Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURUSD: Recovery Tone Intact, Targets The 1.1372 Level

 

EURUSD: Having EUR halted its two-day corrective weakness to close higher on a rejection candle on Wednesday, further strength cannot be ruled out. On the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside pressure towards the 1.1409 level. Further up, resistance is seen at the 1.1450 level where a break will expose the 1.1500 level. On the other hand, Initial support stands at the 1.1250 level where a break will create scope for more weakness towards 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, the pair looks to follow through higher on the back of its Wednesday recovery strength.

 

[FXTechstrategy Team 10]

USDJPY Retains Recovery Tone, Pressures 121.32 Level

 

USDJPY: With the pair remaining on recovery path, we look for more upside pressure to occur in the days ahead. This leaves the 121.32 level, its Sept 10 2015 high as the next upside target. A cut through here will set the stage more strength towards the 121.73 level, its Aug 28’2015 high. On further upside, resistance resides at the 122.00 level with a turn above here aiming at the 122.50 level. A break will target the 123.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 120.50 level where a break will target the 120.00 level. Below here if seen will aim at the 119.50 level followed by the 119.00 level. On the whole, USDJPY remains exposed to the upside nearer term for more recovery.

 

[FXTechstrategy Team 10]

AUDUSD Prone To Downside Pressure On Price Failure

 

AUDUSD: AUDUSD took back all of its intra day gains to close lower on Thursday leaving risk of further move lower on the cards. With the formation of a pin bar, it faces the possibility of bear threats while holding below the 0.7275 level. On the upside, the 0.7214/33 zone comes in as the upside target. Above here will turn focus to the 0.7280 levels with a break targeting the 0.7233 level and subsequently the 0.7350 level. A violation of here will set the stage for a retarget of the 0.7400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside towards the 0.7050 level. Further down, its big psychological level at 0.7000 is seen as the next downside objective. On the whole, AUDUSD has capped its recovery and looks to move lower.

 

 

[FXTechstrategy Team 10]

USDCHF: Threatens Recovery On Reversal Of Losses

 

USDCHF: With USDCHF reversing almost all of its past week losses to close marginally lower on Friday, risk of further move higher is likely. On the upside, resistance lies at the 0.9762 level with a breach targeting the 0.9800 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9850 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9600 level. A turn below here will open the door for more weakness to occur towards the 0.9550 level and then the 0.9500 level. A cut through here will open the door for additional decline towards the 0.9450 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

GBPJPY: The cross closed almost flat the past week (see weekly chart) after failing to follow through higher on the back of its previous week gains.Additionally, it printed a rejection candle on Thursday and followed through lower on Friday. This price action development leaves GBPJPY vulnerable to the downside as long as its trades and holds below the 188.25 level. On the downside, support comes in at the 185.00 level where a violation will aim at the 184.00 level. A break below here will target the 183.00 level followed by the 182.00 level. Conversely, resistance is seen at the 187.00 level followed by the 188.00 level. A cut through will set the stage for a move further higher towards the 189.00 level where a break will aim at the 190.00 level. A cut through here will aim at the 191.00 level. All in all, the cross remains biased to the downside on price failure.

 

[FXTechstrategy Team 10]

EURUSD: Caps Recovery, Risk Turns Lower On Price Failure

 

EURUSD: Having EUR closed lower on price failure at 1.1459 level to print a rejection candle the past week, further weakness is envisaged in the new week. As long as the mentioned overhead resistance holds as resistance, our bias continues to point lower. Support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level with a turn below that level targeting the 1.1050 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1350 level with a cut through here opening the door for more upside towards the 1.1409 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

GOLD: Key Resistance At 1147.87 Looks To Cap Strength

 

GOLD: The commodity triggered a recovery the past week to close higher suggesting further upside. However, we may see a move lower while the 1147.87 level continues to hold as resistance. On the downside, support comes in at the 1127.00 level where a break will aim at the 1115.00 level. A cut through here will open the door for move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure towards the 1090.46 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1185.00 level. All in all, GOLD remains biased to the upside in the medium term.

 

[FXTechstrategy Team 10]

EURJPY Looks To Follow Through Lower On Bear Pressure

 

EURJPY: With the cross selling off on Friday to close the week lower, we envisage a follow-through lower in the days ahead. Support comes in at the 135.00 level where a break will aim at the 134.50 level. A turn below here will target the 134.00 level with a breach turning focus to the 133.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 136.00 level. Further out, resistance comes in at the 137.00 level where a break if seen will threaten further upside towards the 137.50. Further out, resistance resides at the 138.00 level. All in all, the cross now faces downside pressure on price failure.

