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FXTechstrategy Team

Technical Outlook, Strategies & Commentaries On The Major Currencies

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GOLD: Bear Risk Builds Up On The 1156.74 Zone

 

GOLD: The commodity declined further on Monday opening the door for more weakness. GOLD continues to hold on its weakness triggered off the 1183.80 level on Oct 15 2015. On the downside, support comes in at the 1160.00 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. Conversely, resistance resides at the 1190.00 level where a break will aim at the 1200.00 level. A turn above there will expose the 1215.00 level. A violation of here will turn attention to the 1230.00 level. All in all, GOLD remains biased to the downside on pullbacks

 

XAUUSDDaily1.png

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USDJPY: Biased To The Upside On Bull Pressure

 

 

USDJPY: The pair’s recovery triggered off the 118.05 level on Oct 15 2015 remains intact and intact. The immediate risk is for USDJPY to retarget its range top at 121.23 zone. On the upside, nearby resistance stands at the 120.00 level. Above here will aim at the 120.50 level with a violation turning focus to the 121.00 level. Further out, resistance comes in at the 121.50 level and then the 122.00 level. Its daily RSI is bullish and pointing higher supporting this view. 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 and followed by the 117.50 level. On the whole, USDJPY remains exposed to the upside with eyes its range top.

 

USDJPYDaily2.png

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GBPUSD: Faces Further Bear Pressure, Eyes 1.5382 Level

 

GBPUSD: GBP continues to hold on to its downside bias failing at the 1.5505 level to close lower on a rejection candle on Tuesday. While it remains below the 1.5508 level and its 200 EMA, our bias remains to the downside. Resistance resides at the 1.5508 level. A violation of here will clear the way for a run at the 1.5550 level. Further out, resistance resides at the 1.5600 level followed by the 1.5500 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5400 level with a break of here turning attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Below here will set the stage for more weakness towards the 1.5250 level. On the whole, GBP faces the risk of further upside pressure.

 

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AUDUSD: Focus Turns To The 0.7197 Level

 

AUDUSD: The pair remains weak and vulnerable to the downside triggering further weakness during Wednesday trading session today. This is coming on the back of its failed recovery attempt on Tuesday. On the downside, support comes in at the 0.7197 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7300 level where a break if seen will threaten further upside towards the 0.7381 level. A violation will set the stage for a retarget of the 0.7450 level. On the whole, AUDUSD continues to retain its short term downside bias.

 

AUDUSDDaily5.png

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GBPJPY: Sets Up To Weaken Further On Price Failure

 

 

GBPJPY: With the cross closing lower on price failure on Wednesday, we envisage further move lower in the days ahead. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is turning lower supporting this view. Conversely, resistance is seen at the 186.00 level followed by the 187.00 level. A cut through will set the stage for a move further higher towards the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 189.50 level. All in all, the cross remains biased to the side having lost upside momentum.

 

GBPJPYDaily2.png

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GOLD: Maintain Broader Bias, Vulnerable

 

GOLD: With the commodity continuing to hold on to its downside pressure, further downside pressure is likely. On the downside, support comes in at the 1155.00 level where a break will aim at the 1140.00 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 bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1190.00 level where a break will aim at the 1200.00 level. A turn above there will expose the 1215.00 level. A violation of here will turn attention to the 1230.00 level. All in all, GOLD remains biased to the downside on pullbacks.

 

XAUUSDDaily2.png

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USDCHF: Pressure Set Towards The 0.9843 Zone

 

USDCHF: The pair strengthened the past week taking back its three-week losses to close higher. This development has opened the door for more strength towards its key resistance at the 0.9843 level. This level if broken will set the stage for a run at the 0.9900 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9950 level. Its daily RSI is bullish and pointing higher supporting this view. 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 more decline towards the 0.9550 level. All in all, the pair remains on the offensive with eyes on its resistance zone at 0.9843.

