Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

AUDUSD: Vulnerable Below The 0.8000/74 Zone

 

AUDUSD: With the pair facing price hesitation ahead of its key resistance at the 0.8000/0.8074 zone, it could turn lower if that zone continues to hold. On the downside, support resides at the 0.7900 level where a breach will aim at the 0.7850 level. Below that level will set the stage for a run at the 0.7800 level with a cut through here targeting further downside towards the 0.7750 level. On the upside, resistance lies at the 0.8000 level. A cut through here will turn attention to the 0.8050 level and then the 0.8100 level where a violation will set the stage for a retarget of the 0.8150 level. On the whole, AUDUSD continues to retain its broader downtrend pressure though seeing taking some of its losses back.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable On Corrective Threats

 

EURUSD: Having capped its strength at the 1.1390 level to close marginally lower the past week, corrective pullback threats are building up. Resistance is seen at the 1.1300 level with a cut through here opening the door for more downside towards the 1.1390 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Conversely, support lies at the 1.1200 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. All in all, EUR faces corrective pullback threats having lost its upside momentum.

 

[FXTechstrategy Team 10]

CRUDE OIL: Vulnerable On Loss Of Momentum

 

CRUDE OIL: Having Crude Oil rejected higher prices on negative candle formation the past week, it now looks to weaken on correction in the new week. On the upside, resistance resides at the 60.00 level where a break will expose the 61.00 level followed by the 62.00 level. A cut through here will aim at the 63.00 level. On the downside, support lies at the 58.00 level where a break will expose the 57.00 level. A break will aim at the 58.00 level and then the 55.00 level. Below here will open the door for a run at the 54.00 level. All in all, Crude Oil remains biased to the downside on correction.

 

[FXTechstrategy Team 10]

AUDUSD: Faces Price Hesitation, Threatens Pullback

 

AUDUSD: With price hesitation setting in and halting its recovery started off the 0.7862 level, a move back lower could be building up. On the downside, support resides at the 0.7963 level where a breach will aim at the 0.7900 level. Below that level will set the stage for a run at the 0.7862 level with a cut through here targeting further downside towards the 0.7800 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 0.8250 level where a violation will set the stage for a retarget of the 0.8300 level. On the whole, AUDUSD continues to retain its broader downtrend pressure though recovering.

 

[FXTechstrategy Team 10]

USDCHF: Closes Lower On Bearishness

 

USDCHF: With USDCHF closing lower the past week, the pair continues to face downside pressure into the new week. On the downside, support comes in at the 0.9070 level. A turn below here will open the door for more weakness to occur towards the 0.9000 level and then the 0.8950 level. A cut through here will open the door for additional weakness towards the 0.8900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9200 level with a breach targeting the 0.9250 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9300 level. All in all, the pair remains biased to the downside in the medium term

 

[FXTechstrategy Team 10]

EURUSD: Maintains Upside Offensive

 

EURUSD: Having rallied to close above the 1.1390 level the past week, risk of further upside is likely in the new week. However, you should keep your eyes on the 1.1449 and the 1.1533 zone where strong resistance levels are located. Resistance is seen at the 1.1533 level with a cut through here opening the door for more upside towards the 1.1600 level. Further up, resistance lies at the 1.1650 level where a break will expose the 1.1700 level. Conversely, support lies at the 1.1400 level where a violation will aim at the 1.1350 level. A break of here will aim at the 1.1200 level with a turn below that level targeting the 1.1150 level. All in all, EUR faces recovery threats having rallied the past week.

 

[FXTechstrategy Team 10]

GOLD: Bullish, Pressures Further Upside.

 

GOLD: With GOLD continuing to hold on to its upside offensive, it looks to strengthen further in the new week. However, it now trades within its resistance levels. Support comes in at the 1,210.00 level where a break will aim at the 1,200.00 level. A cut through here will open the door for move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure towards the 1,150.00 level and then the 1,130.00 level. Conversely, resistance resides at the 1,235.00 level where a break will aim at the 1,250.00 followed by the 1,270.00 level. A violation of here will turn attention to the 1,290.00 level followed by the 1,300.00 level. All in all, GOLD remains biased to the upside on recovery

 

[FXTechstrategy Team 10]

EURUSD: Remains Weak And Vulnerable

 

EURUSD: With EUR seen weakening for a second day in a row, further bearishness is envisaged in the days ahead. Support lies at the 1.1150 level where a breach will aim at the 1.1100 level. Below here if seen will turn attention to the 1.1050 level where a violation will aim at the 1.1000. The pair should halt its weakness and turn higher at this level but if that level is taken out, expect further decline towards the 1.0950 zone with a turn below here targeting the 1.0900 level. Conversely, resistance lies at the 1.1250 level with a cut through here opening the door for more downside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EUR remains biased to the downside on price weakness.

