Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURUSD: Looks To Build On Strength

 

EURUSD: With EUR closing higher to reverse most of its past week gains, further strength is envisaged in the new week. Resistance is seen at 1.1050 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1100 level where a break will expose the 1.1150 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, 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. All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.

 

[FXTechstrategy Team 10]

GBPUSD: Eyes Further Upside On Bull Pressure

 

GBPUSD: Outlook for pair has turned higher after printing a rejection candle the past week. A follow through higher is now envisaged in the new week. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Conversely, support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4722 level. On the whole, GBP continues to retain its recovery bias though looking to pullback.

 

[FXTechstrategy Team 10]

GBPJPY: Bullish On Recovery, Eyes 179.66 level

 

GBPJPY: The cross is now seen recovering further and following through on the back of its Monday strength.. On the upside, resistance lies at the 179.66 level followed by the 180.50 level where a break will aim at the 181.50 level. A cut through here will aim at the 182.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team 10]

EURGBP- Declines, Faces Further Bear Threats

 

EURGBP- With the cross declining on Tuesday and following through lower during Wednesday trading session, it faces the risk of further price extension. On the downside, support lies at the 0.7250 level where a break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level where a violation will turn attention to the 0.7100 level. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn focus to the 0.7400 level. On further upside, a breach of the 0.7450 level will set the stage for a run at the 0.7500 level. All in all, the cross is biased to the downside on weakness

 

[FXTechstrategy Team 10]

GBPJPY: Vulnerable, Risk Points Lower

 

GBPJPY: Having GBPJPY turned lower after losing its intra day strength, a move further lower is now envisaged in the days ahead. On the downside, support comes in at the 177.00 level where a violation will aim at the 176.00 level. A break below here will target the 175.00 level followed by the 174.00 level. Further down, support lies at the 173.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 178.50 level followed by the 179.50 level where a break will aim at the 180.50 level. A cut through here will aim at the 181.50 level All in all, the cross remains biased to the downside in price weakness in the short term.

 

[FXTechstrategy Team 10]

GBPUSD: Weakens, Eyes Key Support And Possibly Lower

 

GBPUSD: With continued downside seen on Friday and the pair testing its key support at the 1.4633 level, further price extension is expected. Support lies at the 1.4600 level where a break if seen will aim at the 1.4550 level. A break of this level will turn focus to the 1.4500 level. Further down, support lies at the 1.4450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.4700 level with a break of here turning attention to the 1.4750 level. A violation will aim at the 1.4802 level and possibly higher towards the 1.4850 level. On the whole, GBP continues to retain its downside bias in the medium term.

 

[FXTechstrategy Team 10]

EURUSD: Looks To Resume Broader Downtrend.

 

EURUSD: With EUR selling off strongly the past week, it looks to resume its broader medium term downtrend. On the downside, support lies at the 1.0500 level where a violation will aim at the 1.0461 level. A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Its weekly RSI is bearish and pointing lower supporting this view. Resistance is seen at 1.0700 level with a cut through here opening the door for more downside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

GBPUSD Holds Above Key Supports, Eyes Further Upside

 

GBPUSD: Having held off the 1.4633/00 zone, we look for GBPUSD to strengthen further above that level in the days ahead. On the downside, support lies at the 1.4550 level where a break if seen will aim at the 1.4500 level. A break of here will turn attention to the 1.4400 level. Further down, support comes in at the 1.4350 level. On the upside, resistance resides at the 1.5000 level with a break aiming at the 1.5050 level. A violation will aim at the 1.5100 level and possibly higher towards the 1.5150 level. Its daily RSI is slowly turning higher supporting further upside pressure. On the whole, GBP continues to retain its recovery bias off its key support level.

 

[FXTechstrategy Team 10]

USDJPY Faces Downside Pressure On Price Failure

 

USDJPY: With the pair capping its gains at 120.84 level to decline on Monday, further weakness is envisaged. 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 supporting suggesting further weakness. 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. Unless the pair returns above the 120.84 level, our downside view remains intact. On the whole, USDJPY faces downside pressure on price exposing further weakness in the days ahead.

