Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Sells Off, Eyes More Decline

GBPUSD: With GBP selling off to resume its broader downtrend during Thursday trading session, further weakness is likely. On the downside, support lies at the 1.5920 level where a break will aim at the 1.5850 level. A break of here will turn attention to the 1.5800 level. Further down, support lies at the 1.5750 level. Its daily RSI is bullish and pointing lower supporting this view. Resistance resides at the 1.6000 level with a break aiming at the 1.6050 level. A violation will aim at the 1.6100 level and possibly higher towards the 1.6150 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Sells Off, Eyes More Decline

GBPUSD: With GBP selling off to resume its broader downtrend during Thursday trading session, further weakness is likely. On the downside, support lies at the 1.5920 level where a break will aim at the 1.5850 level. A break of here will turn attention to the 1.5800 level. Further down, support lies at the 1.5750 level. Its daily RSI is bullish and pointing lower supporting this view. Resistance resides at the 1.6000 level with a break aiming at the 1.6050 level. A violation will aim at the 1.6100 level and possibly higher towards the 1.6150 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Faces Further Downside Pressure.

EURJPY- With the cross turning lower and reversing its Monday gains, further decline is envisaged. Support comes in at the 135.00 level where a break will aim at the 134.50 level. A break will target the 134.00 level with a breach turning focus to the 133.50 level. Below here will aim at the 133.00 level. On the upside, resistance resides at the 136.00 level where a break if seen will threaten further upside towards the 136.50. Further out, resistance resides at the 137.00 level where a break will aim at the 137.50. All in all, the cross faces correction recovery risk.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Pullback Threats Seen But With Caution

USDJPY: With USDJPY reversing its Tuesday gains to close lower on sell off on Wednesday, further downside pressure is envisaged. However, a corrective recovery higher may occur in the days ahead especially now that it has tested its key support at 105.43 level (visible on the weekly chart). On the downside, support comes in at the 105.00 level where a break will target the 104.50 level. Below here if seen will aim at the 104.00 level followed by the 103.50 and then the 103.00. On the upside, resistance resides at the 106.50 level followed by the 107.00 level where a break will target the 107.50 level. Further out, resistance comes in at the 108.00 level where a violation will aim at the 108.50 level. On the whole, USDJPY remains exposed to the downside.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Targets Further Bullishness

EURJPY- Having reversed its intra day weakness to close higher on a rejection candle formation on Thursday, further recovery higher is likely. Support comes in at the 135.50 level where a break will aim at the 135.00 level. A break will target the 134.50 level with a breach turning focus to the 134.00 level. Below here will aim at the 133.50 level. On the upside, resistance resides at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level where a break will aim at the 138.00. All in all, the cross faces correction recovery risk.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Bearish, Extends Weakness

USDCHF: Outlook for the pair continues to point lower following its bearish price extension the past week. On the downside, support lies at the 0.9350 level with a break targeting the 0.9300 level and then the 0.9250 level. Further down, support comes in at the 0.9200 level. A cut through here will target the 0.9150 level. On the upside, resistance resides at the 0.9450 level where a break will aim at the 0.9500 level. Further out, resistance resides at the 0.9550 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the downside on correction

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Hesitates Ahead Of The 107.52 Level.

USDJPY: Trouble is now looming ahead of the 107.52 level as USDJPY is now facing bear threat. If it closes lower on a negative candle, it would have ended its recovery and turned risk lower. On the downside, support comes in at the 106.00 level where a break if seen will aim at the 105.50.00 level. A break if it occurs will aim at the 106.00 followed by the 105.00. Conversely, resistance resides at the 107.50 level where a break will target the 108.00 level. Further out, resistance comes in at the 108.50 level where a violation will aim at the 109.00 level. On the whole, USDJPY remains exposed to the downside short term.

 

[FXTechstrategy Team]

Special Focus On EURUSD

EURUSD: Risk Turns Lower, Extends Weakness

EURUSD: With EUR turning lower on Tuesday and following through lower on Wednesday, further bearishness is now envisaged. On the other hand, 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. On the upside, resistance lies at the 1.2733 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 upside in the short term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Strengthens, Eyes Further Upside

GBPJPY – With GBPJPY taking back some of its intraday losses on Wednesday and strengthening during Thursday trading today, further upside pressure is expected. On the upside, resistance lies at the 173.50 level followed by the 174.00 level where a break will aim at the 175.00 level. A cut through here will aim at the 175.50 level. On the downside, support comes in at the 171.00 level where a violation will aim at the 170.00 level. A break below here will target the 169.50 level followed by the 169.00 level. Further down, support lies at the 168.50 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Biased To The Downside On Pullback

USDCAD: Our bias on the pair continues to point lower on correction of its recent strength. On the downside, support lies at the 1.1150 level followed by the 1.1100 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.1050 level and then the 1.1000 level. On the upside, resistance is seen at the 1.1250 level followed by the 1.1300 level. Further out, resistance comes in at the 1.1350 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1400 level. All in all, USDCAD continues to face corrective threats

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Faces Further Recovery Threats

