Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

USDCHF Fails To Follow Through On Strength, Weakens

 

USDCHF: The pair failed to follow through higher on the back of its previous week strength to close lower on Friday. This leaves risk of more weakness on the cards in the new week. On the downside, support comes in at the 0.9644 level. A turn below here will open the door for more weakness to occur towards the 0.9600 level and then the 0.9600 level. A cut through here will open the door for More decline towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. But, on the upside, resistance lies at the 0.9815 level where a breach will target the 0.9850 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9900 level. All in all, the pair remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

GBPJPY Faces Bear Threats But With Caution

 

GBPJPY: The cross may remain weak and vulnerable to the downside but could head higher while holding above the 180.22/33 support area. Bull pressure is envisaged above that zone. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Conversely, resistance is seen at the 183.00 level followed by the 184.00 level. A cut through will set the stage for a move further higher towards the 185.00 level where a break will aim at the 186.00 level. A cut through here will aim at the 187.00 level. All in all, the cross remains biased to the downside but may struggle.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable Below The 1.1295/1.1318 Zone

 

EURUSD: Having EUR taken back almost all of its past week gains to close slightly lower, risk of a follow through to the downside is now developing. While the 1.1295/80 zone holds as overhead resistance, we look for weakness to occur. 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]

GBPUSD Sees Bear Threats, Targets The 1.5166/33 Zone

 

 

GBPUSD: GBP faces downside pressure following its rejection candle print on Friday. This was formed after unsustained rally and the pair looks to weaken further having given away most of its intra day gains during Monday trading session. It looks to take out the 1.5166/33 zone, its strong support. If this occurs, further weakness is likely towards 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. Below here will set the stage for more weakness towards the 1.4950 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5250 level with a turn above here allowing more strength to build up towards the 1.5300 level. Further out, resistance resides at the 1.5350 level followed by the 1.5400 level. On the whole, GBP faces the risk of further downside medium term

 

[FXTechstrategy Team 10]

EURJPY: Bear Pressure Builds Up On Price Failure

 

EURJPY: The cross closed on a rejection candle after a failed intra day attempts on the upside. We now look for EURJPY to decline further. This view remains valid as long as it holds and trades below the 135.71/136.33 zone. Resistance is seen at the 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. On the downside, support resides at the 134.00 level. Further down, support resides at the 133.50 level where a break if seen will threaten further downside towards the 133.00. Further out, support comes in at the 132.50 level. All in all, the cross now faces downside risk on loss of upside momentum.

 

 

[FXTechstrategy Team 10]

EURUSD: Broader Outlook Lower Below The 1.1288/1.1318 Zone

 

EURUSD: With EUR taking back all of its intra day gains to close lower on Monday, further weakness is now envisaged. Despite its current price hesitation, its broader outlook remains lower as long as it holds below the 1.1288/1.1318 zone. On the downside, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will turn risk to the 1.1000 level with a move below that level targeting the 1.0950 level. Its daily RSI is 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 1.1400 level. All in all, EUR remains biased to the downside towards its key support.

 

[FXTechstrategy Team 10]

AUDUSD Recovers Higher, Sets Up To Extend Strength

 

 

AUDUSD: The pair rallied strongly on Tuesday leaving risk of more strength on the cards. This is coming on the back of its recent corrective recovery offensive triggered from the 0.6936 level, its Sept 29 2015 low. 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. On the upside, resistance lies at the 0.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7350 level. On the whole, AUDUSD continues to retain its short term corrective recovery tone set from the 0.6936 level.

 

[FXTechstrategy Team 10]

GBPUSD Sees Further Bullish Offensive, Targets 1.5336 Region

 

GBPUSD: GBP extended its recovery during Wednesday trading session leaving risk of more strength to occur. However, watch out for its overhead resistance located at the 1.5336 zone. This level is significant on the weekly chart. Price hesitation ahead or at that level cannot be ruled out. The pair current bullish price action leaves risk higher towards the 1.5350 level. Further out, resistance resides at the 1.5400 level followed by the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in 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. Below here will set the stage for more weakness towards the 1.5100 level. On the whole, GBP faces the risk of further upside on correction.

 

[FXTechstrategy Team 10]

USDCHF: The pair saw a follow-through lower the past week on the back of its previous week losses. This development leaves it weak and vulnerable to the downside in the new week. On further weakness its key support located at the 0.9527 level will be targeted. A move below that level will call for more downside pressure towards the 0.9459 level. Further down, support comes in at the 0.9400 level and then the 0.9350 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies 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 further higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term with eyes on the 0.9527 support level.