 

[FXTechstrategy Team 10]

EURGBP: Follows Through Lower, Risk Builds On 0.7170 Level

 

EURGBP- With the cross closing lower the past week and following through lower during Monday trading session, further downside pressure in the days ahead. On the upside, resistance lies at the 0.7300 level where a violation if seen will turn risk towards the 0.7350 level. On further upside, the 0.7400 level comes in as the next upside target followed by the 0.7450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 0.7200 level where a violation will turn focus to the 0.7150 level. A break will turn focus to the 0.7100 level. Further down, support comes in at the 0.7050 level. All in all, the cross remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

AUDUSD Maintains Downside Pressure, Eyes 0.7062 Level

 

AUDUSD: A follow-through lower on the back of two rejection candle formations on Monday has cleared the way for more weakness in the days ahead. On the upside, resistance lies at the 0.7150 level. A cut through here will turn attention to the 0.7200 level and then the 0.7250 level where a violation will set the stage for a retarget of the 0.7200 level. On the downside, support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside towards the 0.6950 level. Its daily RSI is bearish and pointing lower supporting this view. On the whole, AUDUSD continues to retain its long term downside pressure.

 

[FXTechstrategy Team 10]

USDCHF: On The Upbeat, Pressure Builds Up On The 0.9823 Level\

 

USDCHF: The pair remains on the offensive and looks to recapture its key resistance located at the 0.9823 level. On the upside, resistance lies at the 0.9900 level with a breach targeting the 0.9950 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 1.0000 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. A cut through here will open the door for additional decline towards the 0.9550 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

EURUSD: Price Hesitation Sets In Ahead Of 1.1086 Level

 

EURUSD: With EUR now seen recovering ahead of its key support at the 1.1086 level, some kind of a correction could occur. But as long as that move is capped by the 1.1259/58 zone, its short term weakness triggered from the 1.1459 level remains intact. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more upside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

GOLD: Recovers With Risk Towards The 1141.72 Level

 

GOLD: The commodity is threatening further strength after closing higher on Wednesday following a loss of downside momentum. However, we think as long as it trades below the 1147/42 zone, risk remains lower in the medium term. Above the mentioned zone will invalidate our downside view. On the downside, support comes in at the 1115.00 level where a break will aim at the 1110.00 level. A cut through here will open the door for move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure towards the 1090.46 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1165.000 followed by the 1175.00 level. A violation of here will turn attention to the 1185.00 level. All in all, GOLD remains biased to the downside in the short term

 

[FXTechstrategy Team 10]

USDCAD Rejects Higher Prices, Prints Negative Candle

 

USDCAD: With USDCAD turning off its intra day high at 1.3416 level to close lower on Thursday, further downside pressure is likely. While the 1.3416 level caps, our view on the pair remains lower. Resistance resides at the 1.3400 level where a break will target the 1.3450 level. Further out, resistance comes in at the 1.3500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3550 level. On the downside, support lies at the 1.3300 level followed by the 1.3250 level. Further down, support resides at the 1.3200 level and then the 1.3150 level. All in all, USDCAD remains biased to the upside medium term but could face downside pressure after price failure.

 

[FXTechstrategy Team 10]

GBPJPY: Looks To Build Up On Corrective Recovery

 

GBPJPY: With the cross following through higher on the back of its Thursday long-tailed rejection candle formation, further bullish price build up is envisaged. This leaves risk of more recovery towards the 184.09 where a break will open the door for strength towards the 185.00 level. A violation will aim at the 186.00 level with a break below here target the 187.00 level followed by the 188.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support is seen at the 183.00 level followed by the 182.00 level. A cut through will set the stage for a move further higher towards the 181.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 179.00 level. All in all, the cross’s bias remains to the upside on correction nearer term

 

[FXTechstrategy Team 10]

USDCHF Retains Bullish Offensive But With Caution

 

