0.9250 level. A cut through here will turn attention to the 0.9200 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance resides at the 0.9550 level where a break will aim at 0.9600 level. On continued bullishness, the 0.9650 level followed by the 0.9700 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the pair faces a corrective recovery risk.

EURJPY: Extends Corrective Pullback EURJPY- With EURJPY weakening further on Monday, it faces more declines in the days ahead. Support is located at the 138.00 level where a break will aim at the 137.50 level A cut through here will aim at the 137.00 level. A turn below here will aim at the 136.50 level where a violation if seen will aim at the 136.00 level. On the upside, resistance resides at the 139.27 level will be targeted where a break will aim at the 140.00. We may see a breather here but if that fails, further gains could follow towards the 140.50 level. All in all, the cross remains biased to the downside in the short term.

EURUSD: Threatens Further Downside Pressure. EURUSD: Outlook for EUR remains lower leaving further downside pressure on the cards in the new week. Support lies at the 1.3500 level where a break will expose the 1.3450 level. Below here will pave the way for a move lower towards the 1.3400 level. If this continues, expect further downside to occur towards the 1.3350 level. On the downside, On the upside, resistance lies at the 1.3700 level, its psycho level followed by the 1.3750 level. Further out, resistance comes in at the 1.3800 level followed by the 1.3850 level. All in all, EUR remains biased to the downside in the short term.

USDCHF: Recovers, Sets Up For More Upside USDCHF: With USDCHF halting its weakness ad turning higher at the end of the week, further upside offensive is envisaged. This development leaves the pair strengthening further in the new week with eyes on the 0.9000 level where a break will aim at the 0.9050 level. Further out, resistance resides at the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will aim at the 0.9100 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.8855 level. A cut through here will target the 0.8800 level where a violation will open the door for more weakness towards the 0.9742 level. A turn below here will set the stage for a run at the 0.8700 level. All in all, the pair remains biased to the upside on recovery.

EURUSD: Bearish, Extends Weakness. EURUSD: With further weakness seen on Thursday, EUR faces additional downside pressure in the days ahead. Support comes in at the 1.3575 zone where a reversal of roles as support is likely. Below here will aim at the 1.3550 level and then 1.3500 level where a violation will target further downside towards the 1.3521/02 levels level. Further down, support stands at the 1.3450 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.3664.00 level where a break will aim at the 1.3723 level and subsequently the 1.3774 level. Above here will open the door for more upside towards the 1.3800 level. All in all, EUR remains biased to the downside in the short term.

EURUSD: Pulls Back, Aims At 1.3600 EURUSD: With EUR halting its upside offensive on Tuesday and following through lower during Wednesday trading session, further weakness is envisaged. Support comes in at the 1.3651 zone where a reversal of roles as support is likely. Below here will aim at the 1.3600 level and then 1.3550 level where a violation will target further downside towards the 1.3521/02 levels level. Further down, support stands at the 1.3450 level. Conversely, resistance resides at the 1.3723 level and subsequently the 1.3774 level. Above here will open the door for more upside towards the 1.3800 level followed by the 1.3850 level and then the 1.3900 level. All in all, EUR remains biased to the upside in the short term.

EURJPY- With a second day of upside offensive underway, further bullishness is expected. Resistance resides at the 139.00 level followed by the 139.50 level where a breach will aim at the 139.95/8 level. Further out, resistance comes in at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. Conversely, On the downside, support lies at the 138.13/137.97 levels. This level could hold and turn the cross back up but on continued hold below that zone, support lies at the 137.50 level. A violation will target the 137.00 level and then the 136.50 level. All in all, the cross remains biased to the upside

USDCAD: Triggers Corrective Recovery USDCAD: With USDCAD triggering a correction during early trading today, further upside could be seen in the days ahead. However, broader bias still points lower in the medium term. On the downside, support lies at the 1.0600 level where a break will aim at the 1.0550 level and then the 1.0500 level. Further down, support is located at the 1.0450 level where a break if seen paving the way for a run at the 1.0400 level. On the upside, resistance is seen at the 1.0700 level followed by the 1.0750 level. Further out, resistance comes in at the 1.0813 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 1.0850 level followed by the 1.0900 level. All in all, USDCAD continues to maintain its medium term downside risk despite its current recovery.

GOLD: Continues To Consolidate But Vulnerable GOLD: With GOLD closing marginally lower on consolidation, further corrective weakness is envisaged. If triggered, the 1,300.00 level will be targeted where a violation if seen will threaten further downside towards the 1,284.00 level. Further down, support comes in at the 1,257.68 level where a break if seen will push the pair lower towards support at the 1,250.00 level. On the upside, resistance comes in at the 1,325.75 level, Resistance resides at the 1,331.10 level where a violation will aim at the 1,342.30 level. A break will aim at the 1,359.00 level and then the 1,380.00 level. All in all, GOLD remains biased to the upside in the medium term.

AUDUSD: Trades Below Key Resistance Zone AUDCAD: Although bullish, as long as the 0.9444/60 levels cap gains, AUDUSD remains biased to the downside. On the downside, support lies at the 0.9321 level where a break will aim at the 0.9300 level. Below here if seen will aim at the 0.9256 level where a break could force further downside towards the 0.9200 level. On the upside, resistance comes in at 0.9444/60 levels. A violation of here will turn attention to the 0.9500 level. Further out, resistance resides at the 0.9550 level. All in all, the pair remains biased to the upside.

USDJPY: Faces Downside Pressure USDJPY: With USDJPY weakening further on Wednesday, it faces additional bear risk. On the upside, resistance resides at the 102.50 level. A break of here will expose the 103.01 level where a breach will create scope for a run at the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Conversely, support lies at the 101.50 level and then the 101.00 level. A break if seen will aim at the 101.50 followed by the 100.72. On the whole, USDJPY remains exposed to the downside medium term.

GBPJPY: Threatens Further Downside With Caution. GBPJPY – GBPJPY remains weak and vulnerable to the downside. It weakened on Tuesday and followed through lower during Wednesday trading session. This is supported by a negative candle print on Friday. A decisive break and hold above here will open the door for additional gains towards the 174.50 level where a break will aim at the 175.00 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 173.00 level where a break will aim at the 172.53 level followed by the 171.82 level. Further down, support lies at the 171.00 and then the 170.15 level. A break will aim at the 169.49 level. All in all, the cross remains biased to the upside.