Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

GOLD: Looks To Trigger Correction

 

GOLD: With a marginal close seen the past week, corrective pullback is envisaged. Resistance resides at the 1,315 level where a break will aim at the 1,330.00 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. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,300.00 level where a break will aim at the 1,280.00 level. Below here if seen could trigger further downside towards the 1,250.00 level where a break will aim at the 1,230.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

GBPJPY: Halts Weakness, Triggers Correction

 

GBPJPY: With the cross reversing its early intraday losses to strengthen on Monday, it faces further corrective recovery threats in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the upside, resistance lies at the 179.00 level followed by the 179.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 181.00 level. All in all, the cross remains biased to the downside short term.

 

[FXTechstrategy Team 10]

AUDUSD: Maintains Corrective Bias

 

AUDUSD: With AUDUSD turning higher on Monday and following through higher on Tuesday, it now faces the risk of further upside in the days ahead. On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

USDCHF: Halts Recovery, Vulnerable

 

USDCHF: The pair continues to hold on to its upside pressure but now faces price hesitation. On the downside, support lies at the 0.8950 level with a break targeting the 1.8900 level and then the 0.8850 level. Further down, support comes in at the 0.9000 level. On the upside, resistance resides at the 0.9050 level where a break will aim at the 0.9100 level. Further out, resistance resides at the 0.9150 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9200 level. All in all, the pair remains biased to the downside short term.

 

[FXTechstrategy Team 10]

USDJPY: Faces Price Consolidation

 

USDJPY: With USDJPY still facing consolidation price action, a directional move is now on hold. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level. Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term

 

[FXTechstrategy Team 10]

GOLD: Declines On Price Sell Off

 

GOLD: With GOLD selling off sharply during Thursday trading session, further downside pressure is expected in the days ahead. 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. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,272.00 level where a break will aim at the 1,300.00 level. A break of here will turn attention to the 1,330.00 level followed by the 1,350.00 level. A cut through here will extend gains towards the 1,380.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

GBPUSD: Declines Further, Remains Vulnerable

 

GBPUSD: With GBP extending its weakness on Thursday, further downside pressure is likely. On the downside, support lies at the 1.4950 level where a break if seen will aim at the 1.4900 level. A break of here will turn attention to the 1.4850 level. Further down, support lies at the 1.4800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. 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: Remains On The Offensive

 

USDCHF: With a second week of strength seeing further bullishness the past week, additional bull pressure is envisaged. However, watch out for a pullback following its two-week run to the upside. On the upside, resistance resides at the 0.9250 level where a break will aim at the 0.9300 level. Further out, resistance resides at the 0.9350 level. A breather may occur here and turn the pair lower but if that level is taken out, expect a push further higher towards the 0.9400 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9150 level with a break targeting the 0.9100 level and then the 0.0950 level. Further down, support is located at the 0.9000 level. All in all, the pair remains biased to the downside medium term despite its recovery.

[FXTechstrategy Team 10]

EURUSD: Targets Higher Prices On Correction

 

EURUSD: With EUR triggering a correction to close higher the past week, further bullishness is now envisaged in the new week. However, beware of recovery failure and a turn lower. Support is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1150 level. Further down, support lies at the 1.1100 level where a break will expose the 1.1050 level. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

 

[FXTechstrategy Team 10]

CRUDE OIL: Looks To Build On Strength.

 

CRUDE OIL: Having Crude Oil triggered a corrective recovery the past week, it faces further recovery risk sin the new week. Support lies at the 44.00 level where a break will expose the 43.00 level. A break will aim at the 42.00 level and then the 41.00 level. A turn below here will open the door for a run at the 40.00 level. On the upside, resistance resides at the 47.55 level where a break will expose the 48.00 level followed by the 49.00 level where a break will aim at the 50.00 level and then the 51.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

 

[FXTechstrategy Team 10]

AUDUSD: Faces Corrective Recovery Threats

 

AUDUSD: With AUDUSD halting its weakness on Friday, the past week (see daily chart) and triggering a recovery during Monday trading session, further recovery higher is now envisaged in the days ahead. On the downside, support resides at the 0.7700 level where a breach will aim at the 0.7650 level. Below that level will set the stage for a run at the 0.7600 level with a cut through targeting further downside towards the 0.7550 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces an immediate correction.

 

[FXTechstrategy Team 10]

GOLD: Risk Continues To Point Higher

 

GOLD: With GOLD continuing to maintain its bullish risk, more strength is envisaged in the new week. Despite its marginal loss the past week, our upside view on the commodity remains intact. On the downside, support comes in at the 1,260.00 level where a break will aim at the 1,240.00 level. Below here if seen could trigger further downside towards the 1,220.00 level where a break will aim at the 1,200.00 level. Conversely, resistance resides at the 1,300.00 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. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

USDJPY: Recovers, Eyes More Strength

 

USDJPY: With USDJPY bouncing off lower level prices to strengthen on Tuesday, it now faces further upside pressure. However, the pair will have to break and hold above the 118.86 level to prevent a return to the downside. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level. Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term

 

[FXTechstrategy Team 10]

GBPUSD: Bullish, Eyes Further Upside.

