Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

EURUSD: Vulnerable, Weakens For Two Weeks In A Row

EURUSD: With EUR weakening for a second week in a row the past week, further downside pressure could be seen. However, with a rejection candle and marginal higher close seen on Friday, recovery risk could happen this new week. Support lies at the 1.3704 level. Further down, support comes in at the 1.3650 level where a violation will target the 1.3600 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3796 level followed by the 1.3844 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level followed by the 1.4000 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

 

[FXTechstrategy Team]

Daily Technical Strategist on EURJPY

EURJPY: Follows Through Higher, Eyes Further Strength

EURJPY- Having reversed its earlier losses to close higher the past week, the cross is now seen rallying strongly during Monday trading session. Resistance resides at the 143.00 level with a break triggering further upside towards the 143.73 level. Further out, resistance comes in at the 144.00 level where a break will turn attention to the 144.50 level and then the 144.00 level. A violation will push it further higher towards the 145.50 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on pullbacks support comes in at the 141.97 level where a reversal of roles as support is expected. Further down support lies at the 141.00 level where a breach will target the 140.43 level. Bulls may come in here but if this fails to occur, further decline will follow towards the 139.96 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Vulnerable But Holds Above The 1.0000/1

USDCAD: With USDCAD continuing to hold above the 1.0000/1 levels, we look for it to trigger a recovery higher following its recent weakness. Support comes in at the 1.1000/1 levels where bulls may come in and push it higher but if violated further weakness could occur towards the 1.0950 level. Further down, support is located at the 1.0909 level. On the other, we expect a recovery higher to occur following its ability to hold above the 1.0000/1 levels. If this occurs expect the pair to strengthen further towards the 1.1100 level where a break will aim at the 1.1168 level and then the 1.1200 level. Further out, resistance resides at the 1.1277 level where a break will resume its broader uptrend. This if seen will pave the way for a run at the 1.1300 level. All in all, USDCAD faces further downside pressure but correction may occur.

 

[FXTechstrategy Team]

Daily Technical Strategist on EURJPY

EURJPY- With the cross halting its weakness on Wednesday, further decline is likely in the days ahead. Resistance resides at the 143.78 level. Further out, resistance comes in at the 144.00 level where a break will turn attention to the 144.50 level and then the 144.00 level. A violation will push it further higher towards the 145.50 level. Conversely, on pullbacks support comes in at the 141.97 level where a reversal of roles as support is expected. Further down support lies at the 141.00 level where a breach will target the 140.43 level. Bulls may come in here but if this fails to occur, further decline will follow towards the 139.96 level. All in all, the cross remains biased to the upside on recovery.

 

[FXTechstrategy Team]

USDCHF: Sets For Up Corrective Weakness

USDCHF: With USDCHF capping its strength at the 0.8952 level to close the marginally lower (daily chart), it faces the risk of a correction in the new week. Expect it returned above the 0.8952 level, this view remains valid with eyes on the downside. Support lies at the 0.8874 level where a violation if seen targeting the 0.8813 level. A cut through here will set the stage for a run at the 0.8750 level and subsequently the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level. On the other hand, the pair will have to return above the 0.8952 level to prevent any downside incursion. This if seen will aim at the 0.8900 level with a close above here if seen will aiming at the 0.9000 level and next the 0.9050 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short term.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: With EUR weakening for a third consecutive week, further downside pressure is envisaged. But in order for this occur it will have to break and hold below the 1.3676 level and its rising trendline. However, with a rejection candle seen on Friday, recovery risk could happen this new week. Support lies at the 1.3676 level. Further down, support comes in at the 1.3600 level where a violation will target the 1.3550 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3766 level followed by the 1.3820 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

 

[FXTechstrategy Team]

EURGBP- Halts Weakness, Triggers Correction

EURGBP- With EURGBP triggering a recovery following its flat close on Friday, the risk is for more upside strength to occur. As long as it holds above the 0.8245/49 levels, our corrective upside view remains intact. On further recovery higher, the 0.8300 level will be targeted where a breach will aim at the 0.8350 level and subsequently the 0.8400 level. On the other hand, below the 0.8245/49 levels if seen will turn focus to the 0.8200 level where a violation will shift attention to the 0.8157 level. Further downside support comes in at the 0.8100 level. All in all, the cross remains biased to the downside short term but faces recovery risks.

