Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team 10]

EURUSD Remains Vulnerable Below Falling Trendline

 

EURUSD: With Having trade flat (weekly chart) the past week on price reversal, EURUSD remains vulnerable below falling trendline. However, we may see price hesitation initially. On the down, support is located at the 1.0850 level and if violated, expect more weakness to happen towards the 1.0795 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. On the upside, resistance comes 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. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD remains vulnerable below falling trendline.

 

[FXTechstrategy Team 10]

GOLD Remains Vulnerable Below The 1104.49 Zone

 

GOLD: Having reversed part of its previous week gains to close lower, remains vulnerable below the 1104.49 zone. On the downside, support comes in at the 1070.00 level where a break will turn attention to the 1060.00 level. Further down, a cut through here will open the door for a move lower towards the 1050.00 level. Below here if seen could trigger further downside pressure targeting the 1040.00 level. Conversely, resistance resides at the 1090.00 level where a break will aim at the 1100.00 level. A turn above there will expose the 1110.00 level. Further out, resistance stands at the 1120.00 level. All in all, GOLD remains vulnerable below the 1104.49 zone medium term.

 

Edited January 18, 2016 by FXTechstrategy Team

[FXTechstrategy Team 10]

GBPUSD Targets Further Downside Pressure Medium Term

 

GBPUSD: Having continued maintain its long term bearishness, GBPUSD targets further downside pressure. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4350 levels with a turn above here allowing more strength to build up towards the 1.4400 level. Further out, resistance resides at the 1.4450 level followed by the 1.4500 level. On the whole, GBPUSD targets further downside pressure.

 

[FXTechstrategy Team 10]

GBPUSD Targets Further Downside Pressure Medium Term

 

GBPUSD: Having continued maintain its long term bearishness, GBPUSD targets further downside pressure. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4350 levels with a turn above here allowing more strength to build up towards the 1.4400 level. Further out, resistance resides at the 1.4450 level followed by the 1.4500 level. On the whole, GBPUSD targets further downside pressure.

 

[FXTechstrategy Team 10]

EURUSD Faces More Downside Pressure Below Key Resistance

 

EURUSD: Having remained weak and vulnerable to the downside, EURUSD faces more downside pressure below key resistance. Support lies at the 1.0800 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD faces more downside pressure below key resistance.

 

[FXTechstrategy Team 10]

GBPJPY Eyes More Downside Medium Term Weakness

 

GBPJPY: Having extended its broader medium term downtrend on Wednesday, GBPJPY eyes more medium term downside weakness. On the downside, support comes in at the 164.00 level where a violation will aim at the 163.00 level. A break below here will target the 162.00 level followed by the 161.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 166.00 level followed by the 167.00 level. A cut through that level will set the stage for a move further higher towards the 168.00 level. Further out, resistance resides at the 169.00 level. All in all, GBPJPY eyes more medium term downside weakness towards its key support at the 164.00 level.

 

[FXTechstrategy Team 10]

EURGBP Closes Lower On Price Weakness

 

EURGBP- With the cross turning lower on loss of upside momentum on Wednesday, further price weakness is expected. On the upside, resistance lies at the 0.7750 level where a violation if seen will turn risk towards the 0.7800 level. On further upside, the 0.7850 level comes in as the next upside target followed by the 0.7900 level. Its daily RSI is bearish and pointing lower supporting this view. Support comes in at 0.7650 level. Further down, support lies at the 0.7600 level where a violation will turn focus to the 0.7550 level. A break will expose the 0.7500 level. All in all, EURGBP looks for further price weakness on loss of upside momentum.

 

[FXTechstrategy Team 10]

CRUDE OIL Faces Continued Downside Pressure

 

CRUDE OIL: With downside pressure extended on Wednesday, CRUDE OIL faces continued downside pressure. On the downside, support resides at the 28.00 level where a break will expose the 27.00 level. A cut through here will set the stage for a run at the 26.00 level. Further down, support resides at the 25.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 30.00 level. Further out, resistance resides at the 31.00 level. A break above here will aim at the 32.00 level and then the 33.00 level followed by the 34.00 level. All in all, CRUDE OIL faces continued downside pressure on further weakness.

