Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURUSD: Retains Upside Bias

 

EURUSD: EUR closed higher for a second week in a row leaving risk of more upside on the cards. 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. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1200 level where a violation will aim at the 1.1250 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 in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Faces Further Upside Risk

 

GBPUSD: GBP’s outlook continues to point higher with risk of more gains envisaged. On the upside, resistance resides at the 1.5650 level with a break aiming at the 1.5700 level. A violation of here will aim at the 1.5750 level and possibly higher towards the 1.5800 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, 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 remain on the offensive in the short term.

 

[FXTechstrategy Team 10]

GBPUSD: Bullish, On The Tear

 

GBPUSD: With GBP strengthening strongly further on Wednesday, further bullishness is envisaged. This development leaves the pair targeting further upside towards the 1.5813 level where a break will aim at the 1.5850 level followed by the 1.5900 level. A break will target the 1.5950 level where a violation will aim at the 1.6000 level where we should see price hesitation. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, immediate support lies at the 1.5650 level where a break if seen will aim at the 1.5600 level. A break of here will turn attention to the 1.5550 level. Further down, support lies at the 1.5500 level. On the whole, GBP continues to retain its upside bias.

 

[FXTechstrategy Team 10]

USDCAD: Risk Points To The Upside On Correction

 

USDCAD: With USDCAD closing on a rejection candle a move higher could be developing. On the upside, resistance is seen at the 1.2300 level followed by the 1.2350 level. Further out, resistance comes in at the 1.2400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2450 level. On the downside, support lies at the 1.2200 level followed by the 1.2150 level. Further down, support resides at the 1.2100 level and then the 1.2100 level. All in all, USDCAD remains biased to the downside on correction

 

[FXTechstrategy Team 10]

EURUSD: Retains Upside Bias But With Caution

 

EURUSD: EUR may have closed higher the past week but with caution as pullback threats could occur. Resistance is seen at the 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1300 level where a violation will aim at the 1.1250 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 downside threats in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Triggers Correction On Price Failure

 

GBPUSD: With GBP triggering a correction during Monday trading session, we expect more weakness to occur in the days ahead. On the upside, resistance resides at the 1.5900 level with a break aiming at the 1.5950 level. A violation of here will aim at the 1.6000 level and possibly higher towards the 1.6050 level. Its daily RSI is turning lower supporting its current price action. On the downside, support lies at the 1.5800 level where a break if seen will aim at the 1.5750 level. A break of here will turn attention to the 1.5700 level. Further down, support lies at the 1.5600 level. On the whole, GBP continues face downside pressure on correction.

 

[FXTechstrategy Team 10]

AUDUSD: Bearish, Sees Weakness

 

AUDUSD: H With AUDUSD following through lower on the back of its Friday weakness, further downside pressure is envisaged. This view remains valid while the 0.7818/48 zone caps. On the upside, resistance resides at the 0.7800 level where a breach will aim at the 0.7850 level. Below that level if seen will set the stage for a run at the 0.7900 level with a cut through here targeting further downside towards the 0.7950 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 0.7700 level. A cut through here will turn attention to the 0.7650 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7550 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

USDJPY: Bullish, Remains On The Offensive

 

USDJPY: With USDJPY maintaining its bullish offensive following its Monday strength, further upside pressure is likely in the days ahead. It looks to retarget the 124.24 level. On the upside, resistance resides at the 125.00 level with a turn above here aiming at the 125.50 level. A break will target the 126.00 level. Further out, resistance comes in at the 126.50 level. On the downside, support comes in at the 123.00 level where a break will target the 122.47 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 medium term.

 

[FXTechstrategy Team 10]

USDCHF: Bullish With Eyes On Key Resistance

 

USDCHF: With the pair building up on its corrective offensive on Thursday, it faces the risk of further bullishness. Resistance resides at the 0.9428 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. Its daily RSI is bullish and pointing higher supporting this view. 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 further correction.

 

[FXTechstrategy Team 10]

AUDUSD: Holds Above Key Supports

 

AUDUSD: With AUDUSD continuing to hold above key supports, a move higher is now envisaged. On the upside, resistance resides at the 0.7750 level where a breach will aim at the 0.7800 level. Below that level if seen will set the stage for a run at the 0.7850 level with a cut through here targeting further downside towards the 0.7900 level. On the downside, support lies at the 0.7646 level. A cut through here will turn attention to the 0.7600 level and then the 0.7550 level where a violation will set the stage for a retarget of the 0.7500 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

EURJPY: Bullish Above Key Support At 137.97 Level

 

EURJPY- The cross held above its key support at the 137.97 level on Thursday leaving risk of a move higher on the cards. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. On the upside, resistance lies at the 139.00 level. Further out, resistance resides at the 139.50 level where a break if seen will threaten further upside towards the 140.00. Further out, resistance resides at the 141.00 level. All in all, the cross continues to face upside threats whole holding above the 137.97 level

 

[FXTechstrategy Team 10]

USDCHF: Reverses Losses, Eyes Further Upside With Warning

 

USDCHF: With Having reversed its previous week losses the risk of a move further higher is envisaged in the new week. Resistance resides at the 0.9428 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. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 0.9250 level. A turn below here will open the door for more weakness to occur towards the 0.9200 level and then the 0.9150 level. A cut through here will open the door for additional weakness towards the 0.9100 level. All in all, the pair remains biased to the upside on further correction.