 

[FXTechstrategy Team]

EURUSD: Bullish But Hesitates Ahead Of 1.3820 Level.

EURUSD: Although EUR is bullish, it is now seen hesitating ahead of its key resistance located at the 1.3820 level. Unless it decisive breaks and holds above that level, the risk is for it to trigger a pullback lower. However, above here will turn focus to the 1.3900 level. Further out, resistance comes in at the 1.3966 level where a breach will aim at the 1.4000 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to this analysis will be a return to the 1.3737 level followed by the 1.3676 level. Further down, support stands at the 1.3600 level where a violation will target the 1.3550 level. All in all, EUR remains biased to the upside in the long term though hesitating

 

[FXTechstrategy Team]

AUDUSD: Strengthens, Targets Further Upside

AUDUSD: With marginal price extension seen on Wednesday and a follow-through higher occurring today, further bullishness is likely towards the 0.9500 level. A break and hold above here will aim at the 0.9550 level and subsequently the 0.9600 level, its psycho levels. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 0.9400 level where a break will aim at the 0.9303/7 levels where a reversal of roles is likely to occur. Further down, support comes in at the 0.9250 level followed by the 0.9200 level where a break will turn focus to the 0.9166 level. All in all, the pair remains biased to the upside on further bull risks in the medium term

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Closes Lower, Eyes Further Bearishness.

USDCHF: With USDCHF declining strongly to take back almost all of its three weeks gains the past week, the risk is for more weakness to occur. However, watch out for any correction following the mentioned decline. Immediate support lies at the 0.8700 level where a break will turn focus to the 0.8650 level. A cut through here will set the stage for a run at the 0.8600 level and subsequently the 0.8550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to return above the 0.8952 level to annul its entire last week losses. Further out, resistance resides at the 0.9050 level. This if broken will aim at the 0.9100 level with a close above here if seen will aiming at the 0.9150 level and next the 0.9200 level. All in all, the pair remains biased to the downside in the medium term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Although EUR continues to retain its upside bias, it faces the risk of a corrective pullback in the new week. Support lies at the 1.3820 level where a break will aim at the 1.3770 level. Further down, support resides at the 1.3676 level with a loss of there threatening further downside towards the 1.3600 level where a violation will target the 1.3550 level. Conversely, on further strength, the pair will aim at the 1.3900 level followed by the 1.3950 level. Further out, resistance resides at the 1.4000 level where a breach will aim at the 1.4050 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

 

[FXTechstrategy Team]

Special Focus on USDJPY

USDJPY: Triggers Upside Recovery With Eyes On Further Upside

USDJPY: With USDJPY triggering a recovery higher following through on the back of its Friday gains, the risk is for more gains to occur. Further out, resistance resides at the 102.15 level where a breach will turn focus to the 103.00 level. Further out, resistance is seen at the 103.50 level and then the 104.00 level. Its daily RSI has turned higher supporting this view. On the other hand, support lies at the 101.32 level where a violation will aim at the 100.75 level where a break will aim at the 100.00 level followed by the 99.00 level and possibly lower towards the 98.50 level.. On the whole, USDJPY remains exposed to the downside but faces corrective recovery higher risk.

 

[FXTechstrategy Team]

AUDUSD: Weakens, Vulnerable To The Downside.

AUDUSD: With AUDUSD remaining weak and vulnerable in a corrective mode after losing steam at the 0.9460 level the past week, further downside pressure is envisaged. Support lies at the 0.9334 level where a break will aim at the 0.9303/7 levels. A reversal of roles as support is likely to occur. Further down, support comes in at the 0.9250 level followed by the 0.9200 level where a break will turn focus to the 0.9166 level. Resistance resides at the 0.9460 level where a break will aim at the 0.9500 level and subsequently the 0.9550 level. All in all, the pair remains biased to the upside on bull risks medium term but looks to weaken on correction.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: On The Offensive, Closes In On The 1.6819/22 Levels

GBPUSD: With GBP recovering higher and threatening the 1.3819/22 levels, further strength is envisaged. The pair needs to decisively break and hold above here to trigger further bullish offensive towards the 1.6877 level. Further out, resistance resides at the 1.6900 level where a break will aim at the 16950 level and then its big psycho level at the 1.7000 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.6719 level where a breach will aim at the 1.6683 level with a cut through here allowing further downside towards the 1.6600 level. Further down, support stands at the 1.6550 level and then the 1.6500 level. On the whole, GBP continues to retain its upside bias.

