Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

Weekly Technical Strategist On EURUSD

 

EURUSD: Bearish, Looks To Weaken Further

 

EURUSD: Having weakened to close lower the past week, further downside pressure is likely in the days ahead. However, do not under estimate the power correction following its past week decline. Support lies at the 1.3700 level where a break will aim at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, if recovery is triggered, further gains could build up towards the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3966 level. Further out, resistance resides at the 1.4000 level, its big psycho level. All in all, EUR remains biased to the upside in the long term but faces Bearishness in the short term

 

[FXTechstrategy Team 10]

Daily Technical Strategist On USDCAD

 

USDCAD: With USDCAD still maintaining its downside bias (weekly chart), its broader bias remains lower. However, recovery cannot be ruled out following its Friday rally. On the upside, on a follow through higher resistance stands at the 1.0950 level followed by the 1.1000 level and then the 1.1069 level. A cut through here will turn focus to the 1.1100 level and then the 1.1277 level Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0813 level where a break will aim at the 1.0750 level and then the 1.0700 level. Further down, support is located at the 1.0650 level where a break if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD faces further downside pressure though recovering.

 

[FXTechstrategy Team 10]

EURUSD: Bearish, Extends Weakness

 

EURUSD: EUR reversed its one-day gain during Thursday trading session selling off further and opening the door for weakness. Support lies at the 1.3600 level where a break will aim at the 1.3561 level, its Feb 12 2014 low. Further down, support stands at the 1.3500 level where a violation will target the 1.3450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, if recovery is triggered, gains could build up towards the 1.3730 level, its May 14’2014 high. Further out, resistance resides at the 1.3800 level and then the 1.3839 level with a breach targeting the 1.3905 level and 1.3966 level. All in all, EUR remains biased to the downside in the medium term

 

[FXTechstrategy Team 10]

GBPUSD: Halts Weakness, Threatens Further Upside.

 

GBPUSD: With GBP halting its 6-day weakness on Thursday, risk of further recovery higher is now envisaged. This has opened the door for more upside towards the 1.6873 level, its May 14 2014 high where a break if seen will turn attention to the 1.6913 level. A breach of here will target the 1.6995 level. Further out, the 1.7050 level and then the 1.710 come in as upside objectives. Conversely, support lies at the 1.6730 level where a break will resume its weakness triggered from the 1.6995 level towards the 1.6683 level. A cut through here will allow for further downside towards the 1.6600 level. On the whole, GBP continues to retain its downside bias.

 

[FXTechstrategy Team 10]

EURJPY: Bear Pressure Dominates Price Action

 

EURJPY- The cross remains weak and vulnerable to the downside with risk of further decline envisaged. On the downside, support is seen at the 138.00 level. Further down, support comes in at the 137.50 level where a breach will aim at the 137.00 level. A violation will target the 136.50 level and then the 136.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance comes in at the 140.00 level where a break will target the 140.94 level followed by the 141.14 level. A cut through here if seen will target the 142.46 level with a turn above here pushing EURJPY towards the 143.00 level. All in all, the cross remains biased to the downside.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable But With Caution

 

EURUSD: Although EUR is biased to the downside, it faces a recovery higher threats. This is coming on back of its rejection candle print on Thursday (weekly) last week. If recovery is triggered, expect further upside towards the 1.3774 level where a break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3966 level where a break will aim at the 1.4000 level, its big psycho level. On the other hand , support lies at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. All in all, EUR remains biased to the downside in the medium term but faces recovery higher.

 

[FXTechstrategy Team 10]

Daily Technical Strategist On EURGBP

 

EURGBP- Recovers But With Warning.

 

EURGBP- With the cross extending its decline the past week, the risk is for more downside to occur. Though seen recovering higher during early Monday trading today, its broader downside view remains intact. Immediate support lies at the 0.8126 level where a violation will aim at the 0.8100 level where a violation will turn attention to the 0.8050 level. Further down, support comes in at the 0.8000 level. Conversely, resistance lies at the 0.8195 level where a violation if seen will turn focus to the 0.8250 level. On further upside, a breach of the 0.8250 level will set the stage for a run at the 0.8300 level and then the 0.8350 level. Its daily RSI is bullish and pointing higher suggesting further upside. All in all, the cross remains biased to the downside in the medium term despite recovery attempts.

 

[FXTechstrategy Team 10]

USDCAD: Builds On Recovery Strength

 

USDCAD: With the pair following through higher during Tuesday trading session, it looks to build on that strength in the days ahead. On the upside, resistance stands at the 1.0900 level where a break will expose the 1.0950 level followed by the 1.1000 level and then the 1.1069 level. A cut through here will turn focus to the 1.1100 level and then the 1.1150 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on the downside, support lies at the 1.0830 level where a break will aim at the 1.0750 level and then the 1.0700 level. Further down, support is located at the 1.0650 level where a break if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD faces further recovery risk.