 

[FXTechstrategy Team 10]

EURUSD: Threats Builds Up Pressure On The 1.1459 Zone

 

EURUSD: Having EUR closed strongly higher the past week, it now looks to extend that strength towards its key support zone at 1.1459. We may see price hesitation at this level or even a pullback. 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 1.1000 level with a turn below that level targeting the 1.1250 level. Conversely, resistance is seen at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EUR remains biased to the upside on recovery but should turn lower at or ahead of the 1.1459 level on price failure.

 

[FXTechstrategy Team 10]

AUDUSD Climbs Above The 0.7279 Zone, Looks For More Gain

 

AUDUSD: AUDUSD closed strongly higher the past week leaving risk of further strength in the new week. While it can trade and hold above its broken resistance turned support at 0.7279 level, we think more gain should occur. 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 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 whole, AUDUSD continues to retain its short term upside pressure.

 

[FXTechstrategy Team 10]

EURJPY Falters, Backs Off Ahead Of The 137.04/44 Area

 

EURJPY: The cross may remain biased to the upside following its recent strength but it was seen backing off ahead of its key overhead resistance zone at the at 137.44/04 region during the Monday trading session. If this price action continues it could see EURJPY targeting further downside pressure towards its psycho level at 136.00 level. Below here will turn attention to the 135.50 level where a break will aim at the 135.00 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. On the other hand, resistance lies at the 137.00 level. Further out, resistance comes in at the 137.50 level where a break if seen will threaten further upside towards the 138.00. A violation of that level shifting interest to the 138.50 level. All in all, the cross now faces downside pressure on price pullback as long as the 137.04/44 zone remains unbroken

 

[FXTechstrategy Team 10]

USDCAD Builds Up On Strength, Recovers Higher

 

USDCAD: USDCAD remains on the offensive on the back of its long-tailed candle print triggering corrective recovery on Monday. This price action development leaves risk higher in the days ahead. On the upside, resistance resides at the 1.3100 level where a break will target the 1.3100 level. Further out, resistance comes in at the 1.3150 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen further towards the 1.3200 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.3000 level followed by the 1.2950 level. Further down, support stands at the 1.2850 level and then the 1.2800 level. All in all, USDCAD looks to strengthen further nearer term.

 

[Senior 10]

Nobody, except fools sitting on bags of cash with no other income, lost money to inflation in the last 100 years because if one examines relative pay during the same period, it's vastly more increased than inflation. That's why the standard of living today is enormously higher than 1913, or any other long-ago date you may wish to choose.

 

People mostly sabotage themselves fretting about inflation. Funny enough, they should worry about deflation a lot more because when currency becomes more valuable each day, people seek and hoard it, and commerce shrinks or halts. That's how depressions occur.

 

 

"Money," in the currency of one's choice, is good for momentary asset valuation comparisons and little more than that, now. Beyond that, it's simply another speculative asset should one choose to hold it, instead of some other instrument or asset.

[FXTechstrategy Team 10]

GBPUSD Takes Back Losses, Sets Up For More Strength

 

GBPUSD: GBP has revered its Tuesday losses and looks to resume its short term uptrend. On continued upside offensive it should target its nearby resistance at the 1.5400 level. On the upside, resistance resides at the 1.5450 level. Further out, resistance resides at the 1.5500 level followed by the 1.5550 level. A cut through here should open the door for more strength towards the 1.5600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5300 level with a break of here turning attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. On the whole, GBP faces the risk of further upside and possible short term trend resumption

 

[FXTechstrategy Team 10]

GOLD Cuts Through 1170.03 Level With Eyes On 1205.70

 

GOLD: With GOLD extending its strength above the 1170.03 level on Wednesday, further bullish offensive is envisaged. The commodity must continue to trade and hold above its broken resistance turned support at 1170.03 to create scope for more strength. On the downside, support comes in at the 1165.00 level where a break will aim at the 1150.00 level. A cut through here will open the door for move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure towards the 1115.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1200.00 level where a break will aim at the 1215.00 level. A turn above there will expose the 1230.00 level. A violation of here will turn attention to the 1245.00 level. All in all, GOLD remains biased to the upside above key support at 1170.03 level

 

[FXTechstrategy Team 10]

AUDUSD: Price Stalls Ahead Of 0.7381, Vulnerable

 

AUDUSD: The pair turned lower ahead of its overhead resistance at the 0.7381 level during Thursday trading session. This suggests on continued trading below the mentioned support, further bear threats cannot be ruled out. On the downside, support comes in 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 pressure towards the 0.7100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7300 level where a break if seen threatening further u[side towards the 0.7381 level. A violation will set the stage for a retarget of the 0.7450 level. Further out, resistance resides at the 0.7500 level. On the whole, AUDUSD continues to retain its short term upside bias.