 

[FXTechstrategy Team 10]

GBPJPY: Halts Weakness, Eyes Recovery

 

GBPJPY: With GBPJPY closing higher on Tuesday on a rejection candle off its key support zone at 175.30/49, it faces recovery risk in the days ahead. On the downside, support comes in at the 175.50 level where a violation will aim at the 174.50 level. A break below here will target the 174.00 level followed by the 173.00 level. Further down, support lies at the 172.00 level. On the upside, resistance lies at the 177.00 level followed by the 178.00 level where a break will aim at the 179.00 level. A cut through here will aim at the 180.00 level. All in all, the cross remains broadly biased to the downside on price weakness but faces recovery risk.

 

 

[FXTechstrategy Team 10]

EURJPY: Bullish On Corrective Recovery

 

EURJPY- With a third consecutive day of recovery now underway, further strength is envisaged in the days ahead. On the downside, support comes in at the 127.00 level where a break will aim at the 126.00 level. A turn below here will target the 125.50 level with a breach turning focus to the 125.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 129.00 level where a break if seen will threaten further upside towards the 130.00. Further out, resistance resides at the 131.00 level where a break will aim at the 132.00. All in all, the cross continues to face upside threats on corrective recovery higher after losing downside momentum.

 

[FXTechstrategy Team 10]

EURGBP- Consolidates With Upside Bias.

 

EURGBP- With the cross halting its weakness and consolidating, it looks to recover higher. On the downside, support lies at the 0.7150 level where a break will expose the 0.7100 level. Further down, support comes in at the 0.7050 level where a violation will turn attention to the 0.7000 level. On the upside, resistance lies at the 0.7250 level where a violation if seen will turn focus to the 0.7300 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On further upside, a breach of the 0.7350 level will set the stage for a run at the 0.7400 level. All in all, the cross is biased to the upside on recovery following its recent bullish offensive

 

[FXTechstrategy Team 10]

EURUSD: Recovering With Caution

 

EURUSD: Outlook for EUR remains to the upside after closing higher the past week. However, a mild pullback may occur in the new week as price hesitation signs are now seen on lower level charts. Resistance is seen at 1.0850 level with a cut through here opening the door for more downside towards the 1.0900 level. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Conversely, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level with a turn below that level targeting the 1.0550 level. All in all, EUR remains biased to the upside on recovery.

 

[FXTechstrategy Team 10]

EURUSD: Bearish Below The 1.0848 Level

 

EURUSD: While the 1.0848/86 zone remains as resistance our outlook on EUR remains to the downside. Resistance is seen at 1.0800 level with a cut through here opening the door for more downside towards the 1.0848/86 levels. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level with a turn below that level targeting the 1.0500 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EUR remains biased to the downside medium term

 

[FXTechstrategy Team 10]

GOLD Maintains Bearish Bias, Eyes Key Support

 

GOLD: With GOLD selling off sharply on Wednesday, further bearishness is expected though presently seen hesitating. Support comes in at the 1,178.39.00 level where a break will aim at the 1,165.00 level. A cut through here will open the door for move lower towards the 1,150.00 level. Below here if seen could trigger further downside pressure towards the 1,130.00 level and then the 1,100.00 level. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,215.000 followed by the 1,224.00 level. A violation of here will turn attention to the 1,250.00 level followed by the 1,170.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats.

 

[FXTechstrategy Team 10]

USDCHF: Vulnerable, Risk Points Lower

 

USDCHF: With a reversal of almost all of its past week gains seen at the end of the week to close slightly higher, USDCHF now faces the risk of a move lower in the new week. On the downside, support comes in at the 0.9500 level. A turn below here will open the door for more weakness to occur towards the 0.9450 level and then the 0.9386 level. A cut through here will open the door for additional weakness towards the 0.9300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides 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 higher towards the 0.9700 level. All in all, the pair remains biased to the downside.

 

[FXTechstrategy Team 10]

EURUSD: Risk Continues To Point Higher

 

EURUSD: Outlook for EUR remains to the upside after closing higher at the end of the week following a reversal of most of its losses. This development leaves risk higher in the new week. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Conversely, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0650 level. All in all, EUR remains biased to the upside on recovery.

