FXTechstrategy Team

USDJPY: The pair has resumed its medium term uptrend after ending its corrective recovery. This leaves the pair targeting further upside towards the 84.50 level. Above here will bring further upside offensive towards the 85.00 level and then the 85.80 level, its weekly ema. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 83.30 level, its April 02’2012 high. A cut through here will set the stage for more declines towards the 82.82 level where a reversal of roles should occur and turn it higher. However, if this fails to happen, expect further declines to develop towards the 81.67 level where a respite may occur and turn it higher again. All in all, USDJPY continues to retain its medium term uptrend.

GBPUSD: With the pair following through higher on the back of past week rally, further upside is expected in the days ahead. Having climbed and held above the 1.6172/77 levels, its key resistance standing at the 1.6271 level is now beckoning. Further out, resistance stands at the 1.6350 level with a violation of here calling for a run at the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.6172/77 levels where a reversal of roles could occur and turn GBP back up. However, if this fails further decline will shape up towards the 1.6100 level where a violation will call for a run at the 1.6000 level and then 1.5900 level followed by the 1.5827 level. On the whole, GBP continues to hold on to its bullish bias with eyes on further upside.

EURUSD: With EUR overcoming the 1.3125 level on the back of its strong rally the past week, further upside offensive is likely in the new week. The immediate target resides at the 1.3171 level with a breach of here resuming its broader uptrend towards the 1.3282 level and possibly higher towards the 1.3350 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR faces further upside threats in the new week.

USDCHF- Reverses Gain, Sells Off. USDCHF: With its one-week recovery reversed the past week to close lower, further price extension is likely to occur in the new week. This development leaves the pair targeting the 0.9041 level where a breach will turn attention to the 0.9000 level. Price hesitation may occur here and turn the pair back up but if taken out, it will aim at the 0.8929 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, it will have to return above the 0.9382 level to annul its present downside pressure. This if seen will bring further upside offensive towards the 0.9456 level followed by the 0.9511 level and then the 0.9606 level. On the whole, the pair remains biased to the downside short term.

GBPUSD: We expect further upside offensive as GBP looks to retarget the 1.6168/72 levels. A breach of here will turn attention to the 1.6215 level with a cut through here ending its broader bearish threats and opening up further offensive towards the 1.6350 level. Further out, resistance resides at the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6055 level where a break will turn focus on the 1.5900 level followed by the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside. On the whole, GBP continues to hold on to its upside bullish offensive.

EURJPY- Having broken and held above the 107.74/99 levels, further upside offensive is underway. This development creates scope for more upside towards the 100.00 level. Further out, resistance resides at the 114.02 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in initially at the 107.74/99 levels with a breach targeting the 106.46 level followed by the 106.10 level and then the 105.96 level. Further down, support is seen at the 105.00 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside in the medium term.

EURUSD: The With EUR on the offensive for a third day in a row, the risk for continued upside recovery. This has created scope for more upside towards the 1.3125/38 levels. This if violated will trigger its medium term uptrend with a push further higher towards the 1.3177 level. Further out, resistance resides at the 1.3200 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.2928 level where a breach will turn attention to the 1.2875 level. Further down, support lies at the 1.2660/25 levels. All in all, EUR continues to retain its broader upside bias.

GBPUSD: While the pair’s broader bias may be pointing higher in the short term, it requires a break and hold above the 1.6130 level, its Dec 04’2012 high to resume that trend. This if seen will call for a push towards the 1.6172 level and then the 1.6215 level. Further out, resistance resides at the 1.6350 level followed by the 1.6400 level, its psycho levels. On the downside, if GBP fails to return above the 1.6130 level, further declines could develop towards 1.5987/60 levels. A violation of here will call for a run at the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside with a breach turning attention to the 1.5457 level. On the whole, GBP continues to hold on to its short term upside bias though facing bear threats.

