Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

GBPUSD: Price Hesitation Sets In

 

GBPUSD: The pair continues to face recovery threats, though price hesitation continues to be seen. We may see a pullback in the days ahead. Resistance resides at the 1.6150 level with a break aiming at the 1.6200 level. A violation will aim at the 1.6250 level and possibly higher towards the 1.6300 level. On the downside, support lies at the 1.6050 level where a break will aim at the 1.6000 level. A break of here will turn attention to the 1.5950 level. Further down, support lies at the 1.5900 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team 10]

USDCAD: Declines, Eyes Further Downside.

 

USDCAD: With USDCAD declining strongly on Tuesday and following through lower on during Wednesday trading session, further weakness is envisaged. On the downside, support lies at the 1.1100 level followed by the 1.1050 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.1000 level and then the 1.0950 level. On the upside, resistance is seen at the 1.1250 level followed by the 1.1300 level. Further out, resistance comes in at the 1.1350 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1400 level. All in all, USDCAD continues to face corrective threats

 

[FXTechstrategy Team 10]

AUDUSD: Declines, Targets Further Downside.

 

AUDUSD: Having failed to hold on to its intraday gains and turning lower on Wednesday, further downside is envisaged. On the downside, support lies at the 0.8700 level. A cut through here will turn attention to the 0.8650 level and then the 0.8600 level where a violation will set the stage for a retarget of the 0.8550 level. On the upside, resistance resides at the 0.8800 level where a breach will aim at the 0.8850 level. Above that level will set the stage for a run at the 0.8900 level with a cut through here resuming its broader uptrend towards the 0.8950 level. On the whole, AUDUSD continues to retain its broader downtrend.

 

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[FXTechstrategy Team 10]

EURUSD: Pressure Builds On Key Support

 

EURUSD: With a follow through higher occurring the past week, further downside pressure is expected in the new week. However, EUR will have to break and hold below the 1.2500 level to extend its weakness. On the other hand, support lies at the 1.2500 level where a break will expose the 1.2450 level. Below here will pave the way for a move lower towards the 1.2400 level. If this continues, expect further downside to occur towards the 1.2350 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Looks To Recover Higher On Correction

 

GBPUSD: With GBP seen halting its downside pressure during Monday trading session, it faces the risk of a move higher on correction. On the downside, support lies at the 1.5950 level where a break will aim at the 1.5900 level. A break of here will turn attention to the 1.5850 level. Further down, support lies at the 1.5800 level. Resistance resides at the 1.6050 level with a break aiming at the 1.6100 level. A violation will aim at the 1.6150 level and possibly higher towards the 1.6200 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team 10]

USDJPY: Faces Pullback Risk.

 

USDJPY: Although extending its strength on Monday, pullback threats cannot be ruled out. On the upside, resistance resides at the 114.50 level followed by the 115.00 level where a break will target the 115.50 level. Further out, resistance comes in at the 116.00 level where a violation will aim at the 116.50 level. On the downside, support comes in at the 113.00 level where a break will target the 112.50 level. Below here if seen will aim at the 112.00 level followed by the 111.50 and then the 111.00. On the whole, USDJPY remains exposed to the upside but faces correction pullback

 

[FXTechstrategy Team 10]

USDJPY: Loses Upside Momentum

 

USDJPY: With USDJPY losing upside momentum to face price hesitation and possible weakness, risk now points lower. On the upside, resistance resides at the 115.51 level followed by the 116.00 level where a break will target the 116.50 level. Further out, resistance comes in at the 117.00 level where a violation will aim at the 117.50 level. On the downside, support comes in at the 114.00 level where a break will target the 113.50 level. Below here if seen will aim at the 113.00 level followed by the 112.50 and then the 112.00. On the whole, USDJPY remains exposed to the upside though looking correct lower.

