Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

USDCAD: Triggers Corrective Pullback.

 

USDCAD: With USDCAD triggering a corrective pullback, it now faces further downside pressure in the days ahead. On the downside, support lies at the 1.2500 level followed by the 1.2450 level. Further out, support resides at the 1.2400 level and then the 1.2350 level. Its daily RSI has turned lower supporting its corrective view. On the upside, resistance is seen at the 1.2600 level followed by the 1.2650 level. Further out, resistance comes in at the 1.2700 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2750 level. All in all, USDCAD continues to face bullish offensive medium term but now faces a correction lower.

 

[FXTechstrategy Team 10]

EURJPY: Weakens, Vulnerable

 

EURJPY- Having activated a corrective pullback on Thursday, more decline is expected but with caution. On the downside, support comes in the 135.00 level where a break will aim at the 134.00 level. A break will target the 133.00 level with a breach turning focus to the 132.00 level. On the upside, resistance resides at the 137.00 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.00 level where a break will aim at the 140.00. All in all, the cross continues to face corrective pullback threats risk.

 

[FXTechstrategy Team 10]

The Week Ahead On USDCHF

 

USDCHF: Corrective Pullback Risk Envisaged

 

USDCHF: Despite its past week attempts on upside, it still faces corrective pullback risk. This view remains valid as long as USDCHF holds below the 0.9344 level. On the downside, support lies at the 0.9250 level with a break targeting the 0.9200 level and then the 0.9150 level. Further down, support comes in at the 0.9100 level. On the upside, resistance resides at the 0.9344 level where a break will aim at the 0.9400 level. Further out, resistance resides at the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9500 level. All in all, the pair remains broadly biased to the downside medium term.

 

[FXTechstrategy Team 10]

EURUSD: Vulnerable Below The 1.1533 Level

 

EURUSD: While EUR may have closed higher the past week, it still faces its broader downside pressure as long as it trades below the 1.1533 level. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1269 level. Further down, support lies at the 1.1200 level where a break will expose the 1.1150 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level where a break will aim at the 1.1600 level, its psycho level. A turn below here will aim at the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term .

 

[FXTechstrategy Team 10]

GOLD: Bearish, Remains Vulnerable

 

GOLD: GOLD may have closed marginally lower the past week but it continues to hold on to its broader downside pressure medium term. On the downside, support comes in at the 1,216.00 level where a break will aim at the 1,200.00 level. Below here if seen could trigger further downside towards the 1,180.00 level where a break will aim at the 1,160.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure

 

[FXTechstrategy Team 10]

GBPJPY: Faces Downside Pressure.

 

GBPJPY: The cross strengthened further the past week and followed through lower on Monday. 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. Further down, support lies at the 177.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 183.00 level followed by the 184.00 level where a break will aim at the 185.00 level. A cut through here will aim at the 186.00 level. All in all, the cross remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

EURUSD: Remains Weak And Targeting Further Decline

 

EURUSD: Having weakened on Monday, it now faces its broader downside pressure as long as it trades below the 1.1533 level. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1269 level. Further down, support lies at the 1.1200 level where a break will expose the 1.1150 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level where a break will aim at the 1.1600 level, its psycho level. A turn below here will aim at the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term .

 

[FXTechstrategy Team 10]

GOLD: Weakens, Eyes The 1,216.00 Level.

 

GOLD: With GOLD seen selling off on Tuesday, further downside pressure is now envisaged. On the downside, support comes in at the 1,216.00 level where a break will aim at the 1,200.00 level. Below here if seen could trigger further downside towards the 1,180.00 level where a break will aim at the 1,160.00 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the downside on price failure

 

[FXTechstrategy Team 10]

AUDUSD: Faces Further Recovery Risk

 

AUDUSD: With AUDUSD strengthening on Tuesday, we expect more recovery to occur. On the downside, support resides at the 0.7700 level where a breach will aim at the 0.7650 level. Below that level will set the stage for a run at the 0.7600 level with a cut through targeting further downside towards the 0.7550 level. On the upside, resistance lies at the 0.7800 level. A cut through here will turn attention to the 0.7850 level and then the 0.7900 level where a violation will set the stage for a retarget of the 0.7950 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.