 

USDCHFWeekly3.png

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EURUSD: Sees Bear Pressure With Price Extension Risk

 

EURUSD: A large sell-off the past week now left EUR testing its key support located at the 1.1016 level. However, this level should provide a temporary support causing a corrective recovery. But if violated, expect more weakness to occur towards the 1.0950 level. Further down, 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 1.0800 level with a turn below that level targeting the 1.0750 level. Below here will shift attention to the 1.07000 level. Its weekly RSI I bearish and pointing lower supporting this view. Conversely, resistance is comes at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EUR remains biased to the downside.

 

EURUSDWeekly3.png

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GOLD: Corrective Threat Keeps Outlook Lower

 

GOLD: Outlook for GOLD remains lower while the commodity holds and trades below the 1191.53 zone, its key resistance. On the downside, support comes in at the 1155.00 level where a break will turn attention to the 1140.00 level. Further down, a cut through here will open the door for a move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure targeting the 1115.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1190.00 level where a break will aim at the 1200.00 level. A turn above there will expose the 1215.00 level. A violation of here will turn attention to the 1230.00 level. All in all, GOLD remains biased to the downside on pullbacks

 

XAUUSDDaily3.png

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GBPUSD: Risk Remains Lower Below The 1.5371/83 Region

 

GBPUSD: GBP declined sharply the past week leaving risk of more weakness on the cards. While it holds and trades below its cluster of resistance zone at 1.5371/83, its outlook remains lower. Support lies at the 1.5250 level where a break will turn attention to the 1.5300 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. Its weakly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5350 levels with a turn above here allowing more strength to build up towards the 1.5400 level. Further out, resistance resides at the 1.5450 level followed by the 1.5500 level. On the whole, GBP faces the risk of further downside pressure.

 

GBPUSDDaily6.png

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EURUSD: Bounces Off 1.1016/17 Zone, Faces Recovery Threat

 

EURUSD: The pair halted its weakness and turned higher on Monday leaving risk of more recovery on the cards. While the 1.1016/17 level zone continues to provide support, we should see a move higher on correction. On the downside, support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will turn risk to the 1.0900 level with a move below that level targeting the 1.0850 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1120 level where a break will expose the 1.1250 level. All in all, EUR remains biased to the downside in the short term but y faces recovery above its key support zone.

 

EURUSDDaily4.png

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USDJPY Turns Lower At Range Top, Sells Off

 

USDJPY: The pair halted its strength and turned lower after failing to hold above its range top at the 121.23/32 zone on Monday. This development has triggered a sell-off leaving risk of more weakness on the cards. On the upside, risk should build up towards the 121.00 level. Above here will aim at the 121.50 level. A break will target the 122.00 level. Further out, resistance comes in at the 122.50 level where a violation will aim at the 123.00 level. On the downside, support comes in at the 120.00 level where a break will target the 119.50 level. Below here if seen will aim at the 119.00 level followed by the 118.50 level. Further down, support is located at the 118.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the whole, USDJPY remains exposed to the downside within its broader range.

 

USDJPYDaily4.png

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AUDUSD Weakness Sets Up For The 0.7041 Zone

 

AUDUSD: The pair weakened on Tuesday and was seen weakening further during early trading on Wednesday. On the downside, support comes in 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 pressure towards the 0.6950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7200 level where a break if seen will threaten further upside towards the 0.7250 level. A violation will set the stage for a retarget of the 0.7300 level. On the whole, AUDUSD continues to retain its short term downside bias.

 

AUDUSDDaily6.png

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GBPUSD Bearish Risk Turns Attention To The 1.5199 Zone

 

 

GBPUSD: GBP continues to face downside pressure taking back its Monday gains to close lower on Tuesday. With more weakness underway, it could see further decline towards its key support located at 1.5199 level. On the downside, immediate support lies at the 1.5250 level with a break of here turning 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. Its daily RSI is bearish and pointing lower suggesting further downside. Conversely, resistance resides at the 1.5350 level. A violation of here will clear the way for a run at the 1.5400 level. Further out, resistance resides at the 1.5450 level followed by the 1.5500 level. On the whole, GBP faces the risk of further downside pressure towards the 1.5199 level.