 

GBPUSD: Having maintained its bullish offensive, GBP faces the risk of further strength currently underway. On the upside, resistance resides at the 1.5300 level with a break aiming at the 1.5350 level. A violation will aim at the 1.5400 level and possibly higher towards the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.5150 level where a break if seen will aim at the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. On the whole, GBP continues to retain its recovery threats.

 

[FXTechstrategy Team 10]

CRUDE OIL: Bearish, Looks To Weaken Further

 

CRUDE OIL: Having turned lower on Wednesday following its Tuesday price failure, further downside is likely. On the upside, resistance resides at the 52.00 level where a break will expose the 53.00 level followed by the 54.00 level where a break will aim at the 55.00 level and then the 56.00 level. Conversely, support lies at the 50.00 level where a break will expose the 49.00 level. A break will aim at the 48.00 level and then the 47.00 level. A turn below here will open the door for a run at the 46.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

 

[FXTechstrategy Team 10]

AUDUSD: Faces Recovery Risk

 

AUDUSD: With AUDUSD threatening further corrective recovery, bull pressure is envisaged. On the downside, support resides at the 0.7750 level where a breach will aim at the 0.7700 level. Below that level will set the stage for a run at the 0.7650 level with a cut through targeting further downside towards the 0.7600 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces a correction.

 

[FXTechstrategy Team 10]

EURUSD: Builds Up Upside Momentum

 

EURUSD: With EUR reversing its Wednesday losses on Thursday, further upside pressure is envisaged. Support is seen at 1.1400 level with a cut through here opening the door for more downside towards the 1.1350 level. Further down, support lies at the 1.1300 level where a break will expose the 1.1250 level. Its daily RSI has turned higher supporting this view. On the upside, resistance lies at the 1.1500 level where a violation will aim at the 1.1550 level where a break will aim at the 1.1600 level, its psycho level followed by the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term but faces recovery threat.

 

[FXTechstrategy Team 10]

USDCHF: Closes Flat, Faces Corrective Pullback Risk

 

USDCHF: With a flat price action trading occurring the past week, risk of an impending corrective pullback continues to loom. On the downside, support lies at the 0.9200 level with a break targeting the 0.9150 level and then the 0.9100 level. Further down, support comes in at the 0.9050 level. On the upside, resistance resides at the 0.9344 level where a break will aim at the 0.9400 level. Further out, resistance resides at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9500 level. All in all, the pair remains biased to the downside medium term.

 

[FXTechstrategy Team 10]

EURUSD: Faces Downside Pressure

 

EURUSD: With EUR closing marginally lower on a price rejection candle formation, further downside pressure is envisaged. Support is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1110 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

 

[FXTechstrategy Team 10]

GOLD: Remains Vulnerable With Caution

 

GOLD: With a second week of downside pressure occurring the past week, further downside pressure is likely. Except it returns above the 1,285/1,300 levels, downside threat remains. On the downside, support comes in at the 1,200.00 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,25se40.00 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. All in all, GOLD remains biased to the downside on price failure

 

[FXTechstrategy Team 10]

GBPUSD: Weak And Vulnerable

 

GBPUSD: With GBP now seen following through on the back of its Friday weakness, further decline is envisaged. This development leaves it targeting further downside but with caution. On the downside, support lies at the 1.5150 level where a break if seen will aim at the 1.5100 level. A break of here will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5300 level with a break aiming at the 1.5350 level. A violation will aim at the 1.5400 level and possibly higher towards the 1.5450 level. On the whole, GBP continues to retain its broader downside bias medium term but faces corrective risk

 

[FXTechstrategy Team 10]

AUDUSD: Develops Recovery Threats

 

AUDUSD: AUDUSD continues to trace out a bottom as a platform for its impending correction. On the downside, support resides at the 0.7750 level where a breach will aim at the 0.7700 level. Below that level will set the stage for a run at the 0.7650 level with a cut through targeting further downside towards the 0.7600 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces a corrective recovery threats in the nearer term

 

[FXTechstrategy Team 10]

USDCAD: Vulnerable On Correction

 

USDCAD: Despite its Friday strength, its correction triggered off the 1.2798 level has not ended. On the downside, support lies at the 1.2400 level followed by the 1.2350 level. Further out, support resides at the 1.2300 level and then the 1.2250 level. 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. All in all, USDCAD continues to face bullish offensive medium term though correcting

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable On Price Hesitation.

 

EURUSD: Although EUR is facing price hesitation, it still faces downside threats. outlook on EUR remains biased to the downside though hesitating. Support is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1100 level. Its daily RSI has turned lower supporting this view. On the upside, resistance lies at the 1.1400 level where a violation will aim at the 1.1450 level where a break will aim at the 1.1500 level, its psycho level followed by the 1.1550 level. Further out, resistance comes in at the 1.1600 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

CRUDE OIL: Vulnerable, Weakens Further

 

CRUDE OIL: With price extension seen on Wednesday, further downside pressure is likely. On the downside, support lies at the 48.00 level where a break will expose the 47.00 level. A break will aim at the 46.00 level and then the 45.00 level. A turn below here will open the door for a run at the 44.00 level. On the upside, resistance resides at the 50.00 level where a break will expose the 51.00 level followed by the 52.00 level where a break will aim at the 53.00 level and then the 54.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.