Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

USDJPY: Turns Lower Ahead Of The 105.43 Level

 

USDJPY: With USDJPY turning ahead of its key resistance at the 105.43 level to close lower on Wednesday, it faces further decline. Resistance resides at the 105.43 level where a break will target the 106.00 level. Further out, resistance comes in at the 106.50 level where a violation will aim at the 107.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 104.50 level where a break if seen will aim at the 104.00 level. A break if it occurs will aim at the 103.50 followed by the 103.00 and then the 102.50 level. On the whole, USDJPY remains exposed to the upside long term.

 

[FXTechstrategy Team 10]

GBPUSD: Faces Further Bear Threats

 

GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

 

[FXTechstrategy Team 10]

GBPUSD: Faces Further Bear Threats

 

GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

 

[FXTechstrategy Team 10]

GBPUSD: Faces Further Bear Threats

 

GBPUSD: GBP extending its weakness on Thursday leaving risk of further downsides on the cards. Further decline is envisaged towards the 1.6300 level where a break will aim at the 1.6250 levels. A break of here will turn attention to the 1.6200 level. Further down, support lies at the 1.6150 level. Its daily RSI bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.6400 level with a break aiming at the 1.6450 level where a violation will aim at the 1.6500 level and possibly higher towards the 1.6550 level. On the whole, GBP continues to retain its downside bias short term

 

[FXTechstrategy Team 10]

EURUSD: Sets Up For More Decline

 

EURUSD: With a sharp sell off occurring the past week, further bearishness is envisaged. We may see corrective recovery in the new week. Support lies at the 1.2900 level where a break will expose the 1.2850 level. Below here will pave the way for a move lower towards the 1.2800 level. If this continues, expect further downside to occur towards the 1.2750 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term

 

[FXTechstrategy Team 10]

USDCAD: Recovers Higher, Faces Further Upside Risk

 

USDCAD: With the pair remaining on the offensive, it faces further upside threats. This leaves the risk of a return to the 1.0942 level on the cards. Further out, resistance is seen at the 1.1000 level followed by the 1.1050 level. Above here if seen will aim at the 1.1100 level where a reversal of roles is expected to occur and turn it lower. But if further recovery is triggered resistance comes in at the 1.1150 level. On the downside, support lies at the 1.0850 level followed by the 1.0800 level and then the 1.0750 level. A turn below here will create scope for a move lower towards the 1.0700 level and then the 1.0650 level. All in all, USDCAD continues to face further upside risk.

 

[FXTechstrategy Team 10]

USDCHF: Faces Corrective Pullback Pressure

 

USDCHF: Although USDCHF continues to hold on to its broader upside medium term, it is now seen hesitating. If corrective weakness is triggered we could see more decline in the days ahead. On the upside, resistance resides at the 0.9400 level where a break will aim at the 0.9450 level. Further out, resistance resides at the 0.9500 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9300 level with a break targeting the 0.9250 level and then the 0.9200 level. Further down, support comes in at the 0.9150 level. A cut through here will target the 0.9100 level. All in all, the pair remains biased to the upside medium term but faces a corrective risk

 

[FXTechstrategy Team 10]

AUDUSD: Declines Further, Eyes The 0.9050 Level

 

AUDUSD: With AUDUSD continuing to maintain its weakness and extending it today, further bearishness cannot be ruled out. Support lies at the 0.9100 level with cut through here turning attention to the 0.9050 level and then the 0.9000 level where a violation will set the stage for a retarget of the 0.8950 level. On the upside, resistance resides at the 0.9300 level where a break will aim at the 0.9373 level. A breach will aim at the 0.9415 level. Above that level will set the stage for a run at the 0.9476 level with a cut through here resuming its broader uptrend towards the 0.9550 level. All in all, the pair faces further pullback risk.