 

[FXTechstrategy Team 10]

GOLD Remains Weak And Vulnerable

 

GOLD: With GOLD declining the past week, it faces further downside pressure in the new weak. However, it will have to overcome the 1,178.39 level convince the market of further weakness. Support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. A cut through here will open the door for move lower towards the 1,130.00 level. Below here if seen could trigger further downside pressure towards the 1,100.00 level and then the 1,080.00 level. On the upside, resistance resides at the 1,190.00 level where a break will aim at the 1,200.000 followed by the 1,215.00 level. A violation of here will turn attention to the 1,225.00 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery threats at the 1,178.39 level.

 

[FXTechstrategy Team 10]

USDJPY: Halts Weakness, Eyes Further Upside

 

USDJPY: The pair now faces further recovery risk after turning higher off its intra day low at 118.76 level during early Monday trading. On the upside, resistance resides at the 119.74 level with a turn above here aiming at the 120.50 level. A break will target the 122.02 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 118.76 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 after turning higher ahead of its key support at 118.32 level

 

[FXTechstrategy Team 10]

GBPUSD: Builds Up On Strength

 

GBPUSD: With GBP maintaining above its broken resistance turned support at the 1.5166 level, it faces further bullish offensive. However, watch out for any pullback risk of its recent strength. On the downside, support lies at the 1.5200 level where a break if seen will aim at the 1.5150 level. A break of here will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation will aim at the 1.5450 level and possibly higher towards the 1.5500 level. Its daily RSI is bullish and pointing higher supporting this view. On the whole, GBP remains biased to the upside on recovery

 

[FXTechstrategy Team 10]

GBPUSD: Weakens On Correction

 

GBPUSD: GBP weakened on Thursday leaving risk of a move further lower on the cards. On the upside, resistance resides at the 1.5400 level with a break aiming at the 1.5450 level. A violation will aim at the 1.5500 level and possibly higher towards the 1.5550 level. On the downside, support lies at the 1.5300 level where a break if seen will aim 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. On the whole, GBP looks to decline further following its Thursday weakness with eyes on its key support at the 1.5166 level.

 

[FXTechstrategy Team 10]

USDCHF: Sells Off On Loss Of Upside Momentum

 

USDCHF: Having USDCHF declined strongly the past week, it could extend that weakness in the new week. On the downside, support comes in at 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. A cut through here will open the door for additional weakness towards the 0.9100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 0.9400 level with a breach targeting the 0.9450 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9500 level. All in all, the pair remains biased to the downside medium term

 

[FXTechstrategy Team 10]

EURUSD: Bullish With Caution

 

EURUSD: Although EUR may be biased to the upside on the weekly chart, its price action on the daily chart is suggestive of a move lower on correction. This development leaves risk lower in the new week. Resistance is seen at the 1.1289 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. Conversely, 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. All in all, EUR remains biased to the upside on recovery but with caution.

 

[FXTechstrategy Team 10]

USDJPY: Retains Broader Upside Bias

 

USDJPY: Unless the pair retains below the 118.48/32 support zone, it continues to retain its broader upside bias in the medium term. On the upside, resistance resides at the 120.83 level with a turn above here aiming at the 122.00 level. A break will target the 122.50 level. Further out, resistance comes in at the 123.00 level where a violation will aim at the 123.50 level. 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 in the medium term despite price hesitation.

 

[FXTechstrategy Team 10]

EURJPY: Weakens, Eyes Further Downside

 

EURJPY- Having triggered a corrective pullback, further weakness is envisaged. This is coming on the back of price pullbacks on the lower level charts on Friday and a long tailed candle formation. Resistance lies at the 134.50 level. Further out, resistance resides at the 135.00 level where a break if seen will threaten further upside towards the 136.00. Further out, resistance resides at the 136.50 level. On the downside, support comes in at the 132.50 level where a break will aim at the 132.00 level. A turn below here will target the 131.50 level with a breach turning focus to the 131.00 level. All in all, the cross now faces price hesitation suggesting an impending pullback.