Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Vulnerable But Still Faces Corrective Risk

GBPUSD: With GBP remaining weak and vulnerable to the downside, further bearishness is envisaged. However, before that occurs, we think a recovery higher should follow in the nearer term as long as it holds above the 1.5033 level. On the downside, support lies at the 1.5033 level where a break if seen will aim at the 1.4950 level. A break of here will turn attention to the 1.4900 level. Further down, support lies at the 1.4850 level. Conversely, resistance resides at the 1.5200 level with a break aiming at the 1.5250 level. A violation will aim at the 1.5300 level and possibly higher towards the 1.5350 level. On the whole, GBP continues to retain its broader downside bias medium term though attempting corrective recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Faces Corrective Pullback Threats

USDCAD: With the pair triggering a corrective pullback, further decline is envisaged. On the upside, resistance is seen at the 1.2050 level followed by the 1.2100 level. Further out, resistance comes in at the 1.2150 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2200 level. On the downside, support lies at the 1.1900 level followed by the 1.1850 level. Further out, support resides at the 1.1800 level and then the 1.1750 level. All in all, USDCAD continues to face corrective pullback threats.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Eyes Further Correction

GBPJPY: With the cross triggering a recovery higher, more strength is expected. 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. On the upside, resistance lies at the 180.50 level followed by the 181.50 level where a break will aim at the 182.00 level. A cut through here will aim at the 183.00 level. All in all, the cross remains biased to the upside on correction.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Bullish But With Risk

GOLD: Outlook for GOLD continues to remain higher having rallied during Tuesday trading session and following through during Wednesday trading session. However, beware of a corrective pullback as price hesitation could be setting in. Resistance resides at the 1,300 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Resumes Weakness

EURUSD: With the pair declining on Thursday, it now faces further downside pressure. Support is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1450 level. Further down, support lies at the 1.1400 level where a break will expose the 1.1350 level. Below here will pave the way for a move lower towards the 1.1300 level. On the upside, resistance lies at the 1.1600 level where a violation will aim at the 1.1650 level where a break will aim at the 1.1700 level, its psycho level followed by the 1.1750 level. Further out, resistance comes in at the 1.1800 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCAD: Extends Bullish Offensive

USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Maintains Its medium Term Weakness

EURUSD: With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Looks To Trigger Correction

GOLD: With a marginal close seen the past week, corrective pullback is envisaged. Resistance resides at the 1,315 level where a break will aim at the 1,330.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1,300.00 level where a break will aim at the 1,280.00 level. Below here if seen could trigger further downside towards the 1,250.00 level where a break will aim at the 1,230.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCHF

USDCHF: Halts Recovery, Vulnerable

USDCHF: The pair continues to hold on to its upside pressure but now faces price hesitation. On the downside, support lies at the 0.8950 level with a break targeting the 1.8900 level and then the 0.8850 level. Further down, support comes in at the 0.9000 level. On the upside, resistance resides at the 0.9050 level where a break will aim at the 0.9100 level. Further out, resistance resides at the 0.9150 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 0.9200 level. All in all, the pair remains biased to the downside short term.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Declines On Price Sell Off

GOLD: With GOLD selling off sharply during Thursday trading session, further downside pressure is expected in the days ahead. On the downside, support comes in at the 1,250.00 level where a break will aim at the 1,230.00 level. Below here if seen could trigger further downside towards the 1,200.00 level where a break will aim at the 1,180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,272.00 level where a break will aim at the 1,300.00 level. A break of here will turn attention to the 1,330.00 level followed by the 1,350.00 level. A cut through here will extend gains towards the 1,380.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Declines Further, Remains Vulnerable

GBPUSD: With GBP extending its weakness on Thursday, further downside pressure is likely. On the downside, support lies at the 1.4950 level where a break if seen will aim at the 1.4900 level. A break of here will turn attention to the 1.4850 level. Further down, support lies at the 1.4800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1.5150 level with a break aiming at the 1.5200 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5300 level. On the whole, GBP continues to retain its broader downside bias medium term.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Remains On The Offensive

USDCHF: With a second week of strength seeing further bullishness the past week, additional bull pressure is envisaged. However, watch out for a pullback following its two-week run to the upside. On the upside, resistance resides at the 0.9250 level where a break will aim at the 0.9300 level. Further out, resistance resides at the 0.9350 level. A breather may occur here and turn the pair lower but if that level is taken out, expect a push further higher towards the 0.9400 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9150 level with a break targeting the 0.9100 level and then the 0.0950 level. Further down, support is located at the 0.9000 level. All in all, the pair remains biased to the downside medium term despite its recovery.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Targets Higher Prices On Correction

EURUSD: With EUR triggering a correction to close higher the past week, further bullishness is now envisaged in the new week. However, beware of recovery failure and a turn lower. Support is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1150 level. Further down, support lies at the 1.1100 level where a break will expose the 1.1050 level. On the upside, resistance lies at the 1.1350 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1400 level, its psycho level followed by the 1.1450 level. Further out, resistance comes in at the 1.1500 level. All in all, EUR remains biased to the downside in the medium term though facing a recovery higher nearer term.

