Technical Outlook, Strategies & Commentaries On The Major Currencies

Jan 18, 2012
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EURUSD: Bearish, Faces Further Downside Pressure

EURUSD: A follow through on its previous week decline has left EUR targeting further downside. Support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see the bulls come in here and turn the pair higher but on further decline it will push lower towards the 1.3100 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.3547 level followed by the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated EUR will target the 1.3800 level. Further out, resistance stands at the 1.3645 level. All in all, EUR remains biased to the upside.

 
Jan 18, 2012
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GOLD: Weakens, Targets Further Downside.

GOLD: With GOLD maintaining a bearish tone for a second week in row, further downside is likely. Support comes in at the 1,251.56 level where a breach will aim at the 1,215.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.

 
Jan 18, 2012
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AUDUSD: Further Weakness Envisaged.

AUDUSD: With a third week of decline occurring the past week and a follow through seen on Monday and during Tuesday trading session, further bearishness cannot be ruled out. This development leaves the pair targeting further downside towards the 0.9300 level where a violation will target the 0.9250 level. On continued weakness, support comes in at the 0.9200 level with a break targeting further downside towards the 0.9150 level. On the upside, resistance resides at the 0.9542 level where a break will pave the way for a run at the 0.9764 level. This if taken out will open the door for a run at the 0.9850 level and then the 0.9900 level. All in all, the pair remains biased to the downside.

 
Jan 18, 2012
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CRUDE OIL: Set To Weaken Further

CRUDE OIL: Crude Oil continues to hold on to its broader downside bias as it looks to weaken further towards the 92.51 level. This leaves the risk of a return to the 92.00 level on the cards. A breach of here will turn attention to the 91.00 level followed by the 90.00 level and then the 89.00 level. Its weekly RSI is bearish and pointing lower suggesting further downside. Resistance is seen at the 98.29 level where a violation will aim at the 100.00 level followed by the 101.00 level where a breach will aim at the 101.50 level. Further out, resistance comes in at the 102.00 level with a cut through here turning attention to the 103.00 level. All in all, Crude Oil remains biased to the downside in the medium term.

 
Jan 18, 2012
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EURJPY: Maintains Medium Term Uptrend Despite Pullback Threats

EURJPY- Despite its mild price pullback, its broader medium term upside bias remains intact. However, the pair will have to retake the 135.49 level to trigger its broader medium term uptrend now on hold. Further out, resistance resides at the 136.50 level followed by the 137.00 level. A break of here will pave the way for a run at the 137.50 level with a push through that level aiming at the 136.50 level. Conversely, support lies at the 132.00 level where a breach will aim at the 131.21 level where a breach will aim at the 130.50 level and possibly blower towards the 130.00 level. All in all, the cross remains biased to the upside in the medium term.

http://3.bp.blogspot.com/-ZVeQqV65DYY/Uotln1ENCQI/AAAAAAAAOGw/XC1vNifD-e8/s1600/eurjpy2000000000.gif
 
Jan 18, 2012
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USDJPY: We continue to hold our upside bias on USDJPY despite its price hesitation ri

USDJPY: We continue to hold our upside bias on USDJPY despite its price hesitation risk. On ending its present pullback, it should retake the 100.60 level. A violation of here will aim at the 101.52 level. Further out, resistance resides at the 102.00 level. Conversely, support lies at the 98.00 level where a break will aim at the 97.00 level. Further down, support comes in at the 96.56/18 levels. Below here if seen will aim at the 95.00 level where a violation will aim at the 94.50 level. On the whole, USDJPY remains exposed to further upside.

 
Jan 18, 2012
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AUDUSD: Extends Weakness On Sell Off.

