Technical Outlook, Strategies & Commentaries On The Major Currencies

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Bearish, Extends Sell Off

EURJPY- The cross continues to face downside pressure selling off further on Tuesday and opening the door for more weakness. On the downside, support comes in at the 144.50 level where a break will aim at the 144.00 level. A break will target the 143.00 level with a breach turning focus to the 142.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 146.00 level where a break if seen will threaten further upside towards the 147.00. Further out, resistance resides at the 148.00 level where a break will aim at the 149.00 All in all, the cross faces corrective downside pressure.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Bullish, Targets Further Upside

USDJPY: Outlook for USDJPY now points higher after rallying strongly on Wednesday. On the upside, resistance resides at the 119.50 level followed by the 120.00 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 118.00 level where a break will target the 117.50 level. Below here if seen will aim at the 117.00 level followed by the 116.50 and then the 116.50 On the whole, USDJPY remains exposed to the downside on pullback

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Faces Price Hesitation.

EURJPY- With the cross failing to follow through higher on the back of its Wednesday gains to close lower on Thursday, downside risk is likely. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 147.00 level where a break if seen will threaten further upside towards the 148.00. Further out, resistance resides at the 149.00 level where a break will aim at the 150.00 All in all, the cross faces corrective downside pressure

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Vulnerable, Reverses Gains

EURUSD: Outlook for EUR continues to point lower following a reversal of its previous week gains the past week. However, a mild recovery higher may occur before more strength is seen in the new week. Support is seen at 1.2150 level with a cut through here opening the door for more downside towards the 1.2100 level. Further down, support lies at the 1.2050 level where a break will expose the 1.2000 level. Below here will pave the way for a move lower towards the 1.1950 level. On the upside, resistance lies at the 1.2700 level where a violation will aim at the 1.2750 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 downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Threatens Further Decline

GBPUSD: With GBP continuing to maintain its broader downside pressure, it looks to weaken further in the new week. But be wary of a recovery higher on correction. On the downside, support lies at the 1.5540 level where a break will aim at the 1.5450 level. A break of here will turn attention to the 1.5400 level. Further down, support lies at the 1.5350 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.5700 level with a break aiming at the 1.5750 level. A violation will aim at the 1.5800 level and possibly higher towards the 1.5850 level. On the whole, GBP continues to retain its broader downside bias medium term

 

[FXTechstrategy Team]

Daily Technical Strategist On EURJPY

EURJPY: Faces Price Hesitation

EURJPY- The cross may continue to be pushing higher but still faces downside risk on corrective pullback. On the downside, support comes in at the 146.00 level where a break will aim at the 145.00 level. A break will target the 144.00 level with a breach turning focus to the 143.00 level. On the upside, resistance resides at the 148.00 level where a break if seen will threaten further upside towards the 149.00. Further out, resistance resides at the 150.00 level where a break will aim at the 151.00. All in all, the cross faces corrective downside pressure.

 

[FXTechstrategy Team]

Commodity Technical Outlook On GOLD

GOLD: Faces Recovery Threats

GOLD: Despite its almost flat close the past week, GOLD continues to face corrective recovery threats. On the downside, support stands at the 1,167.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. On the upside, resistance lies at the 1,200.00 level where a break will aim at the 1,230.00 level. A break will target the 1,250.00 level followed by the 1,280.00 level. A cut through here will extend gains towards the 1,300.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDJPY

USDJPY: Risk Continues To Point Higher

USDJPY: Although it closed marginally lower the past week (see weekly chart), further upside is likely in the new week. On the upside, resistance resides at the 120.82 level followed by the 121.50 level where a break will target the 122.50 level. Further out, resistance comes in at the 123.50 level where a violation will aim at the 124.50 level. On the downside, support comes in at the 119.50 level where a break will target the 118.50 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term though hesitating.

 

[FXTechstrategy Team]

Daily Technical Strategist On AUDUSD

AUDUSD: Triggers Correction

AUDUSD: Having halted its downside weakness and triggered a recovery higher, further move higher is expected. On the downside, support resides at the 0.8034 level where a breach will aim at the 0.7950 level. Below that level will set the stage for a run at the 0.7900 level with a cut through targeting further downside towards the 0.7850 level. On the upside, resistance lies at the 0.8150 level. A cut through here will turn attention to the 0.8200 level and then the 0.8300 level where a violation will set the stage for a retarget of the 0.8350 level. On the whole, AUDUSD continues to retain its broader downtrend.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPJPY

GBPJPY: Vulnerable But With Caution

GBPJPY: With continued decline occurring on Tuesday, further weakness is expected. Though we may see a corrective recovery higher. On the upside, resistance lies at the 181.00 level followed by the 182.00 level where a break will aim at the 183.50 level. A cut through here will aim at the 184.50 level. On the downside, support comes in at the 179.00 level where a violation will aim at the 178.00 level. A break below here will target the 177.00 level followed by the 176.00 level. All in all, the cross remains biased to the downside on correction

 

[FXTechstrategy Team]

Daily Technical Strategist on USDJPY

USDJPY: Turns Higher, Strengthens

USDJPY: With the pair halting its weakness to close higher on Wednesday and following through higher during Thursday trading session, further bullishness is now envisaged. On the upside, resistance resides at the 120.00 level followed by the 120.50 level where a break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 and then the 116.50. On the whole, USDJPY remains exposed to the upside medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On GBPUSD

GBPUSD: Turns Higher On Recovery

GBPUSD: Despite retaining its broader downside bias, GBP has triggered a recovery higher on correction. On the downside, support lies at the 1.5050 level where a break will aim at the 1.5000 level. A break of here will turn attention to the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower supporting this view. 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: Bullish But Faces Pullback Threats

USDCHF: Although the pair retains its broader uptrend in the medium, it also faces the risk of a correction which we saw on Friday (daily chart). On the upside, resistance resides at the 1.1216 level where a break will aim at the 1.0250 level. Further out, resistance resides at the 1.0300 level. A breather may occur here and turn the pair lower but if taken out, expect a push towards the 1.1350 level. On the downside, support lies at the 1.0100 level with a break targeting the 1.0050 level and then the 1.0000 level. Further down, support comes in at the 0.9950 level. All in all, the pair remains biased to the upside medium term but may see pullback.

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Bearish Medium Term But With Caution

EURUSD: With EUR continuing to maintain its broader downside pressure, further downside pressure is expected. However, we think a recovery higher may follow after its Friday recovery attempt (see daily chart). Support is seen at 1.1753 level with a cut through here opening the door for more downside towards the 1.1700 level. Further down, support lies at the 1.1650 level where a break will expose the 1.1600 level. Below here will pave the way for a move lower towards the 1.1550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.1900 level where a violation will aim at the 1.1950 level where a break will aim at the 1.2000 level, its psycho level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level. All in all, EUR remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

Daily Technical Strategist On USDCAD

USDCAD: Targeting Further Upside With Warning

USDCAD: USDCAD continues to build up more upside pressure extending its strength on Monday and threatening further upside. However, a pullback may be seen. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 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 see its bullishness.

 

[FXTechstrategy Team]

Daily Technical Strategist On EURUSD

EURUSD: Looks To Resume Broader Weakness

EURUSD: With EUR continuing to maintain its downside pressure, more weakness is envisaged. Support is seen at 1.1700 level with a cut through here opening the door for more downside towards the 1.1650 level. Further down, support lies at the 1.1600 level where a break will expose the 1.1550 level. Below here will pave the way for a move lower towards the 1.1500 level. On the upside, resistance lies at the 1.1800 level where a violation will aim at the 1.1850 level where a break will aim at the 1.1900 level, its psycho level followed by the 1.1950 level. Further out, resistance comes in at the 1.2000 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]

Daily Technical Strategist On USDCAD

USDCAD: Looks To Resume Broader Uptrend.

USDCAD: USDCAD continues to build up on more upside pressure medium term though it was seen backing off higher prices on Tuesday. On the upside, resistance is seen at the 1.2000 level followed by the 1.2050 level. Further out, resistance comes in at the 1.2100 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2150 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 see its bullishness.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

GBPJPY: Bearish, Extends Weakness

GBPJPY: With the cross extending its weakness the past week, further decline is envisaged in the new week. However, following the mentioned weakness it should trigger a corrective recovery in the new week. On the downside, support comes in at the 175.83 level where a violation will aim at the 175.00 level. A break below here will target the 174.00 level followed by the 173.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term

 

[FXTechstrategy Team]

Weekly Technical Strategist On EURUSD

EURUSD: Faces Continued Bearishness

EURUSD: With further decline occurring the past week, additional downside pressure is likely in the week. Support is seen at 1.1500 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 1.1650 level where a violation will aim at the 1.1700 level where a break will aim at the 1.1750 level, its psycho level followed by the 1.1800 level. Further out, resistance comes in at the 1.1850 level. All in all, EUR remains biased to the downside in the medium term.