 

[FXTechstrategy Team 10]

GBPUSD: Price hesitation Sets In

 

GBPUSD: GBP may have put a hold on to its recovery higher as price hesitation has set in. Support lies at the 1.6050 level where a break will aim at the 1.6000 levels. A break of here will turn attention to the 1.5950 level. Further down, support lies at the 1.5900 level. Conversely, resistance resides at the 1.6250 level with a break aiming at the 1.6300 level where a violation will aim at the 1.6350 level and possibly higher towards the 1.6400 level. On the whole, GBP continues to retain its downside bias short term

 

[FXTechstrategy Team 10]

USDCHF: Vulnerable On Corrective Pullback

 

USDCHF: With USDCHF closing on a rejection candle formation (shooting star), it faces the risk of a pullback in the new week. On the upside, resistance resides at the 0.9400 level where a break will aim at the 0.9450 level. Further out, resistance resides at the 0.9500 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9300 level with a break targeting the 0.9250 level and then the 0.9200 level. Further down, support comes in at the 0.9150 level. A cut through here will target the 0.9100 level. All in all, the pair remains biased to the upside medium term but faces a corrective pullback risk

 

[FXTechstrategy Team 10]

EURUSD: Sets Up To Recovery Higher On Correction

 

EURUSD: With EUR turning off the 1.2859 level to close with a rejection candle the past week, risk of a recovery higher is now envisaged. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2870 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term but faces a recovery risk.

[FXTechstrategy Team 10]

EURUSD: Sets Up To Recovery Higher On Correction

 

EURUSD: With EUR turning off the 1.2859 level to close with a rejection candle the past week, risk of a recovery higher is now envisaged. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2870 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.3000 level where a break will aim at the 1.3050 level, its psycho level followed by the 1.3100 level. Further out, resistance comes in at the 1.3150 level. All in all, EUR remains biased to the downside in the medium term but faces a recovery risk.

 

[FXTechstrategy Team 10]

AUDUSD: Halts Weakness, Looks To Recover Higher.

 

AUDUSD: With the pair halting its past week sell off during Thursday trading today, we envisaging a corrective recovery higher in the days ahead. Support lies at the 0.8983 level. A cut through here will turn attention to the 0.8950 level and then the 0.8900 level where a violation will set the stage for a retarget of the 0.8850 level. On the upside, resistance resides at the 0.9108 level where a breach will aim at the 0.9150 level. Above that level will set the stage for a run at the 0.9200 level with a cut through here resuming its broader uptrend towards the 0.9250 level. All in all, the pair faces further downside risk.

 

[FXTechstrategy Team 10]

GBPJPY: Declines On Corrective Weakness

 

GBPJPY – With GBPJPY seen weakening on corrective pullback, more downside is envisaged. On the downside, support comes in at the 173.00 level where a violation will aim at the 172.50 level. A break below here will target the 172.00 level followed by the 171.50 level. Further down, support lies at the 171.00 level. Resistance lies at the 174.50 level followed by the 175.00 level where a break will aim at the 175.50 level. A cut through here will aim at the 176.00 level. All in all, the cross remains biased to the upside medium term but faces corrective pullback

 

[FXTechstrategy Team 10]

GBPUSD: Maintains Recovery Bias

 

GBPUSD: With GBP following through on the back of its recovery during early trading today, it faces risk of continuation of that strength. Resistance resides at the 1.6350 level with a break aiming at the 1.6400 level. A violation will aim at the 1.6450 level and possibly higher towards the 1.6500 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6250 level where a break will aim at the 1.6200 levels. A break of here will turn attention to the 1.6150 level. Further down, support lies at the 1.6100 level. On the whole, GBP continues to retain its upside bias short term on correction

 

[FXTechstrategy Team 10]

EURJPY: Bullish, Threatens Further Upside

 

EURJPY- With the cross reversing its one-day correction, further upside is now expected. On the upside, resistance resides at the 140.50 level where a break if seen will threaten further upside towards the 141.00. Further out, resistance resides at the 141.50 level where a break will aim at the 142.00. Support comes in at the 139.50 level where a break will aim at the 139.00 level. A break will target the 138.50 level with a breach turning focus to the 138.00 level. Below here will aim at the 137.50 level. All in all, the cross remains biased to the upside in the medium term.

 

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[FXTechstrategy Team 10]

EURUSD: Faces Recovery Threats.

 

EURUSD: With EUR turning higher following a halt in its weakness on Thursday, we think a follow through should occur. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2700 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.2900 level where a break will aim at the 1.2950 level, its psycho level followed by the 1.3000 level. Further out, resistance comes in at the 1.3050 level. All in all, EUR remains biased to the downside in the medium term

 

[FXTechstrategy Team 10]

EURUSD: Recovery Threats Envisaged.