 

[FXTechstrategy Team]

Commodity Technical Outlook On CRUDE OIL

CRUDE OIL: Turns Lower, Vulnerable

CRUDE OIL: With the commodity reversing its intra day gains during Wednesday trading session, it faces the risk of further downside pressure. On further weakness, support comes in at the 102.94 level where a breach will aim at the 102.04 level. A cut through here will target the 100.68 level with a push below here if seen will expose the 99.93 level with a violation targeting the 99.81 level. Further down, supports are seen at the 98.86 level and then the 98.00 level. Conversely, resistance comes in at the 104.98 level. A breach of here will pave the way for a run at the 105.21 level, its Feb 2014 high. Further out, resistance resides at the 106.00 level and then the 107.00 level. All in all, Crude Oil remains biased to the upside short term but faces corrective weakness risks

 

[FXTechstrategy Team]

Medium Term Technical Outlook On GOLD

GOLD: Threatens Further Downside

GOLD: With GOLD continuing to maintain its downside bias, further decline continues to be envisaged. But corrective recovery risk may occur. Support lies at the 1,289.36 level where a break will pave the way for a run at the 1,277.58 level. A turn below here will shift focus to the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance is seen at the 1,318.30 level where a violation will target the 1,331 level. Above here if seen will trigger further gains towards the 1,359.00 level followed by the 1,380.00 level. Further out, resistance comes in at the 1,400.00 level where a break will aim at the 1,420.00 level. All in all, GOLD remains biased to the downside short term

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF: Recovers Higher, Threatens Price Extension

USDCHF: The pair closed higher the past week after halting its one-week weakness. This has opened the door for further upside possibly towards the 0.8924 level in the new week with a cut through here will aim at the 0.8952 level. This level if broken will aim at the 0.9000 level with a close above here eyeing the 0.9050 level and next the 0.9100 level. On the downside, support lies at the 0.8742 level where a break will turn focus to the 0.8700 level. A cut through here will set the stage for a run at the 0.8650 level and subsequently the 0.8600 level. If it violates this level it will resume its medium term downtrend. All in all, the pair remains biased to the downside in the medium term

 

[FXTechstrategy Team]

Commodity Technical Outlook On Crude Oil

CRUDE OIL: Vulnerable To The Downside On Correction

CRUDE OIL: With the commodity closing lower the past week, further downside pressure is envisaged. Despite its present price hesitation our immediate outlook on Crude Oil remains lower. On further weakness, support comes in at the 102.94 level where a breach will aim at the 102.04 level. A cut through here will target the 100.68 level with a push below here if seen exposing the 99.93 level. Further down, supports are seen at the 99.81 level and the 98.86 level where a breach will set the stage for a move towards the 98.00 level. Conversely, resistance comes in at the 104.98 level. A breach of here will pave the way for a run at the 105.21 level, its Feb 2014 high. Further out, resistance resides at the 106.00 level and then the 107.00 level. All in all, Crude Oil remains biased to the upside short term but faces corrective weakness risks

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: With USDJPY breaking out of consolidation to the downside, there is risk of further weakness. Support lies at the 102.00 level with a breach of here targeting the 101.32 level where a violation will aim at the 100.75 level and then the 100.00 level followed by the 99.00 level. On the other hand, resistance resides at the 102.72 level where a break will aim at the 103.00 level. A breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Its daily RSI has turned higher supporting this view. On the other hand, On the whole, USDJPY remains exposed to the downside.

 

[FXTechstrategy Team]

EURJPY: Outlook Lower On Correction

EURJPY: Outlook Lower On Correction

EURJPY- We continue to hold our corrective bias view on EURJPY though seen hesitating. On the upside, resistance resides at the 141.88 level followed by the 142.29 level where a break will aim at the 143.78 level. Further out, resistance comes in at the 144.00 level where a violation will turn attention to the 144.50 level and then the 144.00 level. On the downside, support lies at 140.22 level followed by the 139.50 level where a violation will aim at the 139.00 level and then the 138.00 level. All in all, the cross remains broadly biased to the downside though threatening a recovery.