 

[FXTechstrategy Team 10]

GBPJPY: Reverses Losses, Eyes Further Upside

 

GBPJPY: With GBPJPY reversing its one-day corrective weakness, it now faces further upside risk in the days ahead. This development leaves the threat of a move higher in the days ahead. On the downside, support comes in at the 188.00 level where a violation will aim at the 187.00 level. A break below here will target the 186.00 level followed by the 185.00 level. On the upside, resistance lies at the 189.00 level followed by the 190.00 level where a break will aim at the 191.50 level. A cut through here will aim at the 191.00 level. Further out, the 192.00 level comes in as the next resistance. All in all, the cross remains biased to the upside as it is threatening to resume its broader uptrend.

 

[FXTechstrategy Team 10]

EURJPY: Builds Up On Strength

 

EURJPY- Having closed higher on Wednesday and followed through on Thursday, further strength is envisaged. This development should see the cross target the 135.57 level initially. On the other hand, resistance lies at the 136.00 level where a break will aim at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level. On the downside, support comes in at the 134.50 level where a break will aim at the 134.00 level. A turn below here will target the 133.50 level with a breach turning focus to the 133.00 level. All in all, the cross now faces a recovery threat.

 

[FXTechstrategy Team 10]

USDCAD: Strengthens, Eyes Further Upside

 

USDCAD: With EUR seen strengthening, further bullishness is likely. Its now eyes the 1.2300 level. On the upside, resistance is seen at the 1.2350 level followed by the 1.2400 level. Further out, resistance comes in at the 1.2450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2500 level. On the downside, support lies at the 1.2250 level followed by the 1.2200 level. Further down, support resides at the 1.2150 level and then the 1.2100 level All in all, USDCAD remains biased to the upside medium term.

 

[FXTechstrategy Team 10]

USDCHF: Reverses Losses, Targets Further Upside

 

USDCHF: With the pair closing higher for the week, further bullish is likely. Resistance resides at the 0.9500 level with a breach targeting the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9600 level. Conversely, on the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. A cut through here will open the door for additional weakness towards the 0.9150 level. All in all, the pair remains biased to the upside on correction.

 

[FXTechstrategy Team 10]

EURUSD: Reverses Gain, Eyes More Weakness

 

EURUSD: With EUR reversing its previous week gains to lower on a sell, further weakness is envisaged. Resistance is seen at the 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. Conversely, support lies at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will aim at the 1.0850 level with a turn below that level targeting the 1.0800 level. All in all, EUR faces downside threats having sold off the previous week.

 

[FXTechstrategy Team 10]

USDJPY: Bullish, Extends Strength

 

USDJPY: With the pair bullish and extending it during Tuesday trading session, it now faces a possible hold above its key resistance turned support at 122.02 level. However, you should keep an eye on that level. On the upside, resistance resides at the 123.00 level with a turn above here aiming at the 123.50 level. A break will target the 124.00 level. Further out, resistance comes in at the 124.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 122.02 level where a break will target the 121.50 level. Below here if seen will aim at the 121.00 level followed by the 120.50 level. On the whole, USDJPY remains exposed to the upside in the medium term

 

[FXTechstrategy Team 10]

GBPUSD: Sees Weakness, Eyes Key Support

 

GBPUSD: With the pair weakening further on Tuesday, further bearishness is envisaged possibly towards the 1.5290 level. On the downside, immediate support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. On the upside, resistance resides at the 1.5450 level with a break aiming at the 1.5500 level. A violation of here will aim at the 1.5550 level and possibly higher towards the 1.5600 level. On the whole, GBP continues to retain its downside bias

 

[FXTechstrategy Team 10]

USDJPY: Sets Up To Correct Lower

 

USDJPY: Having capped its strength at the 124.45 level to close marginally higher on a rejection candle on Thursday, further weakness is expected. On the upside, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 123.00 level where a break will target the 122.50 level. Below here if seen will aim at the 122.00 level followed by the 121.50 level. On the whole, USDJPY remains exposed to the upside in the immediate term but faces a pullback threat.