 

[FXTechstrategy Team 10]

EURUSD: Risk Turns Lower

 

EURUSD: With EUR taking back its previous week gains to close lower last week, further weakness is envisaged. However, we may see a correction higher of the mentioned declines in the new week. Resistance is seen at the 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, support lies at the 1.1100 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 downside threats in the medium term.

 

[FXTechstrategy Team 10]

USDCAD: Recovering With Caution

 

USDCAD: Although is seen threatening recovery higher, as long as it trades below the 1.2421 level, we still see risk to the downside. On the upside, resistance is seen at the 1.2400 level followed by the 1.2450 level. Further out, resistance comes in at the 1.2500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2550 level. Its daily RSI is pointing higher supporting its current price action. 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 downside on correction but with caution

 

[FXTechstrategy Team 10]

EURJPY: Remains Vulnerable To The Downside

 

EURJPY- The cross continues to face downside pressure leaving risk of more weakness to occur. On the downside, support comes in at the 136.00 level where a break will aim at the 135.50 level. A turn below here will target the 135.00 level with a breach turning focus to the 134.50 level. On the upside, resistance lies at the 137.00 level. Further out, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.00 level. All in all, the cross continues to face upside threats.

 

[FXTechstrategy Team 10]

USDCHF: Loses Upside Momentum, Vulnerable

 

USDCHF: Having closed almost flat the past week following its two-day weakness, risk of further decline cannot be ruled out. 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. Conversely, resistance resides at the 0.9500 level with a breach targeting the 0.9550 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9600 level. All in all, the pair remains biased to the upside on further strength.

 

[FXTechstrategy Team 10]

AUDUSD: Remains Weak And Vulnerable

 

AUDUSD: With AUDUSD continuing to face downside pressure as it followed through lower during Tuesday session, risk remains to the downside on more weakness. On the downside, support lies at the 0.7400 level. A cut through here will turn attention to the 0.7350 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7250 level. On the upside, resistance resides at the 0.7500 level where a breach will aim at the 0.7550 level. Below that level if seen will set the stage for a run at the 0.7600 level with a cut through here targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

EURUSD: Risk Points Higher

 

EURUSD: With EUR closing higher the past week, we look for more recovery higher to occur. Resistance is seen at the 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1100 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 downside threats in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD: Bearish, Declines Further

 

GBPUSD: With GBP remaining weak and retaining its downside bias, further downside pressure is likely. On the upside, resistance resides at the 1.5600 level with a break aiming at the 1.5650 level. A violation will aim at the 1.5700 level and possibly higher towards the 1.5766 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 1.5500 level where a break if seen 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. On the whole, GBP continues to retain its pullback bias but with caution.

 

[FXTechstrategy Team 10]

AUDUSD: Puts In Temporary Bottom

 

AUDUSD: Having halted its weakness on a rejection candle print, AUDUSD now looks for a corrective recovery higher. On the downside, support resides at the 0.7300 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the upside, resistance lies at the 0.7400 level. A cut through here will turn attention to the 0.7450 level and then the 0.7500 level where a violation will set the stage for a retarget of the 0.7550 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

USDJPY: Consolidation Sets In But With Upside Bias

 

USDJPY: Corrective pullback may have ended leaving the pair threatening its medium term trend resumption. If this is seen, 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. Conversely, support comes in at the 123.50 level where a break will target the 123.00 level. Below here if seen will aim at the 122.50 level followed by the 122.00 level. On the whole, USDJPY remains exposed to the upside.

 

[FXTechstrategy Team 10]

AUDUSD: Weakens On Trend Resumption

 

AUDUSD: Having continued to maintain its broader downtrend, further bearishness is envisaged. On the downside, support resides at the 0.7250 level where a breach will aim at the 0.7200 level. Below that level will set the stage for a run at the 0.7150 level with a cut through here targeting further downside towards the 0.7100 level. On the upside, resistance lies at the 0.7350 level. A cut through here will turn attention to the 0.7400 level and then the 0.7450 level where a violation will set the stage for a retarget of the 0.7500 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

USDCHF: Retains Recovery Risk

 

USDCHF: With the pair taking back almost all of its past week losses to close marginally higher, it faces the risk of a move higher in the new week. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards the 0.9500 level and then the 0.9450 level. A cut through here will open the door for additional weakness towards the 0.9400 level. Resistance resides at the 0.9650 level with a breach targeting the 0.9700 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9761 level. All in all, the pair remains biased to the upside on further strength.

 

[FXTechstrategy Team 10]

EURUSD: Biased To Upside On Recovery.

 

EURUSD: Having EUR taken back most of its previous week losses to close higher the past week, we could see more recovery occurring. This development leaves risk higher in the new week though with caution. Support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. All in all, EUR remains biased to the downside medium term.

 

[FXTechstrategy Team 10]

USDJPY: Weakens Further On Correction

 

USDJPY: With USDJPY weakening further on correction on Monday, further downside pressure is envisaged. On the upside, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. A break will target the 125.00 level. Further out, resistance comes in at the 125.50 level where a violation will aim at the 126.00 level. On the downside, 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. Its daily RSI is bearish and pointing lower supporting this view. On the whole, USDJPY remains exposed to the downside on correction.