 

[FXTechstrategy Team 10]

GBPUSD Threatens More Recovery Pressure On Correction

 

BPUSD: Having turned higher after taking back its intra day losses on Thursday, GBPUSD threatens more recovery pressure on correction. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Conversely, resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the whole, GBPUSD threatens more recovery pressure on correction

 

[FXTechstrategy Team 10]

USDJPY Builds Up On Bull Pressure

 

USDJPY: Having followed through higher on the back of its Thursday gains on Friday, further bullishness is expected. On the downside, support comes in at the 117.50 level where a break if seen will aim at the 117.00 level. A cut through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level. On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards its range top at the 119.00 level. Further out, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY remains biased to the upside on bull pressure.

 

[FXTechstrategy Team 10]

USDCHF Looks For More Price Strength

 

USDCHF: Having rallied further the past week, USDCHF looks for more price strength in the new week. On the downside, support lies at the 1.0100 level. A turn below here will open the door for more weakness towards the 1.0050 level and then the 1.0000 level. Further down, support resides at the 0.9950 level. On the upside, resistance resides at the 1.0200 level where a break will clear the way for more strength to occur towards the 1.0250 level. Further out, resistance comes in at the 1.0300 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF looks for more price strength in the new week.

 

[FXTechstrategy Team 10]

GOLD Threatens Additional Downside Pressure

 

GOLD: Having remained weak and continued to trade within its range, GOLD threatens additional downside pressure on bearishness. On the downside, support comes in at the 1090.00 level where a break will turn attention to the 1080.00 level. Further down, a cut through here will open the door for a move lower towards the 1070.00 level. Below here if seen could trigger further downside pressure targeting the 1060.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1110.00 level where a break will aim at the 1120.00 level. A turn above there will expose the 1130.00 level. Further out, resistance stands at the 1140.00 level. All in all, GOLD threatens additional downside pressure on loss of upside momentum.

 

[FXTechstrategy Team 10]

AUDUSD Remains Vulnerable To The Downside

 

AUDUSD: With AUDUSD remaining and vulnerable to the downside, further weakness is envisaged. On the downside, support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below that level will set the stage for a run at the 0.6850 level with a cut through here targeting further downside towards the 0.6800 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. On the whole, AUDUSD remains vulnerable to the downside medium term.

 

[FXTechstrategy Team 10]

GBPUSD Faces Downside Pressure On Price Failure

 

GBPUSD: With the pair continuing to hold on to its downside pressure, GBPUSD faces downside pressure on price failure though with caution. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. On the whole, GBPUSD faces downside pressure on price failure.

 

[JoelDarr 10]

Ugly ugly reversal in risk as $CL_F slumps 10% to below $30, Dow collapses. $EURUSD approaching 1.09 defying Draghi while $USDJPY slumps agn

[FXTechstrategy Team 10]

GBPJPY Looks To Strengthen More On Bull Pressure

 

GBPJPY: Having rallied to take back its Monday losses on Tuesday, GBPJPY looks to strengthen more on bull pressure. On the downside, support comes in at the 169.00 level where a violation will aim at the 168.00 level. A break below here will target the 167.00 level followed by the 166.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance is seen at the 171.00 level followed by the 172.00 level. A cut through that level will set the stage for a move further higher towards the 173.00 level. Further out, resistance resides at the 174.00 level. All in all, GBPJPY looks to strengthen more on bull pressure.

 

[FXTechstrategy Team 10]

USDJPY Looks To Build Up On Price Recovery

 

USDJPY: Having halted its upside pressure to close higher on Tuesday, USDJPY looks to build up on price recovery. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards its range top at the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, USDJPY looks to build up on price recovery triggered from the 115.98 level.

 

[FXTechstrategy Team 10]

GBPUSD Sets Up To Retest Key Support Zone

 

GBPUSD: With the pair reversing its intra day gains to close lower on Wednesday, GBPUSD sets up to retest key support zone. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. On the whole, GBPUSD sets up to retest key support zone and possible medium term trend resumption.