 

GBPUSDDaily7.png

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EURUSD Cuts Through The 1.1016/17 Zone, Remains Susceptible

 

EURUSD: With pair weakening strongly following its sell off through the 1.1016/17 levels on Wednesday, further downside pressure is envisaged. While EUR holds below the mentioned broken support, we look for weakness the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will turn risk to the 1.0750 level with a move below that level targeting the 1.0700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. All in all, EUR remains biased to the downside on further weakness.

 

EURUSDDaily5.png

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GBPJPY Hesitates But Remains Weak Below The 186.30 Level

 

GBPJPY: The pair remains weak and vulnerable to the downside. While it holds and trades below its resistance at 186.30 level, immediate bias remains to the downside. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 185.00 level followed by the 186.00 level. A cut through that level will set the stage for a move further higher towards the 187.00 level. Further out, resistance resides at the 188.00 level and next the 189.00 level. All in all, the cross remains biased to the downside on recovery below the 186.30 level

 

GBPJPYDaily3.png

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EURJPY: Bull Pressure Builds Up, Closes In On The 133.14/43 Zone

 

EURJPY: The cross was seen returning to upside towards its broken support turned resistance level at the 133.14/43 zone during early Friday trading today. This is coming on the back of its price rejection on Thursday triggered from the 131.58 level. With that reversal putting EURJPY above the 132.22 level, another key support, a build up on that recovery is expected. Support comes in at 132.50 level where a break will target the 132.00 level. A move further lower will expose the 131.50 level followed by 131.00 level. Conversely resistance is seen at the 133.50 level where a break will turn attention to the 134.00 level. Further out, resistance lies at the 134.50 level where a break will aim at the 135.00 level. All in all, the cross remains biased to the downside in the short term but faces recovery threats

 

EURJPYDaily3.png

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USDCHF Trades Above Key Support With Eyes On The 0.9902/56 Zone

 

USDCHF: USDCHF closed higher returning above the 0.9843 level the past week. This development has opened the door for more strength in the new week. This if seen will target its overhead resistance located at the 0.9902/56 region. A cut through that zone will clear the way for more bull pressure to build up towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 0.9843 level. A turn below here will open the door for more weakness towards the 0.9800 level and then the 0.9750 level. Further down, support resides at the 0.9800 level followed by the 0.9750 level. All in all, the pair remains biased to the upside in the medium term.

 

USDCHFWeekly4.png

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EURGBP Retains Broader Downside Pressure

 

EURGBP: The cross closed lower the past week leaving risk of more weakness in the new week. As long as it trades and holds below the 0.7170/96 zone, further weakness cannot be ruled out. Support comes in at 0.7080 level. Further down, support lies at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break will expose the 0.6950 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7150 level where a violation if seen will turn risk towards the 0.7200 level. On further upside, the 0.7250 level comes in as the next upside target followed by the 0.7300 level. All in all, the cross remains biased to the downside long term.

 

 

EURGBPWeekly.png

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EURUSD Broader Bias Continues To Point Lower

 

EURUSD: The pair may have closed flat the past week, a sign of price exhaustion but it still holds on to broader downside bias. Support is located at the 1.0950 level But if violated, expect more weakness to occur towards the 1.0896 level. Further down, support lies at the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will aim at the 1.0750 level with a turn below that level targeting the 1.0700 level. Its weekly RSI I bearish and pointing lower supporting this view. Conversely, resistance is comes at 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. All in all, EUR remains biased to the downside on further threats

 

EURUSDWeekly.png

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GBPJPY Bull Pressure Eyes The 186.30/72 Region

 

GBPJPY: The cross may have closed the week flat but still faces upside threats while its key support at the 183.86 level remains unbroken. Its also continues to trade above its rising trendline (red). 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 186.72 level followed by the 187.50 level. A cut through will set the stage for a move further higher towards the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 189.50 level. All in all, the cross remains biased to the upside above key support.

