FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

EURUSD: Extends Weakness, Aims At Key Support.

EURUSD: With EUR weakening for a second week in a row, further declines is likely in the new week. However, it will have to break and hold below the 1.2824 level to convince the market of further declines. Further down, support lies at the 1.2692/1.2748 levels where a reversal of roles could occur. This could see the pair turn higher but if this fails to happen further declines will aim at the 1.2442 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3018 level where a break will aim at the 1.3171 level, its Sept 17’2012 high. A turn above here will call for a move higher towards its weekly ema at 1.3415 level. All in all, EUR looks to recapture the 1.2824 level on further weakness.

 

[FXTechstrategy Team]

GBPUSD: Sells Off, Eyes The 1.5911 level.

GBPUSD: GBP continues to weaken following g through lower today on the back of its last week strong sell off. This development now leaves the pair aiming at its key support located at the 1.5911 level, its Oct 23’2012 low. A decisive break below here will push the pair further lower towards the 1.5850 level and subsequently the 1.5774/78 level where a respite may be seen. However, if this fails to happen expect GPB to weaken further towards the 1.5457 level. Alternatively, on any pullback, immediate resistance lies at 1.6005 level but in order for the pair to convince the market it has ended its short term weakness, it will have to return above the 1.6215 level. This if seen will open up further offensive towards the 1.6350 level. On the whole, GBP continues to face downside pressure with the risk of recapturing its key support at 1.5911 level.

 

[FXTechstrategy Team]

EURUSD: Takes Out Key Support, Eyes More Weakness.

EURUSD: The pair has broken and held below its key support at the 1.2822 level. You will recall we have been watching that level for a long time. We see two things happening. One, EUR will have to hold below this support to validate its break and second, a failure to hold below here could mean further upside offensive could follow. If the former plays out, expect further declines towards the 1.2755 level. We expect a cap to occur here and possibly turn the pair higher again. But if broken, expect further declines to develop towards the 1.2625 level. Its daily RSI is supportive of this view. On the upside, resistance resides at the 1.2822 level where a reversal of roles could occur. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level with a cut through here calling for a move further higher towards its weekly ema at 1.3415 level. All in all, EUR faces further downside threats.

 

[FXTechstrategy Team]

AUDUSD: Strengthens, Looks For More Upside.

AUDUSD: With the pair resuming its short term upside on Tuesday, further upside is likely to target the 1.0475 level with a breach creating scope for a run at the 1.0520 level. The ultimate target lies at the 1.0611/23 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, if its present bullish tone fails, it could target the 1.0304 level with a violation of there targeting the 1.0234 level. A breach will push it lower towards the 1.0198 level. Further down, support comes in at the 1.0150 level. All in all, the pair continues to face upside risks.

 

[FXTechstrategy Team]

EURGBP: Maintains Below Key Support.

EURGBP- With the cross vulnerable as it now holds below its broken support, further downside is likely. It requires a continued hold below there to create scope for a move lower possibly towards the 0.7890 level. A cap is likely to occur and turn it higher but if violated expect further downside to occur towards Its daily is bearish and pointing lower supporting this view. On the upside, the cross will to return above the 0.8029 level you its here could see the cross extend its upside towards present downside pressure and set the stage for a the 0.8163 level where a break will aim at the 0.8200 level. All in all, the cross remains biased to the downside on further bear threats.

 

[FXTechstrategy Team]

USDCHF- Bullish Price Extension Targets Key Resistance.

USDCHF: A third week of upside gains has put the pair firmly above the 0.9424 level, suggesting further bullish pressure is likely to occur. With that said, USDCHF looks to target the 0.9550 level as long as it holds above the 0.9424 level. A breach of the 0.9550 level will open the door for more upside offensive towards the 0.9606 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, support comes in at the 0.9424 level where a reversal of roles is likely to occur and turn USDCHF higher. However, if this fails to occur, a run at the 0.9275 level will follow where a decisive break will set the stage for a move lower towards the 0.9193 level, its May 07’2012 low. On the whole, the pair remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

GBPUSD: Follows Through Lower, Targets Psycho Level.

GBPUSD: With GBP following through lower on the back of its past week losses, there is risk of further declines developing towards the 1.5826 level. A violation will pave the way for a move towards the 1.5774/78 levels with a cut through here setting the stage for a run at the 1.5700 level. Its daily RSI is bearish and pointing lower suggesting further declines. Alternatively, above the 1.6000 level and the 1.6215 level will have to be traded to annul its present downside vulnerability. Above here will open up further offensive towards the 1.6350 level followed by the 1.6400 level. On the whole, GBP continues to face downside pressure.

