Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Loses Upside Momentum

USDJPY: With USDJPY losing upside momentum to face price hesitation and possible weakness, risk now points lower. On the upside, resistance resides at the 115.51 level followed by the 116.00 level where a break will target the 116.50 level. Further out, resistance comes in at the 117.00 level where a violation will aim at the 117.50 level. On the downside, support comes in at the 114.00 level where a break will target the 113.50 level. Below here if seen will aim at the 113.00 level followed by the 112.50 and then the 112.00. On the whole, USDJPY remains exposed to the upside though looking correct lower.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Faces Pullback Risk

GBPJPY – Watch out for further strength as more gains are envisaged. cross is now seen hesitating suggesting a corrective pullback. On the upside, resistance lies at the 183.50 level followed by the 184.50 level where a break will aim at the 185.50 level. A cut through here will aim at the 186.50 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 180.70 level where a violation will aim at the 179.50 level. A break below here will target the 178.50 level followed by the 177.00 level. Further down, support lies at the 176.00 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Recovery Risk Develops

EURUSD: With the pair closing marginally lower following its strong Friday close (see daily chart), it faces the risk of a recovery higher in the new week. If this occurs, expect more strength to occur towards the 1.2577 level. Further out, resistance resides at the 1.2700 level where a breach will aim at the 1.2770 level and possibly higher towards the 1.2800 level. On the other hand, support lies at the 1.2357 level where a break will expose the 1.2300 level. Below here will pave the way for a move lower towards the 1.2250 level. If this continues, expect further downside to occur towards the 1.2200 level. All in all, EUR remains biased to the downside in the medium term with corrective recovery risk.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Threatens Recovery

GOLD: With GOLD halting its weakness the past week to close slightly higher on a rejection candle, it faces recovery higher. On the downside, support stands at the 1,131.57 level. Below here if seen could trigger further downside towards the 1,100.00 level where a break will aim at the 1,080.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1,160.00 level where a break will target the 1,180.00 level followed by the 1,200.00 level. A cut through here will extend gains towards the 1,230.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Triggers Corrective Recovery

GBPUSD: GBP continues to maintain its broader downside pressure in the medium term but has now triggered a correction higher. On the downside, support lies at the 1.5800 level where a break will aim at the 1.5700 level. A break of here will turn attention to the 1.5650 level. Further down, support lies at the 1.5600 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.5950 level with a break aiming at the 1.6000 level. A violation will aim at the 1.6050 level and possibly higher towards the 1.6100 level. On the whole, GBP continues to retain its broader downside bias in the medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Bullish, Targets Further Upside

USDJPY: Having followed through higher on the back of its Monday gains to resume its broader medium term uptrend, further bullishness is envisaged. On the upside, resistance resides at the 116.00 level followed by the 116.50 level where a break will target the 117.50 level. Further out, resistance comes in at the 118.50 level where a violation will aim at the 119.00 level. On the downside, support comes in at the 115.00 level where a break will target the 114.50 level. Below here if seen will aim at the 114.00 level followed by the 113.00 and then the 112.50. On the whole, USDJPY remains exposed to the upside medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Recovers, Eyes Further Strength

AUDUSD: With AUDUSD extending its correction on Tuesday and following through during Wednesday trading session today, further bullishness is now expected. On the upside, resistance resides at the 0.8750 level where a breach will aim at the 0.8800 level. Above that level will set the stage for a run at the 0.8850 level with a cut through here resuming its broader uptrend towards the 0.8900 level. On the downside, support lies at the 0.8650 level. A cut through here will turn attention to the 0.8600 level and then the 0.8550 level where a violation will set the stage for a retarget of the 0.8500 level. On the whole, AUDUSD continues to retain its broader downtrend though recovering.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Set To Weaken Further

GBPJPY – With corrective pullback triggered, further weakness is likely. On the upside, resistance lies at the 183.00 level followed by the 186.0 level where a break will aim at the 184.00 level. A cut through here will aim at the 185.00 level. 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 the downside on pullback.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Triggers Trend Resumption

EURJPY- With a resumption of its broader uptrend seen, further strength is envisaged. On the upside, resistance resides at the 146.00 level where a break if seen will threaten further upside towards the 146.50. Further out, resistance resides at the 147.00 level where a break will aim at the 148.00. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 144.00 level where a break will aim at the 143.00 level. A break will target the 142.00 level with a breach turning focus to the 141.00 level. All in all, the cross faces further upside pressure.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Closes Lower On Corrective Pullback.

USDCHF: Having triggered a corrective weakness the past week, further downside is likely in the new week. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9550 level with a break targeting the 0.9500 level and then the 0.9450 level. Further down, support comes in at the 0.9400 level. All in all, the pair remains biased to the downside on correction.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Halts Weakness, Targets Further Upside

EURUSD: With EUR halting its decline and turning higher at the end of the week, further strength is envisaged in the new. However, EUR will have to break and hold below the 1.2393 level to resume its weakness. On the other hand, support lies at the 1.2300 level where a break will expose the 1.2250 level. Below here will pave the way for a move lower towards the 1.2200 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 EURJPY

EURJPY: Vulnerable, Faces Pullback Risk.