 

[FXTechstrategy Team 10]

USDJPY Sees Recovery Higher On Loss Of Bearish Momentum

 

 

USDJPY: USDJPY lost its downside momentum to close higher on a long-tailed candle on Thursday. This development leaves risk higher with a possible run at the 119.50 level. Above here will clear the way for more strength build up towards the 120.00 level with a break targeting the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will turn focus to the 121.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. 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 level. On the whole, USDJPY remains exposed to the upside having failed to extend its weakness on Thursday.

 

[FXTechstrategy Team 10]

NZDUSD Remains Under Pressure, Closes In On 0.6707/37 Region

 

NZDUSD: With the pair seen facing downside pressure, we could see more weakness towards its broken resistance turned support located at 0.6707/37 zone. Support lies at the 0.6750 level where a break will turn attention to the 0.6700 level. Further down, the 0.6650 level comes in as the next downside target. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.6850 level where a break will aim at the 0.6900 level. A break of here will have to occur to create scope for a run at the 0.6950 level. Further out, resistance stands at the 0.7000 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, NZDUSD remains biased to the downside nearer term on corrective pullback

 

[FXTechstrategy Team 10]

USDCHF: The pair extended its weakness for a third week in a row the past week following its loss of upside momentum at the 0.9845 level in Sept 2015. This leaves room for more weakness with eyes on its nearby support located at the 0.9527 level. This level is key to further weakness as USDCHF must break and hold below that level to extend its short term weakness. On the downside, support comes in at the 0.9450 level. A turn below here will open the door for more weakness to occur towards the 0.9400 level and then the 0.9350 level. A cut through here will open the door for additional decline towards the 0.9300 level. On the upside, resistance lies at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9700 level. All in all, the pair remains vulnerable to the downside in the short term

 

[FXTechstrategy Team 10]

EURJPY Remains At Risk Below The 136.96/137.44 Area

 

EURJPY: The cross took back most its previous week gains to close lower on Friday. This development leaves it vulnerable to the downside in the days ahead. While holding below the 136.96/137.44 zone,its key overhead resistance, risk remains lower. 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 133.50 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 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. All in all, the cross now faces downside pressure.

 

[FXTechstrategy Team 10]

EURUSD: Sets Up For More Bear Pressure

 

EURUSD: Having EUR closed slightly lower the past week on a rejection candle print, it faces additional weakness in the new week. This view remains valid as long as the pair can trade and hold below its key resistance zone at 1.1459/94 level. Support lies at the 1.1300 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level with a turn below that level targeting the 1.1200 level. Below here will shift attention to the 1.1150 level. Conversely, resistance is comes at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EUR remains biased to the downside after failing at 1.1494 level the past week

 

[FXTechstrategy Team 10]

CRUDE OIL: Susceptible But With Caution Above 45.21 Level

 

CRUDE OIL: The commodity may have closed lower the past week and reversed most of its previous week gains but on the daily chart it has put in a temporary bottom. This could trigger further recovery in the new week. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level. Conversely, resistance is located at the 48.00 levels where a break will expose the 49.00 level. A break above here will aim at the 50.00 level and then the 51.00 level. All in all, Crude Oil remains biased to the upside on more strength though with caution

 

[FXTechstrategy Team 10]

USDJPY: Risk Points Higher On Further Bullish Offensive

 

USDJPY: With USDJPY halting its weakness to close higher the past week, it looks to move higher in the new week. We envisage a possible move towards its range top at the 121.32 level. On the upside, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. 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. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 119.00 level where a break will target the 118.50 level. Below here if seen will aim at the 118.00 level followed by the 117.50 level. On the whole, USDJPY remains exposed to the upside within its range.

 

[FXTechstrategy Team 10]

AUDUSD: Weak, Risk Builds On The 0.7197 Level

 

AUDUSD: AUDUSD took back its intra day gains to close slightly lower on Monday leaving risk of more weakness on the cards. While the pair can trade and hold below the 0.7363/81 levels, we think more weakness should occur towards its support at 0.7197. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. On the downside, support resides at the 0.7200 level where a breach will aim 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 pressure towards the 0.7050 level. On the whole, AUDUSD continues to retain its long term downside pressure.