 

[FXTechstrategy Team 10]

GBPUSD: Bullish On Correction

 

GBPUSD: With GBP strengthening on Wednesday, further bullishness is likely in the days ahead. On the downside, support lies at the 1.5400 level where a break if seen will aim at the 1.5350 level. A break of here will turn attention to the 1.5300 level. Further down, support lies at the 1.5250 level. Conversely, resistance resides at the 1.5450 level with a break aiming at the 1.5500 level. A violation will aim at the 1.5550 level and possibly higher towards the 1.5600 level. On the whole, GBP continues to retain its corrective recovery threats.

 

 

[FXTechstrategy Team 10]

EURJPY: Vulnerable

 

EURJPY- With the cross remaining weak and vulnerable to the downside, risk continues to point lower. On the upside, resistance resides at the 136.68 level where a break if seen will threaten further upside towards the 137.50. Further out, resistance resides at the 138.00 level where a break will aim at the 139.00. On the downside, support comes in the 135.55 level where a break will aim at the 135.00 level. A break will target the 134.00 level with a breach turning focus to the 133.00 level. All in all, the cross continues to face upside pressure on recovery

 

[FXTechstrategy Team 10]

USDCHF: Loses Upside Momentum, Risk Turns Lower

 

USDCHF: With USDCHF closing on a hammer candle print the past week, it faces the risk of a move lower in the new week. This development leaves the pair targeting the 0.9300 level where a break will set the stage for a move lower towards 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. On the upside, resistance resides at the 0.9450 level where a break will aim at the 0.9534 level. Further out, resistance resides at the 0.9600 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9650 level. All in all, the pair remains broadly biased to the downside medium term though seen recovering recent weeks.

 

[FXTechstrategy Team 10]

EURUSD: Bear Pressure Remains

 

EURUSD: We continue to envisage a decline having EUR closed almost flat the past week. Support is seen at 1.1278 level with a cut through here opening the door for more downside towards the 1.1200 level. Further down, support lies at the 1.1150 level where a break will expose the 1.1100 level. On the upside, resistance lies at the 1.1450 level where a violation will aim at the 1.1533 level. A break of here will aim at the 1.1600 level, its psycho level with a turn below that level targeting the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

 

[FXTechstrategy Team 10]

USDCAD: Bullish, Follows Through On Strength

 

USDCAD: Having halted its correction to close higher the past week, it faces the risk of a move higher. It was seen following through higher on the back of its Friday gain during Monday trading session today. However, as long as it trades below the 1.2696 level, corrective pullback risk is not over. On the downside, support lies at the 1.2550 level followed by the 1.2500 level. Further down, support resides at the 1.2450 level and then the 1.2400 level. On the upside, resistance is seen at the 1.2650 level followed by the 1.2696 level. Further out, resistance comes in at the 1.2750 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2800 level. All in all, USDCAD continues to face bullish offensive medium term

 

[FXTechstrategy Team 10]

GBPJPY: Bullish, Strengthens Further

 

GBPJPY: The cross is seen following through higher on the back of its Monday gains suggesting further bullishness in the days ahead. On the upside, resistance lies at the 185.00 level followed by the 186.00 level where a break will aim at the 187.00 level. A cut through here will turn attention to the 187.00 level. Its daily RSI is bullish and pointing higher supporting this view. 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. Further down, support lies at the 180.00 level. All in all, the cross remains biased to the upside short term.

 

[FXTechstrategy Team 10]

AUDUSD: Bullish, Extends Strength

 

AUDUSD: With AUDUSD following through higher on the back of its Tuesday gains during Wednesday trading session, further price extension is envisaged. On the upside, resistance lies at the 0.7950 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support resides at the 0.7850 level where a breach will aim at the 0.7800 level. Below that level will set the stage for a run at the 0.7750 level with a cut through targeting further downside towards the 0.7700 level. On the whole, AUDUSD continues to retain its corrective upside pressure.

