Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURGBP Pushes Higher On Further Bull Pressure

 

 

EURGBP- With the cross strengthening further the past week, it looks to move further higher towards its key resistance seen at 0.7421 level. On the upside, resistance lies at the 0.7450 level where a violation if seen will turn risk towards the 0.7500 level. On further upside, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7300 level where a violation will turn focus to the 0.7250 level. A break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level. All in all, the cross remains biased to the upside in the short term.

 

[FXTechstrategy Team 10]

EURUSD Remains Vulnerable To The Downside But With Caution

 

EURUSD: EUR may have closed marginally lower the past week but continues to hold on to its downside pressure. However, note that a consolidation with a recovery higher may occur as long as the 1.1016 level remains as support. 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. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, EUR remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

GOLD: GOLD declined further the past week leaving risk of more weakness on the cards. However, while it trades above its key support zone located at 1,109.00/1,117.00, we may see it head higher in the new week on recovery. On the downside, support comes in at the 1,110.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,090.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,135.00 level where a break will aim at the 1,150.000 followed by the 1,170.00 level. A violation of here will turn attention to the 1,190.00 level. All in all, GOLD remains weak and biased to the downside in the short term.

 

[FXTechstrategy Team 10]

USDCAD Looks To Extend Bullishness, Eyes The 1.3352 Zone

 

USDCAD: With USDCAD closing higher the past week, it now eyes a recapture of its key resistance located at the 1.3352 level. This view is consistent with its broader bullishness now in place. Resistance resides at the 1.3352 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside medium term.

 

[FXTechstrategy Team 10]

GBPJPY: Rallies Off 180.37 Zone, Set To Extend Strength.

 

GBPJPY: With the cross halting its weakness to trigger a rally during Monday trading session today, further bullish offensive is expected in the days ahead. This price action leaves room for more strength towards the 183.00 level followed by the 184.00 level. A cut through here 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 turn above here will aim at the 187.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. 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. . All in all, the cross remains biased to upside nearer term on corrective recovery.

 

[FXTechstrategy Team 10]

USDJPY Recovers Higher On Price Halt

 

USDJPY: With the pair halted its weakness to strengthen on Monday, it faces the risk of further move higher in the days ahead. 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 has turned higher leaving risk on the upside. 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 nearer term

 

[FXTechstrategy Team 10]

CRUDE OIL Outlook Remains Lower On Further Weakness

 

CRUDE OIL: Having followed through lower on the back of its Friday losses on Monday, further decline looks likely in the days ahead. This view is line with its rejection candle on the weekly hart and its failure ahead of the 49.30 area last week. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance is located at the 45.50 level where a break will expose the 46.00 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. All in all, Crude Oil remains biased to the downside.

 

[FXTechstrategy Team 10]

EURUSD Turns Off Higher Prices, Faces Bear Threats

 

EURUSD: EUR lost upside momentum during Tuesday trading session today leaving risk of further downside pressure on the cards. A follow through lower is expected to create scope for more weakness which is consistent with its short term downtrend. 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 triggering a move towards the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, risk remains biased to the downside in the short term

 

[FXTechstrategy Team 10]

EURJPY Retains Bullish Offensive, Targets 134.98 Area

 

EURJPY: With the cross following through higher on the back of its Monday gains on Tuesday, it looks to retest its key resistance at the 134.98 level. Support comes in at the 133.50 level where a break will aim at the 133.00 level. A turn below here will target the 132.50 level with a breach turning focus to the 132.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, 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 135.50. Further out, resistance resides at the 136.00 level. All in all, the cross now faces upside pressure on recovery.

 

[FXTechstrategy Team 10]

AUDUSD: Biased To The Upside On Corrective Recovery

 

AUDUSD: AUDUSD took off strongly on Tuesday following its corrective strength. On the upside, resistance lies at the 0.7100 level. A cut through here will turn attention to the 0.7150 level and then the 0.7200 level where a violation will set the stage for a retarget of the 0.7250 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 0.7000 level. Below that level will set the stage for a run at the 0.6950 level with a cut through here targeting further downside towards the 0.6900 level. On the whole, AUDUSD faces further corrective recovery threats

 

[FXTechstrategy Team 10]

GOLD Remains Vulnerable, Sets Up To Resume Short Term Weakness

 

GOLD: GOLD remains vulnerable to the downside and looks to trigger more weakness although hesitating on Tuesday. On the downside, support comes in at the 1,110.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,090.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,135.00 level where a break will aim at the 1,150.000 followed by the 1,170.00 level. A violation of here will turn attention to the 1,190.00 level. All in all, GOLD remains biased to the downside in the short term.