EURUSD: Although EUR pulled back to close lower the past week, it continues to hold on to most of its corrective gains. This suggests that on ending its bear threats, a return to the 1.3125 level is likely. Above here will call for a run at the 1.3171 level with a breach of here resuming its broader uptrend towards the 1.3282 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR still faces further upside threats though backing off higher prices.

USDJPY: With USDJPY bullish and threatening further upside, a move higher possibly towards look the 82.82 level is likely. A breach of here will resume its broader medium term uptrend. Further out, resistance resides at 83.30 level, its April 02’2012 high. On the downside, support comes in at the 81.67 level where a respite may occur and turn it higher again. Below here if seen could expose the 80.65 level where a reversal of roles is likely to occur. However, a violation of here will call for a run at the 79.21/09 levels. All in all, USDJPY continues to retain its medium term uptrend.

GBPUSD: Our outlook on GBP remains the same with a recapture of the 1.6172 level looming. A breach of here will turn attention to the 1.6215 level. Above here will end its broader bearish threats and open up further offensive towards the 1.6350 level. Further out, resistance resides at the 1.6400 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6055 level where a break will turn focus on the 1.5900 level followed by the 1.5827 level. Further down, the 1.5774/78 levels come in as the next downside. On the whole, GBP continues to hold on to its upside bullish offensive.

EURUSD: Having continued to maintain its upside for a third week in a row, further strength is likely to occur in the new week. The immediate resistance resides at the 1.3000 level where a violation will call for a run at the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. Its weekly RSI is bullish and pointing higher supporting this view. On any pullback back from its present price levels, support lies at the 1.2822 level. Below here stands another support at the 1.2660 level with a cut through there calling for a run at the 1.2498 level where a break will aim at the 1.2400 level. All in all, EUR now faces further upside threats.

USDCHF: Although USDCHF closed flat the past week, bear threats are yet to be over. However, the pair will have to break and hold below the 0.9213 level to trigger further declines. This if seen will call for a run at the 0.9150 level followed by the 0.9041 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 0.9511 level, its Nov 2012 high to annul its present bear threats. This if it occurs will create scope for more strength towards the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. On the whole, the pair remains biased to the downside.

EURJPY- With the cross resuming its medium term uptrend, further offensive is likely in the days. This development now leaves the cross targeting the 107.99 level followed by the 108.50 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 106.10 level and then the 105.00 level. Further down, support is seen at the 104.58 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside medium term.

CRUDE OIL: While the commodity may be vulnerable to the downside on correction, it continues to hold above its broken trendline presently located at the 85.92 level. A hammer candle has formed against the mentioned trendline suggesting the bulls could be preparing to take control. This could mean Crude Oil should return above the 89.47 level on ending its correction. This could trigger further upside towards the 91.25 level. Further out, resistance resides at the 92.00 level. On the downside, support comes in at 85.92 level with a violation of here forcing further declines towards the 84.66 level and then the 82.00 level. All in all, Crude Oil faces corrective pullback risks but continues to maintain above its declining trendline.

GBPJPY – While GBPJPY’s immediate bias remains corrective, its broader medium term outlook remains higher. This suggests that on ending its present downside threats, it should head back higher towards the 132.42 level. A decisive break and hold above here will call for a run at 133.46 level, its Mar 2012 high. We may see price hesitation here but if taken out expect GBPJPY to strengthen further towards the 134.00 level. On the downside, support comes in at the 130.78 level where a violation will extend downside pressure towards the 129.97 level. Below here if seen will call for a run at the 129.62 level. On the whole, the cross remains biased to the upside in the medium term but faces corrective risks.

GOLD: Outlook for GOLD remains higher as it extended its upside offensive the past week. This development leaves the commodity targeting the 1,774 level where a violation will call for a run at the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,827.85 level. Further out, resistance comes in at the 1.850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside.