 

[FXTechstrategy Team 10]

CRUDE OIL: Rallies, Targets The 104.98 Level

 

CRUDE OIL: With Crude Oil rallying strongly during Wednesday trading session to break and hold above 103.65 level, it faces further bullish risk in the days ahead. This development now leaves it eyeing the 104.98 level and then the 105.50 level. We may see a price halt here but if taken out, resistance is seen at the 106.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the commodity will have to break and hold below the 103.65 level and the 102.64 level to annul its bullish bias. Further down, support comes in at the 101.27 level with a break of here opening the door for a run at the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will target the 98.00 level. All in all, Crude Oil remains biased to the upside in the short term with eyes on further upside.

 

[FXTechstrategy Team 10]

Daily Technical Strategist On USDJPY

 

USDJPY: Follows Through Higher On Rejection Candle.

 

USDJPY: With USDJPY following through higher on the back of its Wednesday higher close during Thursday trading session, it now faces the risk of further bullish offensive. This development leaves the pair targeting the 101.11 level, representing its May 15 2014 high. A decisive break and hold above here will set the stage for a run at the 102.77.00 level. A breach will turn focus to the 103.50 level and then the 104.00 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 101.09 level where a break if seen will aim at the 100.75 level. Further down, support stands at the 100.00 level and then the 99.00 level. On the whole, USDJPY remains exposed to the upside on corrective recovery

 

[FXTechstrategy Team 10]

USDJPY: Follows Through Higher On Rejection Candle.

 

USDJPY: With USDJPY following through higher on the back of its Wednesday higher close during Thursday trading session, it now faces the risk of further bullish offensive. This development leaves the pair targeting the 101.11 level, representing its May 15 2014 high. A decisive break and hold above here will set the stage for a run at the 102.77.00 level. A breach will turn focus to the 103.50 level and then the 104.00 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 101.09 level where a break if seen will aim at the 100.75 level. Further down, support stands at the 100.00 level and then the 99.00 level. On the whole, USDJPY remains exposed to the upside on corrective recovery

 

[FXTechstrategy Team 10]

Special Focus On EURJPY

 

EURJPY: Triggers Recovery, Aims At 139.86

 

EURJPY- With EURJPY halting its broader weakness and building slightly higher on the back its recovery off the 138.13 level, it faces further bull risk. In such a case, resistance comes in at the 139.88 level where a break will aim at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level and then the 143.00 level. On the other hand, support comes in at the 138.00 level where a breach will aim at the 137.50 level. A violation will set the stage for a run at the 137.00 level and then the 136.50 level, its psycho level. All in all, the cross remains biased to the downside but may see a correction

 

[FXTechstrategy Team 10]

Daily Technical Strategist On GBPJPY

 

GBPJPY – With the cross remaining bullish, further upside is expected. Resistance resides at the 171.82 level followed by the 172.78 level where a break will aim at the 173.13 level. A violation will aim at the 174.00 level and subsequently the 175.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 169.80 level where a break will aim at the 169.00 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team 10]

USDCHF: Bullish, Threatens The 0.8959/71 Levels

 

USDCHF: Although USDCHF is biased to the upside in the short term, it will have to decisively break and hold above the 0.8959/65 levels to convince the market of continued gains. This if seen will target the 0.9000 level where a violation will aim at the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will pave the way for a run at the 0.9100 level with a close above here targeting the 0.9150 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, its support at the 0.8900 level with the 0.8850 level is seen as the next downside objective. Below here will expose the 0.8800 level and then the 0.9742 level. A cut through here will set the stage for a run at the 0.8700 level. All in all, the pair remains biased to the upside in the short term but faces pullback risk

 

[FXTechstrategy Team 10]

Weekly Technical Strategist On EURUSD

 

EURUSD: Remains Weak And Vulnerable

 

EURUSD: While outlook for EUR remains to the downside on further decline, it faces the risk of a recovery of its one-week weakness. If this is triggered, expect further upside towards the 1.3700 level where a break will aim at the 1.3774 level. A break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3900 level. On the other hand, support lies at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. All in all, EUR remains biased to the downside in the medium term but faces recovery higher.

 

[FXTechstrategy Team 10]

GOLD: Consolidation Risk Seen

 

GOLD: Outlook for GOLD continues to remain lower though consolidating. It will have to break either way to create directional trigger. Support resides at the 1,273.80 level as the next support where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,308 level where a break will target the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. Above here will open the door for the resumption of its long term upside. All in all, GOLD remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

Daily Technical Strategist On EURGBP

 

EURGBP- Threatens Further Upside On Correction

 

EURGBP- With the cross closing marginally higher on Monday and triggering further upside during Tuesday trading today, it faces the risk of additionally recovery higher in the days ahead. Immediate resistance lies at the 0.8126 level followed by the 0.8195 level where a violation if seen will turn focus to the 0.8250 level. On further upside, a breach of the 0.8250 level will set the stage for a run at the 0.8300 level and then the 0.8350 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.8050 level where a violation will turn attention to the 0.8000 level. Further down, support comes in at the 0.7950 level. Its weekly RSI is bearish and pointing lower suggesting further downside. All in all, the cross remains biased to the downside in the medium term but faces a recovery higher

 

[FXTechstrategy Team 10]

GBPUSD: Bearish, Tests Key Support

 

GBPUSD: Having extended its weakness triggered off the 1.6917 level during Wednesday’s trading session today, the risk remains lower. It was seen testing its key support at the 1.6730 level, its May 15 2014 low as at the time of this analysis. On further downside, support comes in at the 1.6700 level where a breach will aim at the 1.6650 level with a turn below here targeting the 1.6600 level. Further down, support is located at the 1.6650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance resides at the 1.6815 level where a break will open the door for a run at the 1.6881 level and then the 1.6920 level. A cut through here if seen will target the 1.6995 level. On the whole, GBP continues to retain its downside bias.