 

[FXTechstrategy Team 10]

GBPJPY Loses Upside Steam, Bear Pressure Develops

 

GBPJPY: With the cross seeing weakness following a rejection candle print on Wednesday, further bearish momentum threat is envisaged. On the upside, resistance resides at 185.00 level with breach targeting further strength towards the 186.00 level. A cut through here will set the stage for a move further higher towards the 187.00 level. Further out, a break above the 187.00 level will aim at the 188.00 level and subsequently the 189.00 level. On the downside, support comes in at the 184.00 level where a violation will turn focus to the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. All in all, the cross now faces downside threat having lost its upside momentum.

 

[FXTechstrategy Team 10]

USDJPY Builds Up On Bullish Offensive

 

USDJPY: With earlier gains taken back and a bull pressure now seen, a move further higher towards the 122.00 level could occur. On the upside, resistance resides at the 122.00 level with a turn above here aiming at the 122.50 level. A break will target the 123.00 level. Further out, resistance comes in at the 123.50 level where a violation will aim at the 123.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 120.50 level where a break will target the 120.00 level. Below here if seen will aim at the 119.50 level followed by the 119.00 level. On the whole, USDJPY remains exposed to the upside nearer term

 

[FXTechstrategy Team 10]

EURUSD: Bull Pressure Turns Risk Towards 1.1331 Level

 

EURUSD: EUR looks to strengthen further following a strong bullish offensive during Thursday trading session. A follow-through higher on that gain is expected to create scope for more recovery with eyes on its key resistance at 1.1331 level. Resistance is seen at 1.1300 level with a cut through here opening the door for more upside pressure towards the 1.1300 level. Further up, resistance comes in at the 1.1350 level where a break will expose the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1050 level with a turn below that level targeting the 1.1000 level. All in all, risk remains biased to the upside in the short term

 

[FXTechstrategy Team 10]

USDCAD: Consolidates Below Key Resistance Zone.

 

USDCAD: USDCAD remains in a consolidation mode having continued to trade in a range below its key resistance zone at 1.3352. A break either way must occur to trigger directional moves. Resistance resides at the 1.3300 level where a break will target the 1.3350 level. Further out, resistance comes in at the 1.3400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3450 level. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside with eyes on its key resistance at 1.3352 level.

 

 

[FXTechstrategy Team 10]

EURGBP Rejects Lower Prices, Holds Recovery Tone

 

EURGBP: With the cross printing a rejection candle on Thursday to close higher though marginally, it faces the risk of further upside pressure. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn risk towards the 0.7400 level. Further out, the 0.7450 level comes in as the next upside target followed by the 0.7500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.7250 level where a violation will turn focus to the 0.7200 level. A break below here will expose the 0.7150 level. Further down, support comes in at the 0.7100 level. All in all, the cross is biased to the upside short term with eyes on key resistance.

 

[FXTechstrategy Team 10]

USDCHF: Loses Upside Momentum, Risk Points Lower

 

USDCHF: The pair printed a rejection to halt its upside offensive and close lower the past week. This price action has created downside risk as we enter a new week. On the downside, support comes in at the 0.9600 level. A turn below here will open the door for more weakness targeting the 0.9550 level and followed by the 0.9600 level. A cut through here will bring additional weakness towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.9750 level with a breach pushing the pair further towards the 0.9800 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9850 level. All in all, the pair remains biased to the downside in the short term on correction.