 

EURUSD: With EUR turning higher on Tuesday to halt its weakness, it could be building up energy to recover higher. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2700 level. If this continues, expect further downside to occur towards the 1.2650 level. On the upside, resistance lies at the 1.2900 level where a break will aim at the 1.2950 level, its psycho level followed by the 1.3000 level. Further out, resistance comes in at the 1.3050 level. All in all, EUR remains biased to the downside in the medium term

 

 

[FXTechstrategy Team 10]

GOLD: Triggers Recovery, Eyes Further Upside.

 

GOLD: With GOLD triggering a correction higher during Thursday trading, further bullishness is envisaged. Support stands at the 1,200.00 level. Below here could trigger further downside towards the 1,180.00 level where a break will aim at the 1,150.00 level. A break will target the 1,130.00 level with a violation turning attention to the 1,100.00 level. On the upside, resistance lies at the 1,250.00 level where a break will target the 1,280.00 level followed by the 1,300.00 level. A cut through here will extend gains towards the 1,330.30 level. All in all, GOLD remains biased to the upside in the nearer term on correction.

 

[FXTechstrategy Team 10]

USDCAD: Maintains Offensive Bias

 

USDCAD: With USDCAD continuing to retain its broader upside bias, further bullishness is now envisaged. In such a case, it will aim at 1.1097 level. On the upside, resistance is seen at the 1.1150 level followed by the 1.1200 level. Further out, resistance comes in at the 1.1250 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1150 level. On the downside, support lies at the 1.1050 level followed by the 1.1000 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.0950 level and then the 1.0900 level. All in all, USDCAD continues to face further upside risk.

 

[FXTechstrategy Team 10]

EURJPY: Extends Corrective Pullbacks

 

EURJPY- With the cross vulnerable and targeting further downside, more decline is envisaged. Support comes in at the 138.50 level where a break will aim at the 138.00 level. A break will target the 137.50 level with a breach turning focus to the 137.00 level. Below here will aim at the 136.50 level. On the upside, resistance resides at the 140.00 level where a break if seen will threaten further upside towards the 140.50. Further out, resistance resides at the 141.00 level where a break will aim at the 141.50. All in all, the cross faces correction weakness risk.

 

[FXTechstrategy Team 10]

AUDUSD: Price hesitation Sets In.

 

AUDUSD: W Though seeing a price hesitation during Friday trading session today, it continues to maintain its broader medium term downside pressure. Support lies at the 0.8750 level. A cut through here will turn attention to the 0.8700 level and then the 0.8650 level where a violation will set the stage for a retarget of the 0.8600 level. On the upside, resistance resides at the 0.8850 level where a breach will aim at the 0.8900 level. Above that level will set the stage for a run at the 0.8950 level with a cut through here resuming its broader uptrend towards the 0.9000 level. All in all, the pair faces further downside risk on correction.

 

[FXTechstrategy Team 10]

USDCHF: Bullish, Threatens, Further Upside.

 

USDCHF: With USDCHF closing higher on a follow through higher on the back of its previous week gains, further upside is envisaged. On the upside, resistance resides at the 0.9550 level where a break will aim at the 0.9600 level. Further out, resistance resides at the 0.9650 level. A breather may occur here and turn the pair lower. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9450 level with a break targeting the 0.9400 level and then the 0.9350 level. Further down, support comes in at the 0.9300 level. A cut through here will target the 0.9250 level. All in all, the pair remains biased to the upside medium term.

 

[FXTechstrategy Team 10]

EURUSD: Continues To Face Downside Pressure

 

EURUSD: Outlook for EUR remains lower after extending its weakness below the 1.2700 level the past week. Support lies at the 1.2600 level where a break will expose the 1.2550 level. Below here will pave the way for a move lower towards the 1.2500 level. If this continues, expect further downside to occur towards the 1.2450 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.2750 level where a break will aim at the 1.2800 level, its psycho level followed by the 1.2850 level. Further out, resistance comes in at the 1.2900 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPJPY: Faces Corrective Pullback Threats

 

GBPJPY – Although GBPJPY may be holding on to its medium term uptrend, it faces corrective pullback threats. While the 180.70 level continues to hold as resistance, corrective pullback cannot be ruled out. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.50 level. A break below here will target the 176.00 level followed by the 175.50 level. Further down, support lies at the 175.00 level. Resistance lies at the 178.50 level followed by the 179.00 level where a break will aim at the 179.50 level. A cut through here will aim at the 180.00 level. All in all, the cross remains biased to the upside medium term