 

[FXTechstrategy Team 10]

GOLD: Bearish, Extends Weakness

 

GOLD: Outlook for GOLD remains lower after breaking lower out of its consolidation on Tuesday and following through lower on Wednesday trading session. Support lies at the 1,250.00 level as the next support where a breach will set the stage for a run at the 1,230.00 level. Further down, a turn below the mentioned support will target the 1,200.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,280.00 level where a breach will expose the 1,308 level. Further out, resistance resides at the 1,315.48 level with a violation aiming at the 1,331.36 level and then the 1,342.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

Daily Technical Strategist On EURGBP

 

EURGBP- Loses Upside Momentum. Hesitates.

 

EURGBP- With further recovery higher stalling and taking back most of its intraday gains, it now looks to begin a correction of its move from the 0.8080 to 0.8152. If this is eventually triggered, expect a retarget of the 0.8116 level where a violation if seen will activate further downside towards the 0.8080 level where a violation will turn attention to the 0.8050 level. Further down, support comes in at the 0.8050 level. On the other hand, EURGBP will have to return above the 0.8152 level to prove our downside view wrong. In such a case, the 0.8195 level will be aimed at where a breach will turn focus to the 0.8250 level. On further upside, a break of that level will set the stage for a run at the 0.8300 level. Its daily RSI is bullish and supportive of this view. All in all, the cross remains biased to the upside in the short term on correction but is now hesitating.

 

[FXTechstrategy Team 10]

EURJPY: Recovery Risk Builds Up

 

EURJPY- The cross may continue to face downside vulnerability but now faces recovery risk with a rejection candle printed on Thursday. It will have to follow through on that recovery to open the door for more upside. Resistance resides at 139.35 level where a break will aim at the 140.00 level and then the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level. Conversely, support lies at the 138.13 level. A breach will aim 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 downside but faces a recovery higher risk.

 

[FXTechstrategy Team 10]

USDCHF: Looks To Trigger More Corrective Weakness.

 

USDCHF: While the pair’s three-week uptrend may be intact, corrective pullback risk continues to develop. With USDCHF closing flat the past week, we think a correction of the mentioned uptrend could be building up further. In such a case, the 0.8932 level comes in as the next downside objective. A turn below here will expose the 0.8896 level where a breach will pave the way for a run at 0.8859 level and possibly lower towards the 0.8800 level. Conversely, on the upside, resistance resides at the 0.8989 level where a break will set the stage for the resumption of its uptrend towards the 0.9050 level. Further out, resistance resides at the 0.9100 level and then the 0.9150 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short term but now faces the risk of correction lower.

 

[FXTechstrategy Team 10]

EURUSD: Halts Weakness, Faces Recovery Risk.

 

EURUSD: Although EUR remains biased to the downside in the medium term, it faces the risk of a recovery higher triggered on Friday (see daily chart). If this continues, expect further upside towards the 1.3700 level where a break will aim at the 1.3774 level. A break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3900 level. On the other hand, support lies at the 1.3685 level, its May 2014 low. A breach of here will resume its broader downtrend and aim at the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. We look to buy this pair on recovery higher following its recent weakness. All in all, EUR remains biased to the downside in the medium term but faces upside recovery Risk

 

[FXTechstrategy Team 10]

GBPJPY: Strengthens, Threatens Further Upside.

 

GBPJPY – The cross followed through higher on the back of its Friday strength during Monday trading session today. This leaves the risk of further upside towards the 171.50 level where a violation will pave the way for a move higher towards the 172.00 level. A decisive break and hold above here will open the door for additional gains towards the 172.78 level where a break will aim at the 173.13 level. A violation will aim at the 174.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 170.15 level where a break will aim at the 169.49 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside on corrective recovery.

 

[FXTechstrategy Team 10]

USDJPY: Rallies, Takes Out Key Resistance.

 

USDJPY: With USDJPY rallying strongly to close above its key resistance at the 102.35 level during Monday trading session, it now faces the risk of price extension. A cut through here will target the 102.77.00 level with a breach of here if seen turning focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 102.13 level where a reversal of roles as support is expected. A violation will aim at 102.49 level and then the 101.00 level. A break if seen will aim at the 101.50 followed by the 100.72 and then the 100.00 level. On the whole, USDJPY remains exposed to the upside medium term.