 

[FXTechstrategy Team 10]

GBPJPY: Faces Pullback Risk

 

GBPJPY – Watch out for further strength as more gains are envisaged. cross is now seen hesitating suggesting a corrective pullback. On the upside, resistance lies at the 183.50 level followed by the 184.50 level where a break will aim at the 185.50 level. A cut through here will aim at the 186.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 180.70 level where a violation will aim at the 179.50 level. A break below here will target the 178.50 level followed by the 177.00 level. Further down, support lies at the 176.00 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team 10]

EURUSD: Recovery Risk Develops

 

EURUSD: With the pair closing marginally lower following its strong Friday close (see daily chart), it faces the risk of a recovery higher in the new week. If this occurs, expect more strength to occur towards the 1.2577 level. Further out, resistance resides at the 1.2700 level where a breach will aim at the 1.2770 level and possibly higher towards the 1.2800 level. On the other hand, support lies at the 1.2357 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. If this continues, expect further downside to occur towards the 1.2200 level. All in all, EUR remains biased to the downside in the medium term with corrective recovery risk.

 

[FXTechstrategy Team 10]

GBPUSD: Triggers Corrective Recovery

 

GBPUSD: GBP continues to maintain its broader downside pressure in the medium term but has now triggered a correction higher. On the downside, support lies at the 1.5800 level where a break will aim at the 1.5700 level. A break of here will turn attention to the 1.5650 level. Further down, support lies at the 1.5600 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5950 level with a break aiming at the 1.6000 level. A violation will aim at the 1.6050 level and possibly higher towards the 1.6100 level. On the whole, GBP continues to retain its broader downside bias in the medium term

 

[FXTechstrategy Team 10]

USDJPY: Bullish, Targets Further Upside

 

USDJPY: Having followed through higher on the back of its Monday gains to resume its broader medium term uptrend, further bullishness is envisaged. On the upside, resistance resides at the 116.00 level followed by the 116.50 level where a break will target the 117.50 level. Further out, resistance comes in at the 118.50 level where a violation will aim at the 119.00 level. On the downside, support comes in at the 115.00 level where a break will target the 114.50 level. Below here if seen will aim at the 114.00 level followed by the 113.00 and then the 112.50. On the whole, USDJPY remains exposed to the upside medium term

 

[FXTechstrategy Team 10]

AUDUSD: Recovers, Eyes Further Strength

 

AUDUSD: With AUDUSD extending its correction on Tuesday and following through during Wednesday trading session today, further bullishness is now expected. On the upside, resistance resides at the 0.8750 level where a breach will aim at the 0.8800 level. Above that level will set the stage for a run at the 0.8850 level with a cut through here resuming its broader uptrend towards the 0.8900 level. On the downside, support lies at the 0.8650 level. A cut through here will turn attention to the 0.8600 level and then the 0.8550 level where a violation will set the stage for a retarget of the 0.8500 level. On the whole, AUDUSD continues to retain its broader downtrend though recovering.

 

 

[FXTechstrategy Team 10]

GBPJPY: Set To Weaken Further

 

GBPJPY – With corrective pullback triggered, further weakness is likely. On the upside, resistance lies at the 183.00 level followed by the 186.0 level where a break will aim at the 184.00 level. A cut through here will aim at the 185.00 level. 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. All in all, the cross remains biased to the downside on pullback.

 

[FXTechstrategy Team 10]

EURJPY: Triggers Trend Resumption

 

EURJPY- With a resumption of its broader uptrend seen, further strength is envisaged. On the upside, resistance resides at the 146.00 level where a break if seen will threaten further upside towards the 146.50. Further out, resistance resides at the 147.00 level where a break will aim at the 148.00. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 144.00 level where a break will aim at the 143.00 level. A break will target the 142.00 level with a breach turning focus to the 141.00 level. All in all, the cross faces further upside pressure.

 

[FXTechstrategy Team 10]

USDCHF: Closes Lower On Corrective Pullback.

 

USDCHF: Having triggered a corrective weakness the past week, further downside is likely in the new week. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9550 level with a break targeting the 0.9500 level and then the 0.9450 level. Further down, support comes in at the 0.9400 level. All in all, the pair remains biased to the downside on correction.