 

GBPJPYDaily.png

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GOLD Remains On The Defensive On Price Extension.

 

GOLD: With GOLD weakening further on the back of its past week losses during Monday trading session, additional decline is envisaged. On the downside, support comes in at the 1125.00 level where a break will turn attention to the 1110.00 level. Further down, a cut through here will open the door for a move lower towards the 1100.00 level. Below here if seen could trigger further downside pressure targeting the 1090.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1155.00 level where a break will aim at the 1170.00 level. A turn above there will expose the 1180.00 level. A violation of here will turn attention to the 1195.00 level. All in all, GOLD remains biased to the downside on pullbacks.

 

XAUUSDDaily.png

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GBPUSD: Risk Of Bear Pressure Builds Up Below The 1.5505/07 Zone

 

GBPUSD: Having GBP capped its intra day gains at the 1.5505/07 zone to close lower on a rejection candle on Monday, risk of a follow through lower continues to build. On the downside, support lies at the 1.5350 level with a break of here turning attention to the 1.5300 level. Further down, support lies at the 1.5250 level. Below here will set the stage for more weakness towards the 1.5200 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.5450 level. A violation of here will clear the way for a run at the 1.5505 level. Further out, resistance resides at the 1.5550 level followed by the 1.5600 level. On the whole, GBP faces the risk of further downside pressure following its price failure on Monday.

 

GBPUSDDaily.png

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EURUSD Follows Through Lower, Sets Up For 1.0900 Level

 

EURUSD: EUR continues to look weak and vulnerable to the downside. It is currently weakening following through lower on the back of its Monday losses. Nearby support is located at the 1.0950 level with a break turning risk further lower towards the 1.0896 level. Further down, support lies at the 1.0850 level where a violation will aim at the 1.0800 level and subsequently the 1.0750 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is comes at 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. All in all, EUR remains biased to the downside with eyes on the 1.0900 level

 

EURUSDDaily.png

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USDJPY: Risk Turns To 121.50/73 Zone On Bull Pressure

 

USDJPY: With a second day of recovery seeing the pair closing higher on Tuesday, further bullishness is envisaged. It was seen following through higher during early trading today. Beware of the 121.50/73 area because it is key to any full blown bullish offensive. On the upside, resistance resides at the 121.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 121.99 level. Further out, resistance resides at the 122.50 level with a turn above here aiming at the 123.00 level. A break will target the 123.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 120.50 level where a break if seen will aim at the 120.00 level. A cut through here will turn focus to the 119.50 level and possibly lower towards the 119.00 level. On the whole, USDJPY remains trapped within its range.

 

USDJPYDaily.png

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Analysts say inflationary pressures and slowing economic activity may drag demand down, even though energy imports were excluded from the latest round of tariffs.   Vandana Hari of Vanda Insights noted, ‘The market is struggling to find a bottom. Until there’s a clear signal from Trump that calms recession fears, crude prices will remain under pressure.’   OPEC+ Adds Further Pressure with Output Hike   Bearish sentiment intensified after OPEC+ announced it would boost production by 411,000 barrels per day in May, far surpassing the expected 135,000 bpd. The alliance called on overproducing nations to submit compensation plans by April 15. Analysts fear this surprise move could undo years of supply discipline and weigh further on already fragile oil markets.   Global political risks also flared over the weekend. Iran rejected US proposals for direct nuclear negotiations and warned of potential military action. Meanwhile, Russia claimed fresh territorial gains in Ukraine’s Sumy region and ramped up attacks on surrounding areas—further darkening the outlook for markets.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • AMZN Amazon stock watch, good buying (+313%) toi hold onto the 173.32 support area at https://stockconsultant.com/?AMZN
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