 

[FXTechstrategy Team]

Commodity Technical Outlook On Crude Oil

CRUDE OIL: Looks To Build On Strength.

CRUDE OIL: Having Crude Oil triggered a corrective recovery the past week, it faces further recovery risk sin the new week. Support lies at the 44.00 level where a break will expose the 43.00 level. A break will aim at the 42.00 level and then the 41.00 level. A turn below here will open the door for a run at the 40.00 level. On the upside, resistance resides at the 47.55 level where a break will expose the 48.00 level followed by the 49.00 level where a break will aim at the 50.00 level and then the 51.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Faces Corrective Recovery Threats

AUDUSD: With AUDUSD halting its weakness on Friday, the past week (see daily chart) and triggering a recovery during Monday trading session, further recovery higher is now envisaged in the days ahead. On the downside, support resides at the 0.7700 level where a breach will aim at the 0.7650 level. Below that level will set the stage for a run at the 0.7600 level with a cut through targeting further downside towards the 0.7550 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces an immediate correction.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Risk Continues To Point Higher

GOLD: With GOLD continuing to maintain its bullish risk, more strength is envisaged in the new week. Despite its marginal loss the past week, our upside view on the commodity remains intact. On the downside, support comes in at the 1,260.00 level where a break will aim at the 1,240.00 level. Below here if seen could trigger further downside towards the 1,220.00 level where a break will aim at the 1,200.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,320.00 level. A break of here will turn attention to the 1,350.00 level followed by the 1,380.00 level. A cut through here will extend gains towards the 1,400.00 level. All in all, GOLD remains biased to the upside on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist on USDJPY

USDJPY: Recovers, Eyes More Strength

USDJPY: With USDJPY bouncing off lower level prices to strengthen on Tuesday, it now faces further upside pressure. However, the pair will have to break and hold above the 118.86 level to prevent a return to the downside. On the downside, support comes in at the 117.00 level where a break will target the 116.50 level. Below here if seen will aim at the 116.00 level followed by the 115.00 and then the 114.00. On the upside, resistance resides at the 119.00 level followed by the 120.00 level where a break will target the 121.00 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 123.00 level. On the whole, USDJPY remains exposed to the upside in the medium term

 

[FXTechstrategy Team]

Commodity Technical Outlook On Crude Oil

CRUDE OIL: Bearish, Looks To Weaken Further

CRUDE OIL: Having turned lower on Wednesday following its Tuesday price failure, further downside is likely. On the upside, resistance resides at the 52.00 level where a break will expose the 53.00 level followed by the 54.00 level where a break will aim at the 55.00 level and then the 56.00 level. Conversely, support lies at the 50.00 level where a break will expose the 49.00 level. A break will aim at the 48.00 level and then the 47.00 level. A turn below here will open the door for a run at the 46.00 level. All in all, Crude Oil remains broadly biased to the downside medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Faces Recovery Risk

AUDUSD: With AUDUSD threatening further corrective recovery, bull pressure is envisaged. On the downside, support resides at the 0.7750 level where a breach will aim at the 0.7700 level. Below that level will set the stage for a run at the 0.7650 level with a cut through targeting further downside towards the 0.7600 level. On the upside, resistance lies at the 0.7850 level. A cut through here will turn attention to the 0.7900 level and then the 0.7950 level where a violation will set the stage for a retarget of the 0.8000 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces a correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Builds Up Upside Momentum

EURUSD: With EUR reversing its Wednesday losses on Thursday, further upside pressure is envisaged. Support is seen at 1.1400 level with a cut through here opening the door for more downside towards the 1.1350 level. Further down, support lies at the 1.1300 level where a break will expose the 1.1250 level. Its daily RSI has turned higher supporting this view. On the upside, resistance lies at the 1.1500 level where a violation will aim at the 1.1550 level where a break will aim at the 1.1600 level, its psycho level followed by the 1.1650 level. Further out, resistance comes in at the 1.1700 level. All in all, EUR remains biased to the downside in the medium term but faces recovery threat.