 

[FXTechstrategy Team 10]

EURUSD: Halts Weakness, Targets Further Upside

 

EURUSD: With EUR halting its decline and turning higher at the end of the week, further strength is envisaged in the new. However, EUR will have to break and hold below the 1.2393 level to resume its weakness. On the other hand, support lies at the 1.2300 level where a break will expose the 1.2250 level. Below here will pave the way for a move lower towards the 1.2200 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

EURJPY: Vulnerable, Faces Pullback Risk.

 

EURJPY- Although the pair may be maintaining its broader medium term upside, it now faces corrective pullback risk. On the upside, resistance resides at the 146.53 level where a break if seen will threaten further upside towards the 147.50. Further out, resistance resides at the 148.00 level where a break will aim at the 149.00. On the downside, support comes in at the 145.00 level where a break will aim at the 144.00 level. A break below here will target the 143.00 level with a breach turning focus to the 142.00 level and possibly further lower towards the 141.00 level. All in all, the cross faces further upside pressure medium term though vulnerable on correction.

 

[FXTechstrategy Team 10]

USDCAD: Continues To Face Pullback Threats

 

USDCAD: Having continued to look vulnerable, further decline is likely. On the downside, support lies at the 1.1200 level followed by the 1.1121 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.1050 level and then the 1.1000 level. On the upside, resistance is seen at the 1.1300 level followed by the 1.1384 level. Further out, resistance comes in at the 1.1450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1500 level. All in all, USDCAD continues to face corrective pullback threats .

 

[FXTechstrategy Team 10]

USDCHF: Threatening Further Downside.

 

USDCHF: The pair looks to continue its corrective pullback following its Tuesday weakness. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9550 level with a break targeting the 0.9500 level and then the 0.9450 level. Further down, support comes in at the 0.9400 level. All in all, the pair remains biased to the downside on correction.

 

[FXTechstrategy Team 10]

USDJPY: Loses Upside Momentum

 

USDJPY: With USDJPY struggling to hold on to its gains, corrective pullback threats could be building up. On the upside, resistance resides at the 118.97 level followed by the 119.50 level where a break will target the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will aim at the 121.50 level. On the downside, support comes in at the 117.50 level where a break will target the 117.00 level. Below here if seen will aim at the 116.00 level followed by the 115.50 and then the 115.00. On the whole, USDJPY remains exposed to the upside.

 

[FXTechstrategy Team 10]

GBPUSD: Broader Bias Remains Lower.

 

GBPUSD: We continue to hold on to our downside bias on GBP despite its recovery attempts. On the downside, support lies at the 1.5600 level where a break will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5450 level. Resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team 10]

USDCHF: Reverses Losses, Eyes The 0.9741 Level.

 

USDCHF: With the pair reversing its previous week losses and closing higher on Friday, it faces price extension in the new week. On the upside, resistance resides at the 0.9741 level, its year-to-date high where a break will aim at the 0.9800 level. Further out, resistance resides at the 0.9850 level. A breather may occur here and turn the pair lower. However, if that level is violated, further bullishness is envisaged. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. All in all, the pair remains biased to the upside long term.

 

[FXTechstrategy Team 10]

EURUSD: Sets Up To Resume Broader Weakness

 

EURUSD: With EUR halting its recovery to turn lower the past week, it faces further downside pressure. Our minimum target is seen at 1.2357 level with a cut through here opening the door for more downside towards the 1.2300 level. On the other hand, support lies at the 1.2200 level where a break will expose the 1.2150 level. Below here will pave the way for a move lower towards the 1.2100 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

EURGBP- Maintains Its Broader Downside Bias

 

EURGBP- With a lower close occurring the past week, we expect further downside to occur in the new week. On the downside, support lies at the 0.7850 level where a break will expose the 0.7800 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7730 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance lies at the 0.7950 level where a violation if seen will turn focus to the 0.8000 level. On further upside, a breach of the 0.8050 level will set the stage for a run at the 0.8100 level. All in all, the cross is biased to the downside medium term.