USDCHF: The pair put in a temporary bottom and closed higher the past week. This development leaves USDCHF threatening further upside. On the downside, support lies at the 0.9450 level with a break targeting the 0.9471 level and then the 0.9400 level. Further down, support comes in at the 0.9350 level. A cut through here will target the 0.9300 level. On the upside, resistance resides at the 0.9600 level where a break will aim at the 0.9650 level. Further out, resistance resides at the 0.9700 level. A breather may occur here and turn the pair lower. All in all, the pair remains biased to the upside in the medium term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Threatening Trend Resumption

EURUSD: With EUR halting its recovery the past week , it faces downside risk in the new week. On the upside, resistance lies at the 1.2839 level where a break will aim at the 1.2900 level, its psycho level followed by the 1.2950 level. Further out, resistance comes in at the 1.3050 level. 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. All in all, EUR remains biased to the upside on recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Faces Consolidation Risk

AUDUSD: The pair continues to consolidate as it looks for directional trigger. Support lies at the 0.8700 level. A cut through here will turn attention to the 0.8650 level and then the 0.8600 level where a violation will set the stage for a retarget of the 0.8550 level. On the upside, resistance resides at the 0.8800 level where a breach will aim at the 0.8850 level. Above that level will set the stage for a run at the 0.8900 level with a cut through here resuming its broader uptrend towards the 0.8950 level. All in all, the pair faces further downside risk.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Price Hesitation Sets In

GBPUSD: The pair continues to face recovery threats, though price hesitation continues to be seen. We may see a pullback in the days ahead. Resistance resides at the 1.6150 level with a break aiming at the 1.6200 level. A violation will aim at the 1.6250 level and possibly higher towards the 1.6300 level. On the downside, support lies at the 1.6050 level where a break will aim at the 1.6000 level. A break of here will turn attention to the 1.5950 level. Further down, support lies at the 1.5900 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Declines, Eyes Further Downside.

USDCAD: With USDCAD declining strongly on Tuesday and following through lower on during Wednesday trading session, further weakness is envisaged. On the downside, support lies at the 1.1100 level followed by the 1.1050 level where a reversal of roles as support is envisaged. Further out, resistance resides at the 1.1000 level and then the 1.0950 level. On the upside, resistance is seen at the 1.1250 level followed by the 1.1300 level. Further out, resistance comes in at the 1.1350 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1400 level. All in all, USDCAD continues to face corrective threats

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Declines, Targets Further Downside.

AUDUSD: Having failed to hold on to its intraday gains and turning lower on Wednesday, further downside is envisaged. On the downside, support lies at the 0.8700 level. A cut through here will turn attention to the 0.8650 level and then the 0.8600 level where a violation will set the stage for a retarget of the 0.8550 level. On the upside, resistance resides at the 0.8800 level where a breach will aim at the 0.8850 level. Above that level will set the stage for a run at the 0.8900 level with a cut through here resuming its broader uptrend towards the 0.8950 level. On the whole, AUDUSD continues to retain its broader downtrend.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Pressure Builds On Key Support

EURUSD: With a follow through higher occurring the past week, further downside pressure is expected in the new week. However, EUR will have to break and hold below the 1.2500 level to extend its weakness. On the other hand, support lies at the 1.2500 level where a break will expose the 1.2450 level. Below here will pave the way for a move lower towards the 1.2400 level. If this continues, expect further downside to occur towards the 1.2350 level. On the upside, resistance lies at the 1.2600 level where a break will aim at the 1.2650 level, its psycho level followed by the 1.2700 level. Further out, resistance comes in at the 1.2750 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Looks To Recover Higher On Correction

GBPUSD: With GBP seen halting its downside pressure during Monday trading session, it faces the risk of a move higher on correction. On the downside, support lies at the 1.5950 level where a break will aim at the 1.5900 level. A break of here will turn attention to the 1.5850 level. Further down, support lies at the 1.5800 level. Resistance resides at the 1.6050 level with a break aiming at the 1.6100 level. A violation will aim at the 1.6150 level and possibly higher towards the 1.6200 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Recovery Threat Builds Up..

GOLD: With GOLD looking to put in a temporary bottom, its faces a recovery threat. On the downside, support stands at the 1,180.00 level. Below here if seen could trigger further downside towards the 1,150.00 level where a break will aim at the 1,130.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1,215.54 level where a break will target the 1,230.00 level followed by the 1,250.00 level. A cut through here will extend gains towards the 1,380.00 level. All in all, GOLD remains biased to the downside in the medium term but faces recovery threats.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Faces Pullback Risk.

USDJPY: Although extending its strength on Monday, pullback threats cannot be ruled out. On the upside, resistance resides at the 114.50 level followed by the 115.00 level where a break will target the 115.50 level. Further out, resistance comes in at the 116.00 level where a violation will aim at the 116.50 level. On the downside, support comes in at the 113.00 level where a break will target the 112.50 level. Below here if seen will aim at the 112.00 level followed by the 111.50 and then the 111.00. On the whole, USDJPY remains exposed to the upside but faces correction pullback