 

[FXTechstrategy Team 10]

GOLD: Key Support Eyed On Bear Pressure

 

GOLD: The commodity continues to maintain its downside pressure as it weakened further the past week. However, a rejection candle print on Friday seen on the daily chart may present a platform to launch a recovery. On the downside, support comes in at the 1,098.00 level where a break will aim at the 1,090.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,069.46 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,120.00 level where a break will aim at the 1,135.000 followed by the 1,150.00 level. A violation of here will turn attention to the 1,170.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team 10]

USDJPY: Resistance Looks To Cap Further Strength

 

 

USDJPY: The pair took back some of its previous week losses at the end of the week leaving risk to the upside. However, with price failure seen ahead of its key overhead resistance zone at 121.73/63 zone, we may see USDJPY weaken in the new week. On the upside, resistance resides at the 121.00 level with a turn above here aiming 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. On the whole, USDJPY remains exposed to the upside but with caution

 

[FXTechstrategy Team 10]

GBPUSD: Key Support At 1.5450/07 Zone Turns Price Lower

 

GBPUSD: With GBP turning lower at its key resistance zone at 1.5450/7 today, there is risk of more weakness as long as that zone continues to hold. This development is coming on the back of our earlier warning of how significant that level will be. Also, note that we have to see a close below the mentioned overhead resistance to give us more confidence of further weakness. On the downside, support lies at the 1.5350 level where a break if seen will aim at the 1.5300 level. A break of here will turn attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Conversely, resistance stands at the 1.5500 level with a turn above here allowing more strength to build up towards the 1.5550 level. Further out, resistance resides at the 1.5600 level followed by the 1.5650 level. On the whole, GBP faces the risk of loss of upside momentum below its key resistance zone at 1.5450/7.

 

[FXTechstrategy Team 10]

USDCAD Searches For Clear Direction

 

 

USDCAD: USDCAD continues to remain in a consolidation mode having been trapped in a range below its key resistance zone at 1.3352. A break either way must occur to trigger directional moves. Resistance resides at the 1.3300 level where a break will target the 1.3350 level. Further out, resistance comes in at the 1.3400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3450 level. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside with eyes on its key resistance at 1.3352 level.

 

[FXTechstrategy Team 10]

GBPJPY: Weakens, Further Corrective Pullback Envisaged

 

GBPJPY: With the cross weakening following its failed intra attempts on the upside, we see further weakness in the days ahead. This view remains valid while the 187.31/47 zone remains as resistance. On the downside, support comes in at the 183.50 level where a violation will aim at the 182.50 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, on the upside, resistance resides at 185.00 level with breach targeting further strength towards the 186.00 level. A cut through here will set the stage for a move further higher towards the 187.00 level where a break will aim at the 188.00 level. A turn above here will aim at the 189.00 level. All in all, the cross faces downside threats below its key resistance zone

 

[FXTechstrategy Team 10]

AUDUSD Retains Corrective Bias, Eyes The 0.7214/33 Region

 

AUDUSD: AUDUSD continues to look for further move higher with the possibility of a retest of the 0.7214/33 zone. On the upside, resistance lies at the 0.7280 levels. A cut through here will turn attention to the 0.7233 level and then the 0.7350 level. A violation of here will set the stage for a retarget of the 0.7400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 0.7100 level. Below that level will set the stage for a run at the 0.7050 level with a cut through here targeting further downside towards the 0.7000 level. On the whole, AUDUSD faces further corrective recovery threats triggered from the 0.6910 level

 

[FXTechstrategy Team 10]

EURJPY: Halts Weakness, Looks To Build On Recovery

 

 

EURJPY: With EURJPY pausing its recent corrective weakness to turn higher during Wednesday trading session, it looks to build on that move in the days ahead. While the 134.99 level remains as support, our bias remains higher nearer term. In such a case, further move higher should follow towards the 136.50 level. Further out, resistance resides at the 137.00 level where a break if seen will push the cross higher towards the 138.00 level. Above this level open the door for more recovery towards the 138.50 level. Its daily RS s bullish and pointing higher supporting this view. Support on the hand is seen 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 133.00 level. All in all, the cross now faces upside pressure having halted its weakness.

 

[FXTechstrategy Team 10]

GBPUSD: Takes Back Corrective Losses, Breaks 1.5450

 

GBPUSD: With GBPUSD breaking above the 1.5450/07 zone during Wednesday trading session, further bullish offensive is likely. However, it must hold above its resistance turned support zone on a weekly closing basis to prevent a return to the downside. On the upside, resistance resides at the 1.5550 level with a break aiming at the 1.5600 level. A violation of here will turn attention to the 1.5650 level and possibly higher towards the 1.5700 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, 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. On the whole, GBP remains biased to the upside on recovery.