 

[FXTechstrategy Team 10]

EURUSD Threatens Trendline Resistance.

 

EURUSD: With EUR continuing to trade and hold above the 1.0777/1.0800 zone but maintaining upside bias, further recovery higher is envisaged. Support lies at the 1.0850 level. Further down, 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. Conversely, on the upside, resistance comes in 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. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD threatens trendline resistance as it looks for strengthen further.

 

[FXTechstrategy Team 10]

AUDUSD Caps Strength Below The 0.7096 Zone

 

 

AUDUSD: Although AUDUSD remains biased to the upside on correction, it continues to retain its broader medium term bias below the 0.7096 zone. Unless that is decisively taken our, the pair faces downside pressure. On the downside, support resides at the 0.7040 level where a breach will aim 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 pressure towards the 0.6900 level. 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. On the whole, AUDUSD remains biased to the upside on recovery though with caution.

 

[FXTechstrategy Team 10]

CRUDE OIL: Vulnerable, Trades Below The 34.26 Zone

 

CRUDE OIL: Having tested the 34.26 level and closed below that level on Thursday, we think CRUDE OIL faces the risk of a move lower. On the downside, support resides at the 33.00 level where a break will expose the 32.00 level. A cut through here will set the stage for a run at the 31.00 level. Further down, support resides at the 30.00 level. On the upside, resistance resides at the 34.00 level. Further out, resistance resides at the 35.00 level. A break above here will aim at the 36.00 level and then the 37.00 level followed by the 38.00 level. All in all, CRUDE OIL’s broader bias remains lower though facing recovery threat.

 

[FXTechstrategy Team 10]

USDCHF Looks To Push Higher Towards 1.0327 Resistance Zone

 

USDCHF: Having closed further higher on a follow through on the back of its previous week strength, USDCHF looks to push higher towards 1.0327 resistance zone. On the downside, support lies at the 1.0300 level. A turn below here will open the door for more weakness towards the 1.0250 level and then the 1.0200 level. Further down, support resides at the 1.0150 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 1.0400 level where a break will clear the way for more strength to occur towards the 1.0450 level. Further out, resistance comes in at the 1.0500 level. All in all, USDCHF looks to push higher towards 1.0327 resistance zone on more strength.

 

[FXTechstrategy Team 10]

NZDUSD: Targeting Further Downside Pressure On Price Failure

 

NZDUSD: The pair closed flat the past week leaving risk of a move lower on the cards. As long as the 0.6542/58 zone continues to hold as resistance, the pair looks to weaken. This is consistent wit its medium term downtrend. Support lies at the 0.6400 level where a break will aim at the 0.6350 level. Further down, the 0.6300 level comes in as the next downside target. Conversely, resistance resides at the 0.6500 level where a break will aim at the 0.6550 level. A break of here will have to occur to create scope for a run at the 0.6600 level. Further out, resistance stands at the 0.6650 level. All in all, NZDUSD faces downside threats below its key resistance zone

 

[FXTechstrategy Team 10]

EURUSD Eyes Key Support At The 1.0710 Level

 

EURUSD: With EUR taking back most of its earlier gains for the week to close marginally higher on Friday, EURUSD eyes key support at the 1.0710 level. On the downside, support is located at the 1.0750 level and if violated, expect more weakness to happen towards the 1.0700 level. Further down, 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. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance is comes at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD remains bearish towards the 1.0710 zone, its Jan 05 2016 low.

 

[FXTechstrategy Team 10]

EURJPY Sees Bull Pressure But With Caution

 

 

EURJPY: Having rallied strongly the past week, we envisage further strength to occur. However, with almost a half of that rally taken back, a correction could be developing ahead of its medium term falling trendline (red). Support comes in at the 131.00 level where a break will aim at the 130.50 level. A turn below here will target the 130.00 level with a breach turning focus to the 129.50 level. Conversely, resistance lies at the 132.00 level. Further out, resistance comes in at the 132.50 level where a break if seen will threaten further upside towards the 133.00. Further out, resistance resides at the 133.50 level. All in all, the cross remains biased to the upside but with caution.