USDCHF- Turns Lower On Price Failure, Further Weakness Likely. USDCHF: With USDCHF reversing almost all of its recovery gains the past week, further decline cannot be ruled out in the new week. In such a case, the pair should push further lower towards the 0.9213 level where a violation will call for a run at 0.91.50 level followed by the 0.9041 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 0.9511 level, its Nov 2012 high to reverse its present bear threats. This if seen will create scope for more recovery higher towards the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. On the whole, the pair remains biased to the downside having ended its correction.

EURUSD: With EUR closing higher to hold above its broken resistance at the 1.2822 level, further price extension risk is likely in the days ahead. This will leave the pair targeting its psycho level at the 1.3000 level. Further out, resistance resides at the 1.3171 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 1.2822 level. Further down, support lies at the 1.2660/25 levels. A breach of here will call for a run at the 1.2560 level. All in all, EUR continues to retain its corrective recovery tone.

EURJPY: Bullish, Remains On The Offensive. EURJPY- With the cross bullish and threatening further upside, the risk is for more gain to occur. This could target the 106.53 level, its May 02’2012 high where a break will aim at the 107.99 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the 104.58 level. A reversal of roles as support is likely to turn the cross higher but if that fails to occur, further declines could build up towards 103.13 level. Further down, support stands at the 102.00 level. All in all, the cross has triggered a strong rally suggesting further upside.

GOLD: Our outlook on GOLD remains to the upside with the risk of a return to the 1,738 level a likely scenario. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside.

AUDUSD: Having halted its corrective declines and bullish, there is risk of further upside offensive towards the 1.0456 level. A cut through here will call for more upside towards the 1.0520 level. The ultimate target lies at the 1.0611/23 level. Its daily RSI bullish and pointing higher supporting this view. On the downside, support stands at 1.0350 level where a breach will aim at the 1.0300 level. Further down, support comes in at the 1.0234 level. A breach will push it lower towards the 1.0198 level. All in all, the pair continues to retain its upside risks short term

CRUDE OIL: Crude Oil has triggered a strong corrective recovery by breaking through its trendline resistance. This development has also pushed the commodity above the 89.19 level suggesting further strength towards the 90.00 level could be building up. A violation will aim at the 91.25 level. Further out, resistance resides at the 92.00 level and then the 93.63 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 89.19 level where a reversal of roles is likely to occur and turn it higher. However, if this fails, further declines could develop towards the 86.93 level where a breach should see Crude Oil decline further towards the 84.04 level. Further down, support comes in at the 83.50 level. We may see a halt in declines here but if broken further downside will aim at the 82.08 level. All in all, Crude Oil continues to face upside recovery risks.

GOLD: Despite its past week pullback, the commodity continues to maintain its broader upside. This suggests the risk of returning the 1,738 level remains on the cards. As long as it trades and holds above its rising long term trendline, this view remains valid. Resistance resides at the 1,750.00 level where a break will push it further towards the 1,795 level. A violation of here will resume its medium term uptrend towards the 1,820.00 level. Further out, resistance comes in at the 1.850 level. On the downside, support lies at 1,705.20 level where a breach will call for a run at the 1,640.45 level. A cut through here will allow for more declines towards the 1,600.00 level. A respite is likely to occur here but if that fails, expect Gold to weaken further towards the 1,580.00 level. All in all, GOLD is biased to the upside in the medium term.

EURUSD: With the pair still remaining vulnerable to the downside, the risk is for EUR to recapture the 1.2660 level. As long as the pair continues to trade an d hold below the 1.2822 level, our downside view remains intact. A cut through the 1.2660 level will call for a run at the 1.2498 level where a break will call for a move lower towards the 1.2400 level. Its weekly RSI is bearish supporting this view. On the upside, resistance resides at the 1.2822 level, its support turned resistance. A reversal of roles is likely to occur here. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. All in all, EUR faces further downside threats below the 1.2822 level. http://3.bp.blogspot.com/-UdtQuZtfuEU/UKivu4TxmzI/AAAAAAAAG8g/nwuDNEmsZos/s1600/eurusd200000.gif