AUDUSD: With a second day of downside seeing the pair breaking and holding below the 0.9268 level, further weakness is likely. On continued weakness, support comes in at the 0.9150 level where a break will target further decline towards the 0.9100 level. Further down, support stands at the 0.9050 level. Its daily RSI is bullish and pointing lower supporting this view. On the upside, resistance resides at the 0.9338 level followed by the 0.9450 level. A cut through here will aim at the 0.9542 level. Further out, resistance comes in at the 0.9764 level. This if taken out will open the door for a run at the 0.9850 level. All in all, the pair remains biased to the downside.

 
Jan 18, 2012
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USDCHF: Weakens For Two Weeks In A Row.

USDCHF – With a second week of decline occurring the past week, there is risk of a return to the 0.9000 level. A violation of here will turn attention to its Oct 2013 low at the 0.8889 level. Further down, support lies at the 0.8750 level followed by the 0.8700 level. Its weekly RSI is bearish and pointing lower supporting this view.On the other hand, to resume its recovery triggered off the 0.8889 level now on hold, the pair will have to take out the 0.9249 level. This if seen will aim at the 0.9454 level. A cut through here will pave the way for a push towards the 0.9496 level and possibly higher towards the 0.9750 level. On the whole, the pair remains biased to the downside in the medium term.

 
Nov 24, 2013
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URJPY- Despite its mild price pullback, its broader medium term upside bias remains intact. However, the pair will have to retake the 135.49 level to trigger its broader medium term uptrend now on hold. Further out, resistance resides at the 136.50 level followed by the 137.00 level. A break of here will pave the way for a run at the 137.50 level with a push through that level aiming at the 136.50 level. Conversely, support lies at the 132.00 level where a breach will aim at the 131.21 level where a breach will aim at the 130.50 level and possibly blower towards the 130.00 level. All in all, the cross remains biased to the upside in the medium term.
 
Jan 18, 2012
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EURUSD: Follows Through Higher.

EURUSD: With a second week of upside seen, further upside could follow in the new week. However, it will have to take out the 1.3547 level to prevent a return to the 1.3295 level. Further out, resistance resides at the 1.3650 level where a break will aim at the 1.3710 level. Price hesitation may occur here but if violated it will target the 1.3800 level. Conversely, support lies at the 1.3300 level with a break turning focus to the 1.3250 level and possibly lower towards the 1.3200 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3100 level. All in all, EUR remains biased to the upside in the medium though vulnerable.

 
Jan 18, 2012
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GOLD: Bearish, Looks To Weaken Further

GOLD: With price weakness seen at the end of the week, further downside is likely in the new week. Nearby support resides at the 1,215.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Its daily RSI is bullish and pointing lower supporting this view. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.

 
Jan 18, 2012
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USDJPY: Bullish, Sees Further Strength

USDJPY: With continued bullishness seen during Monday trading session, further upside offensive is likely in the days ahead. Further out, resistance resides at the 102.50 level. A breach of here will aim at the 103.00 level followed by the 103.73 level. Above here if seen will target the 104.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support lies at the 101.52 level where a reversal of roles is likely. However, a turn below here will aim at the 100.60 level where a violation will target the 100.00 level. Further down, support comes in at the 99.00 level. On the whole, USDJPY maintains its bullish bias.

 
Jan 18, 2012
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EURUSD: Maintains Its Upside Bias

EURUSD: With EUR continuing to hold on to its upside bias, a retake of the 1.3579 level is a likely scenario. This if seen will extend gains towards the 1.3600 level and then the 1.3650 level. Above here will expose the 1.3738 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3450 level followed by the 1.3400 level. Further down, support comes in at the 1.3350 level where a violation will aim at the 1.3299 level. Below here will aim at the 1.3250 level where a violation will turn focus to the 1.3200 level. All in all, EUR continues to retain its upside bias in the medium term.

 
Jan 18, 2012
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AUDUSD: Faces Further Bearishness.

AUDUSD: Faces Further Bearishness.

AUDUSD: Having continued to weaken, we see risk of further downside towards the 0.9000 level where a break will target further downside towards the 0.8950 level. Further down, support stands at the 0.8900 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9150 level followed by the 0.9202 level. A cut through here will aim at the 0.9250 level. Further out, resistance comes in at the 0.9300 level. All in all, the pair remains biased to the downside.

