Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

GBPUSD: Threatens Further Decline

 

GBPUSD: With GBP continuing to maintain its broader downside pressure, it looks to weaken further in the new week. But be wary of a recovery higher on correction. On the downside, support lies at the 1.5540 level where a break will aim at the 1.5450 level. A break of here will turn attention to the 1.5400 level. Further down, support lies at the 1.5350 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, 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]

EURJPY: Faces Price Hesitation

 

EURJPY- The cross may continue to be pushing higher but still faces downside risk on corrective pullback. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 148.00 level where a break if seen will threaten further upside towards the 149.00. Further out, resistance resides at the 150.00 level where a break will aim at the 151.00. All in all, the cross faces corrective downside pressure.

 

[FXTechstrategy Team 10]

EURUSD: Maintains Bearish Outlook

 

EURUSD: With EUR remaining weak and vulnerable to the downside following its past week declines, more bearishness is now envisaged. However, we think a recovery higher may occur after the mentioned weakness. Support is seen at 1.1950 level with a cut through here opening the door for more downside towards the 1.1900 level. Further down, support lies at the 1.1850 level where a break will expose the 1.1800 level. Below here will pave the way for a move lower towards the 1.1750 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.2050 level where a violation will aim at the 1.2100 level where a break will aim at the 1.2150 level, its psycho level followed by the 1.2200 level. Further out, resistance comes in at the 1.2250 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GOLD: Faces Recovery Threats

 

GOLD: Despite its almost flat close the past week, GOLD continues to face corrective recovery threats. On the downside, support stands at the 1,167.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. On the upside, resistance lies at the 1,200.00 level where a break will aim at the 1,230.00 level. A break will target the 1,250.00 level followed by the 1,280.00 level. A cut through here will extend gains towards the 1,300.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

USDJPY: Risk Continues To Point Higher

 

USDJPY: Although it closed marginally lower the past week (see weekly chart), further upside is likely in the new week. On the upside, resistance resides at the 120.82 level followed by the 121.50 level where a break will target the 122.50 level. Further out, resistance comes in at the 123.50 level where a violation will aim at the 124.50 level. On the downside, support comes in at the 119.50 level where a break will target the 118.50 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term though hesitating.

 

[FXTechstrategy Team 10]

AUDUSD: Triggers Correction

 

AUDUSD: Having halted its downside weakness and triggered a recovery higher, further move higher is expected. On the downside, support resides at the 0.8034 level where a breach will aim at the 0.7950 level. Below that level will set the stage for a run at the 0.7900 level with a cut through targeting further downside towards the 0.7850 level. On the upside, resistance lies at the 0.8150 level. A cut through here will turn attention to the 0.8200 level and then the 0.8300 level where a violation will set the stage for a retarget of the 0.8350 level. On the whole, AUDUSD continues to retain its broader downtrend.

 

[FXTechstrategy Team 10]

GBPJPY: Vulnerable But With Caution

 

GBPJPY: With continued decline occurring on Tuesday, further weakness is expected. Though we may see a corrective recovery higher. On the upside, resistance lies at the 181.00 level followed by the 182.00 level where a break will aim at the 183.50 level. A cut through here will aim at the 184.50 level. On the downside, support comes in at the 179.00 level where a violation will aim at the 178.00 level. A break below here will target the 177.00 level followed by the 176.00 level. All in all, the cross remains biased to the downside on correction

 

[FXTechstrategy Team 10]

USDJPY: Turns Higher, Strengthens

 

USDJPY: With the pair halting its weakness to close higher on Wednesday and following through higher during Thursday trading session, further bullishness is now envisaged. On the upside, resistance resides at the 120.00 level followed by the 120.50 level where a break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Turns Higher On Recovery

 

GBPUSD: Despite retaining its broader downside bias, GBP has triggered a recovery higher on correction. On the downside, support lies at the 1.5050 level where a break will aim at the 1.5000 level. A break of here will turn attention to the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.5150 level with a break aiming at the 1.5200 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5300 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team 10]

USDCHF: Bullish But Faces Pullback Threats

 

USDCHF: Although the pair retains its broader uptrend in the medium, it also faces the risk of a correction which we saw on Friday (daily chart). On the upside, resistance resides at the 1.1216 level where a break will aim at the 1.0250 level. Further out, resistance resides at the 1.0300 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1350 level. On the downside, support lies at the 1.0100 level with a break targeting the 1.0050 level and then the 1.0000 level. Further down, support comes in at the 0.9950 level. All in all, the pair remains biased to the upside medium term but may see pullback.