USDCHF: The pair followed through higher the past week on the back of its previous week long-tailed candle formation. This keeps the immediate outlook higher. However, its immediate challenge is to break and hold above the 0.9823 level. That level was rejected at the end of the week suggesting more price hesitation or even a move lower may dominate price action in the new week. On the upside, resistance lies at the 0.9843 level with a breach targeting the 0.9900 level. If this level is taken out, expect a push further higher towards the 1.0000 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. Further down, support comes in at the 0.9550 level. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

EURGBP Targets Key Resistance At 0.7421 Level

 

EURGBP- With the cross closing higher the past week, further upside pressure is likely in the new week. Although likely to face consolidation, we think it should head higher in the new week. On the upside, resistance lies at the 0.7400 level where a violation if seen will turn risk towards the 0.7450 level. On further upside, the 0.7500 level comes in as the next upside target followed by the 0.7550 level. Its weekly RSI is bullish and pointing higher suggesting further stregnth. Conversely, support lies at the 0.7300 level where a violation will turn focus to the 0.7250 level. A break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level. All in all, the cross remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

EURUSD Maintains Broader Downside Bias With Eyes On 1.1086 Zone

 

 

EURUSD: Having EUR closed lower the past week we expect more weakness to follow. But this comes with a warning that as long as it trades and holds above the 1.1086 level, we may see it headed higher in the new week. Support lies at the 1.1150 level where a violation will aim at the 1.1086 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 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 1.1409 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

USDJPY: Range Trading, Looks For Direction

 

USDJPY: With USDJPY seen trapped in a range, it now searches for directional moves. Until its breaks out either way, we expect its consolidation price action to continue. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support comes in at the 119.50 level where a break will target the 119.00 level. Below here if seen will aim at the 118.50 level followed by the 118.00 level. On the whole, USDJPY remains exposed to the upside but with caution

 

[FXTechstrategy Team 10]

EURGBP- Remains On The Offensive, Aims At 0.7482 Level

 

 

EURGBP- With the cross remaining on the offensive, we look for more strength to build up. While it holds above the 0.7360 zone, expect more strength possibly towards the 0.7482/0.7500 region. On the upside, resistance lies at the 0.7450 level where a violation if seen will turn risk towards the 0.7500 level. On further upside, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the cross remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

EURUSD: With EUR failing to maintain its upside momentum and turning lower off the 1.1280 level during Tuesday trading session, risk of more weakness is now developing. In such case, support at the 1.1150 level with a break of here opening the door for a run at the 1.1100 level. Further down, a turn below that level will target the 1.1050 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 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 1.1450 level. All in all, EUR remains biased to the downside in the short term with more weakness likely.

 

[FXTechstrategy Team 10]

EURJPY Rejects Lower Prices, Risk Points Higher

 

EURJPY: The cross continues to reject downside price leaving risk of a move higher. If more strength is seen expect additional recovery towards 135.50 level where a break will turn attention to the 136.00 level. Further out, resistance lies at the 136.50 level where a break will aim at the 137.00 level. A turn above here will target the 137.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support resides at the 134.50 level. Further out, resistance resides at the 134.00 level where a break if seen will threaten further upside towards the 133.50. Further out, resistance comes in at the 133.00 level. All in all, the cross now faces upside risk in the nearer term

 

[FXTechstrategy Team 10]

USDCAD Drops Lower On Corrective Weakness

 

USDCAD: USDCAD sold off strongly on Wednesday leaving risk of further decline on the cards. With that said, we look for more weakness to occur in the days ahead. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support resides at the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. All in all, USDCAD remains biased to the downside short term on corrective weakness.

 

[FXTechstrategy Team 10]

GBPUSD Looks To Overcome Key Support

 

 

GBPUSD: GBP will have to break and hold below its support located at the 1.5133 level to trigger further weakness. That level continues to hold as support for almost the whole week. Support comes in at 1.5100 level with a follow-through lower seeing it targeting more weakness towards the 1.5050 level. A break if seen will aim at the 1.5000 level followed with the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5200 level with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level and subsequently the 1.5350 level. On the whole, GBP faces the risk of further downside pressure.

 

 

[FXTechstrategy Team 10]

AUDUSD: Upside Price Rejection Leaves Risk Lower

 

AUDUSD: The pair rejected upside offensive to close marginally higher on a rejection candle on Thursday. It is now seen following through lower on bear pressure. On the downside, support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below that level will set the stage for a run at the 0.6850 level with a cut through here targeting further downside towards the 0.6800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. On the whole, AUDUSD continues to retain its long term downside pressure.