 

[FXTechstrategy Team 10]

GBPUSD: Maintains Bullish Offensive

 

GBPUSD: Having continued to remain bullish, more recovery is expected. 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 1.5750 level. Its daily RSI is bullish and pointing higher 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 broader downside bias medium term though recovering.

 

[FXTechstrategy Team 10]

GOLD: Bullish, Extends Corrective Recovery.

 

GOLD: With GOLD recovering strongly on Thursday, further strength is envisaged in the days ahead. On further upside, resistance resides at the 1,230.00 level where a break will aim at the 1,250.00 level, its key psycho level. A break of here will turn attention to the 1,280.00 level followed by the 1,300.00 level. A cut through this level will extend gains towards the 1,320.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,200 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. All in all, GOLD remains biased to the upside on corrective recovery.

 

[FXTechstrategy Team 10]

EURUSD: Declines On Sell Off

 

EURUSD: With EUR triggering a strong sell-off on Thursday, further downside pressure is envisaged. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1378 level, its psycho level with a turn below that level targeting the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

 

[FXTechstrategy Team 10]

EURUSD: Risk Builds On 1.1096 Level

 

EURUSD: With EUR breaking down out of its consolidation range to close lower the past week, risk now builds on its key support located at 1.1096 level. We expect that level to give in for the pair resume its broader downside pressure. However, this might not happen first test. Support is seen at 1.1100 level with a cut through here opening the door for more downside towards the 1.1050 level. Further down, support lies at the 1.1000 level where a break will expose the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1400 level, its psycho level with a turn below that level targeting the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term with eyes on key support.

 

[FXTechstrategy Team 10]

GOLD: Risk Remains Lower Despite Recovery Attempts

 

GOLD: Although a marginal higher close occurred the past week, GOLD continues to retain its broader downside pressure. On the upside, resistance resides at the 1,219.98 level where a break will aim at the 1,230.00 level, its key psycho level. A violation of here will turn attention to the 1,250.00 level followed by the 1,180.00 level. A cut through this level will extend gains towards the 1,300.00 level. On the downside, support comes in at the 1,200 level where a break will aim at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,160.00 level where a break will aim at the 1,140.00 level. All in all, GOLD remains biased to the upside on corrective recovery.

 

[FXTechstrategy Team 10]

USDJPY: Vulnerable Below The 120.47 Level

 

USDJPY: Despite the pair’s marginal higher close the past week, it still faces bear risk while holding below the 120.47 level. On the downside, support comes in at the 118.62 level where a break will target the 118.00 level. Below here if seen will aim at the 117.00 level followed by the 116.00 and then the 115.00. On the upside, resistance resides at the 120.47 level. Below here will aim at the 121.00 level where a break will target the 122.00 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 124.00 level. On the whole, USDJPY remains exposed to the upside medium term but faces bear threats.

 

 

[FXTechstrategy Team 10]

EURUSD: Weakens, Eyes Key Support

 

EURUSD: With seen weakening, further decline towards its key support the 1.1096 level is expected. Support is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1000 level. Further down, support lies at the 1.0950 level where a break will expose the 1.0900 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1200 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1300 level, its psycho level with a turn below that level targeting the 1.1378 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

USDJPY: Recovering With Caution

 

USDJPY: Broader outlook for USDJPY may be higher in the medium term but faces consolidation to downside threats in the short term. While the 120.47/81 zone caps, our bias remains lower. On the downside, support comes in at the 119.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.00 level followed by the 116.00 and then the 115.00. On the upside, resistance resides at the 120.00 level. Below here will aim at the 121.00 level where a break will target the 122.00 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 124.00 level. On the whole, USDJPY remains exposed to the upside medium term but faces bear threats.

 

[FXTechstrategy Team 10]

USDJPY: Recovering With Caution

 

USDJPY: Broader outlook for USDJPY may be higher in the medium term but faces consolidation to downside threats in the short term. While the 120.47/81 zone caps, our bias remains lower. On the downside, support comes in at the 119.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.00 level followed by the 116.00 and then the 115.00. On the upside, resistance resides at the 120.00 level. Below here will aim at the 121.00 level where a break will target the 122.00 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 124.00 level. On the whole, USDJPY remains exposed to the upside medium term but faces bear threats.