 
Jan 18, 2012
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Commodity Technical Outlook On GOLD

GOLD: Consolidating With Downside Bias

GOLD: The commodity may be experiencing price hesitation but continues to hold on to its broader downside bias. Support lies at the 1,226.02 level. Below here will call for a retake of the 1,200.00 level. Further down, support resides at the 1,180.00 level with a turn below here shifting attention to the 1,150.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 1,375 level where a breach will target the 1,399.79 level. A cut through here will open the door for a run at the 1,433 level. Further out, resistance resides at the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside medium term.

 
Jan 18, 2012
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USDCHF: Remains Bearish Despite Marginal Lower Close.

USDCHF – Although closing marginally lower the past week, its broader downside bias remains intact. The risk is for a retake of the 0.9000 level to occur. A violation of here will turn attention to its Oct 2013 low at the 0.8889 level. Further down, support lies at the 0.8750 level followed by the 0.8700 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, to resume its recovery triggered off the 0.8889 level now on hold, the pair will have to take out the 0.9249 level, a tough call at its present price levels. This if seen will aim at the 0.9454 level with a cut through here paving the way for a push towards the 0.9496 level. On the whole, the pair remains biased to the downside in the medium term despite its marginal lower close the past week.

 
Jan 18, 2012
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CRUDE OIL: Loses Upside Steam, Vulnerable

CRUDE OIL: With the commodity bearish following a reversal of its Tuesday gains to close lower on Wednesday, further weakness cannot be ruled. Support comes in at 95.63 level where a breach will bring further downside towards the 94.00 level. Further down, support lies at the 92.00 level with a breach of here leaving the risk of a return to the 91.50 level. Its daily RSI has turned lower supporting its present bearish tone. Conversely, resistance resides at the 98.85 level and then the 100.00 level where a breach will aim at the 101.50 level. Further out, resistance comes in at the 102.00 level. All in all, Crude Oil remains biased to the downside on price failure.

 
Jan 18, 2012
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USDCHF: Bearish, Broader Bias Remains Lower

USDCHF: With USDCHF continuing to weaken and threatening further downside, further decline is expected in the new week. Support comes in at the 0.8800 level. Bulls may come in here and turn it higher but if that level is broken anticipate further decline to occur towards the 0.8750 level. Further down, support lies at the 0.8700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.8950 level followed by the 0.9000 level and then the 0.9100 level. Further down, support lies at the 0.9190 level followed by the 0.9249 level. A breach of here will turn attention to the 0.9450 level where a break will turn focus to the 0.9542 level. All in all, the pair remains biased to the downside.

 
Jan 18, 2012
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EURUSD: Pressure Builds On The 1.3831 Level.

EURUSD: EUR looks to extend its bullishness in the new week having continued to hold on to its medium term uptrend. Further out, resistance resides at the 1.3831 level where a break will aim at the 1.3900 level. Price hesitation may occur here but if violated it will target the 1.4000 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.3693 level with a break turning focus to the 1.3600 level and possibly lower towards the 1.3500 level. We may see bulls come in here and turn the pair higher but further decline is seen expect a move lower towards the 1.3400 level. All in all, EUR remains biased to the upside in the medium.

 
Jan 18, 2012
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EURUSD: Outlook Higher Medium Term.

EURUSD: With EUR’s broader bias remaining to the upside in the medium, further gains is likely in the days ahead. Resistance resides at the 1.3831 level. A cut through here will expose the 1.3850 level. Further out, resistance is seen at the 1.3900 level. Its daily RSI is bullish and pointing higher supporting this view. Support lies at the 1.3700 level with a breach targeting the 1.3650 level and then the 1.3600 level. We may see the bulls come in here and push the pair higher. However, if this fails to occur, expect further upside towards the 1.3550 level. All in all, EUR continues to retain its upside bias in the medium term.