 

[FXTechstrategy Team 10]

EURUSD: Closes Flat With Eyes On The Upside

 

EURUSD: With EUR closing flat the past week, it faces the risk of a move higher in the new week. Resistance is seen at the 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. Conversely, support lies at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will aim at the 1.0850 level with a turn below that level targeting the 1.0800 level. All in all, EUR faces downside threats having sold off the previous week.

 

[FXTechstrategy Team 10]

USDJPY: Faces Pullback Threats

 

USDJPY: The pair still remains weak and vulnerable on corrective pullback though seen hesitating during early trading on Wednesday. However, except it returns above the 125.04 level, risk continues to point lower. On the upside, resistance resides at the 125.00 level with a turn above here aiming at the 126.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. Conversely, support comes in at the 124.00 level where a break will target the 123.50 level. Below here if seen will aim at the 123.00 level followed by the 122.50 level. On the whole, USDJPY remains exposed to the upside in the medium term but faces pullback threats.

 

[FXTechstrategy Team 10]

EURGBP- Vulnerable, Loses Upside Momentum

 

EURGBP- With EURGBP seen struggling at higher level prices, it faces the risk of a move lower if failed to surpass its intra day high at 0.7383 level. On the downside, support lies at the 0.7300 level where a break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level where a violation will turn attention to the 0.7150 level. On the upside, resistance lies at the 0.7300 level where a violation if seen will turn focus to the 0.7350 level. On further upside, a breach of the 0.7400 level will set the stage for a run at the 0.7450 level. All in all, risk points higher on more strength but with caution.

 

[FXTechstrategy Team 10]

GBPUSD: Faces Downside Risk On Rejection Candle.

 

GBPUSD: Having capped its recovery at the 1.5440 level on a rejection candle on Thursday and seen declining during early trading today, GBPUSD’s further downside pressure is likely. On the downside, immediate support lies at the 1.5250 level where a break if seen will aim at the 1.5200 level. A break of here will turn attention to the 1.5150 level. Further down, support lies at the 1.5100 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation of here will aim at the 1.5450 level and possibly higher towards the 1.5500 level. On the whole, GBP continues to retain its downside bias

 

[FXTechstrategy Team 10]

USDCHF: Risk Points Lower On Price Failure

 

USDCHF: The pair continues to look vulnerable after closing marginally lower the past week. If a follow through lower is seen in the new week, further weakness will follow On the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. Further down, a cut through here will open the door for additional decline towards the 0.9150 level. Conversely, resistance resides at the 0.9450 level with a breach targeting the 0.9500 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9550 level. All in all, the pair remains biased to the downside on upside price failure.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable Despite Weekly Higher Close

 

EURUSD: Although EUR closed higher the past week, it faces downside pressure after losing a quarter of its last week gains (see daily chart). This development leaves it vulnerable to the downside. Resistance is seen at the 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Conversely, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level with a turn below that level targeting the 1.0900 level. All in all, EUR faces downside threats in the medium term.

 

[FXTechstrategy Team 10]

GOLD: Faces Downside Pressure With Warning

 

GOLD: Having maintained a third week of declines the past week, GOLD now faces the risk of more weakness in the new week. However, a halt in decline may occur at its key support. Support comes in at the 1,162.00 level where a break will aim at the 1,140.00 level. A cut through here will open the door for move lower towards the 1,120.00 level. Below here if seen could trigger further downside pressure towards the 1,100.00 level. Its weekly RSI is bearish and pointing higher supporting this view. Conversely, resistance resides at the 1,180.00 level where a break will aim at the 1,200.00 followed by the 1,210.00 level. A violation of here will turn attention to the 1,224.00 level followed by the 1,250.00 level. All in all, GOLD continues to face corrective weakness threats.

 

[FXTechstrategy Team 10]

GBPUSD: Bullish, Eyes Further Upside

 

GBPUSD: Having followed through higher on Wednesday, further bullishness is envisaged. This development leaves the pair targeting further upside towards the 1.5600 level where a break will aim at the 1.5650 level followed by the 1.5700 level. A break will target the 1.5750 level where a violation will aim at the 1.5550 level and possibly higher towards the 1.5600 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, immediate support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. On the whole, GBP continues to retain its upside bias on correction.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable, Triggers Corrective Weakness

 

EURUSD: With EUR triggering a corrective weakness following its rejection candle print on Wednesday, downside risk is building up. While the 1.1378 level caps, our bias remains lower. Resistance is seen at the 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Conversely, support lies at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will aim at the 1.1150 level with a turn below that level targeting the 1.1100 level. All in all, EUR faces downside threats having triggered a correction