 

[FXTechstrategy Team 10]

EURUSD: Bearish Medium Term But With Caution

 

EURUSD: With EUR continuing to maintain its broader downside pressure, further downside pressure is expected. However, we think a recovery higher may follow after its Friday recovery attempt (see daily chart). Support is seen at 1.1753 level with a cut through here opening the door for more downside towards the 1.1700 level. Further down, support lies at the 1.1650 level where a break will expose the 1.1600 level. Below here will pave the way for a move lower towards the 1.1550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1900 level where a violation will aim at the 1.1950 level where a break will aim at the 1.2000 level, its psycho level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Risk Points Higher On Correction

 

GBPUSD: GBP may be biased to the downside in the medium term but faces immediate corrective recovery in the new week. On the downside, support lies at the 1.5033 level where a break will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.

 

[FXTechstrategy Team 10]

USDCAD: Targeting Further Upside With Warning

 

USDCAD: USDCAD continues to build up more upside pressure extending its strength on Monday and threatening further upside. However, a pullback may be seen. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to see its bullishness.

 

[FXTechstrategy Team 10]

EURUSD: Looks To Resume Broader Weakness

 

EURUSD: With EUR continuing to maintain its downside pressure, more weakness is envisaged. Support is seen at 1.1700 level with a cut through here opening the door for more downside towards the 1.1650 level. Further down, support lies at the 1.1600 level where a break will expose the 1.1550 level. Below here will pave the way for a move lower towards the 1.1500 level. On the upside, resistance lies at the 1.1800 level where a violation will aim at the 1.1850 level where a break will aim at the 1.1900 level, its psycho level followed by the 1.1950 level. Further out, resistance comes in at the 1.2000 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]

GBPJPY: Bearish, Extends Weakness

 

GBPJPY: With the cross extending its weakness the past week, further decline is envisaged in the new week. However, following the mentioned weakness it should trigger a corrective recovery in the new week. On the downside, support comes in at the 175.83 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term

 

[FXTechstrategy Team 10]

EURUSD: Faces Continued Bearishness

 

EURUSD: With further decline occurring the past week, additional downside pressure is likely in the week. Support is seen at 1.1500 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1650 level where a violation will aim at the 1.1700 level where a break will aim at the 1.1750 level, its psycho level followed by the 1.1800 level. Further out, resistance comes in at the 1.1850 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Vulnerable But Still Faces Corrective Risk

 

GBPUSD: With GBP remaining weak and vulnerable to the downside, further bearishness is envisaged. However, before that occurs, we think a recovery higher should follow in the nearer term as long as it holds above the 1.5033 level. On the downside, support lies at the 1.5033 level where a break if seen will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.

 

[FXTechstrategy Team 10]

USDCAD: Faces Corrective Pullback Threats

 

USDCAD: With the pair triggering a corrective pullback, further decline is envisaged. On the upside, resistance is seen at the 1.2050 level followed by the 1.2100 level. Further out, resistance comes in at the 1.2150 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2200 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to face corrective pullback threats.

 

[FXTechstrategy Team 10]

GBPJPY: Eyes Further Correction

 

GBPJPY: With the cross triggering a recovery higher, more strength is expected. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance lies at the 180.50 level followed by the 181.50 level where a break will aim at the 182.00 level. A cut through here will aim at the 183.00 level. All in all, the cross remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

GOLD: Bullish But With Risk

 

GOLD: Outlook for GOLD continues to remain higher having rallied during Tuesday trading session and following through during Wednesday trading session. However, beware of a corrective pullback as price hesitation could be setting in. Resistance resides at the 1,300 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

EURJPY: Retains Recovery Bias

 

EURJPY- With the cross taking back most of its intra day losses to close slightly lower on Wednesday, it continues to hold on to its recovery risk. On the upside, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.50. Further out, resistance resides at the 139.00 level where a break will aim at the 140.00. On the downside, support comes the 136.00 level where a break will aim at the 135.00 level. A break will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross continues to face downside pressure.

 

[FXTechstrategy Team 10]

EURUSD: Resumes Weakness

 

EURUSD: With the pair declining on Thursday, it now faces further downside pressure. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1600 level where a violation will aim at the 1.1650 level where a break will aim at the 1.1700 level, its psycho level followed by the 1.1750 level. Further out, resistance comes in at the 1.1800 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

USDCAD: Extends Bullish Offensive

 

USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term

 

[FXTechstrategy Team 10]

EURUSD: Maintains Its medium Term Weakness

 

EURUSD: With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.