EURJPY- Although the pair may be maintaining its broader medium term upside, it now faces corrective pullback risk. On the upside, resistance resides at the 146.53 level where a break if seen will threaten further upside towards the 147.50. Further out, resistance resides at the 148.00 level where a break will aim at the 149.00. On the downside, support comes in at the 145.00 level where a break will aim at the 144.00 level. A break below here will target the 143.00 level with a breach turning focus to the 142.00 level and possibly further lower towards the 141.00 level. All in all, the cross faces further upside pressure medium term though vulnerable on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Continues To Face Pullback Threats

USDCAD: Having continued to look vulnerable, further decline is likely. On the downside, support lies at the 1.1200 level followed by the 1.1121 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 1.1300 level followed by the 1.1384 level. Further out, resistance comes in at the 1.1450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.1500 level. All in all, USDCAD continues to face corrective pullback threats .

 

[FXTechstrategy Team]

Commodity Technical Outlook On Crude Oil

CRUDE OIL: Threatens Trend Resumption.

CRUDE OIL: With the commodity following through lower on the back its Monday weakness, further decline is il have to break and hold below the 73.20level to resume its medium term downtrend. Support lies at the 73.20 level with a break aiming at the 72.00 level and then the 71.00 level. A turn below here will open the door for a run at the 70.00 level. On the upside, resistance resides at the 76.50 level where a break will expose the 77.50 level followed by the 78.50 level where a break will aim at the 79.50 level and then the 80.16 level. All in all, Crude Oil remains broadly biased to the downside medium term but faces a corrective risk.

 

[FXTechstrategy Team]

Special Focus On USDCHF

USDCHF: Threatening Further Downside.

USDCHF: The pair looks to continue its corrective pullback following its Tuesday weakness. On the upside, resistance resides at the 0.9700 level where a break will aim at the 0.9750 level. Further out, resistance resides at the 0.9800 level. A breather may occur here and turn the pair lower. On the downside, support lies at the 0.9550 level with a break targeting the 0.9500 level and then the 0.9450 level. Further down, support comes in at the 0.9400 level. All in all, the pair remains biased to the downside on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Loses Upside Momentum

USDJPY: With USDJPY struggling to hold on to its gains, corrective pullback threats could be building up. On the upside, resistance resides at the 118.97 level followed by the 119.50 level where a break will target the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will aim at the 121.50 level. On the downside, support comes in at the 117.50 level where a break will target the 117.00 level. Below here if seen will aim at the 116.00 level followed by the 115.50 and then the 115.00. On the whole, USDJPY remains exposed to the upside.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Reverses Losses, Eyes The 0.9741 Level.

USDCHF: With the pair reversing its previous week losses and closing higher on Friday, it faces price extension in the new week. On the upside, resistance resides at the 0.9741 level, its year-to-date high where a break will aim at the 0.9800 level. Further out, resistance resides at the 0.9850 level. A breather may occur here and turn the pair lower. However, if that level is violated, further bullishness is envisaged. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 0.9600 level with a break targeting the 0.9550 level and then the 0.9500 level. Further down, support comes in at the 0.9450 level. All in all, the pair remains biased to the upside long term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Sets Up To Resume Broader Weakness

EURUSD: With EUR halting its recovery to turn lower the past week, it faces further downside pressure. Our minimum target is seen at 1.2357 level with a cut through here opening the door for more downside towards the 1.2300 level. On the other hand, support lies at the 1.2200 level where a break will expose the 1.2150 level. Below here will pave the way for a move lower towards the 1.2100 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]

Technical Focus On EURGBP

EURGBP- Maintains Its Broader Downside Bias

EURGBP- With a lower close occurring the past week, we expect further downside to occur in the new week. On the downside, support lies at the 0.7850 level where a break will expose the 0.7800 level. Further down, support comes in at the 0.7750 level where a violation will turn attention to the 0.7730 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance lies at the 0.7950 level where a violation if seen will turn focus to the 0.8000 level. On further upside, a breach of the 0.8050 level will set the stage for a run at the 0.8100 level. All in all, the cross is biased to the downside medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Eyes Further Upside On Recovery

GBPUSD: With GBP closing higher on Monday, further upside is envisaged. While holding above its year – to-date-low at 1.5589 level, recovery risk remains. On the downside, support lies at the 1.5600 level where a break will aim at the 1.5550 level. A break of here will turn attention to the 1.5500 level. Further down, support lies at the 1.5400 level. Its weekly RSI is bearish and pointing lower supporting this view. 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