 

[FXTechstrategy Team]

Daily Technical Strategist: EURUSD

EURUSD: Under Bear Pressure, Sees Further Downside Momentum

EURUSD: With continued bearishness seen, EUR looks to extend further declines. This leaves the possibility of a return to the 1.2625 level. A breach of here will call for a run at the 1.2560 level. Its daily RSI is supportive of this view. On the upside, resistance resides at the 1.2755 level with a turn above here targeting the 1.2822 level. A reversal of roles could occur and turn the pair lower. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. All in all, EUR continues to face further downside threats.

 

[SavantK]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

Hope to swing back up with EUR cause I can hardly watch my position

 

[FXTechstrategy Team]

Re: Technical Outlook, Strategies & Commentaries On The Major Currencies

Hi,

You will have to be patient for a while. Possibly a correction may be seen after halting its present weakness.

 

[FXTechstrategy Team]

AUDUSD: Biased To The Upside With Eyes On The 1.0478 Level.

AUDUSD: While AUDUSD trades within its established rising channel, our bias remains higher. This leaves the risk of a recapture of the 1.0478 level on the cards. A breach will create scope for a run at the 1.0520 level. The ultimate target lies at the 1.0611/23 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, if its present bullish tone fails, it could target the 1.0304 level with a violation of there targeting the 1.0234 level. A breach will push it lower towards the 1.0198 level. Further down, support comes in at the 1.0150 level. All in all, the pair continues to face upside risks.

 

[FXTechstrategy Team]

Daily Technical Strategist: USDJPY

USDJPY: Rallies, Resumes Broader Upside Pressure.

USDJPY: With a second day of upside offensive seeing the pair breaking and holding above the 80.65 level to resume its medium term uptrend, further strength is envisaged. The 81.00 level is now being targeted with a violation of here opening the door for a run at the 81.77 level and possibly higher towards the 82.00 level. Alternatively, a failure of the 79.21/09 levels to hold could trigger further declines towards the 78.00 level. Further down, support lies at the 77.13/00 levels. All in all, USDJPY still faces corrective threats.

 

[FXTechstrategy Team]

Daily Technical Strategist: EURUSD

EURUSD: Loses Upside Momentum.

EURUSD: Although EUR extended its correction on Thursday, that gain is currently being reversed on a sell off. As long as it can hold below its support turned resistance at the 1.2822 level, our outlook remains lower short term. Support lies at the 1.2660/25 levels. A breach of here will call for a run at the 1.2560 level. Its daily RSI is supportive of this view. On the upside, resistance resides at the 1.2755 level with a turn above here targeting the 1.2822 level. A reversal of roles could occur and turn the pair lower. However, if this fails, further upside should build up towards the 1.3000 followed by the 1.3171 level. A breach of here will resume its broader uptrend towards the 1.3282 level. All in all, EUR continues to face further downside threats in short term despite recovery attempts.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF- Bullish Pressure Subsides, Price Hesitation Sets In.

USDCHF: While outlook for USDCHF may be pointing higher on correction, price hesitation has set in turning the pair lower the past week. However, as long as it trades and holds above the 0.9497 and the 0.9275 levels, its corrective bias remains higher with eyes on the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. Its weekly RSI is bullish and pointing higher supporting this view. Alternatively, support comes in at the 0.9497 level where a halt is likely to occur and turn USDCHF higher. However, if this fails to occur, a run at the 0.9275 level will follow where a decisive break will set the stage for a move lower towards the 0.9193 level, its May 07’2012 low. On the whole, the pair remains biased to the upside on correction though hesitating.

 

[FXTechstrategy Team]

Daily Technical Strategist: EURJPY

EURJPY: Risk Turns To The Upside.

EURJPY- Having closed higher the past week and returned above its earlier broken trendline on the back of a strong rally, further upside offensive is likely in the new week. This development leaves EURJPY targeting the 104.58 level with a violation of there triggering further upside towards the 105.00 level. Further out, resistance stands at the 106.53 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 101.99 level where a violation will call for a run at 100.31 level. Further down, on a turn below here, the 99.63 level will be targeted. The pair may see a respite here and turn higher. All in all, the pair remains biased to the upside medium term.

 

[FXTechstrategy Team]

EURJPY: Bullish, Remains On The Offensive.

EURJPY- With the cross bullish and threatening further upside, the risk is for more gain to occur. This could target the 106.53 level, its May 02’2012 high where a break will aim at the 107.99 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the 104.58 level. A reversal of roles as support is likely to turn the cross higher but if that fails to occur, further declines could build up towards 103.13 level. Further down, support stands at the 102.00 level. All in all, the cross has triggered a strong rally suggesting further upside.

 

[FXTechstrategy Team]

EURUSD: Sees More Upside Extension, Eyes Key Resistance

EURUSD: With EUR closing higher to hold above its broken resistance at the 1.2822 level, further price extension risk is likely in the days ahead. This will leave the pair targeting its psycho level at the 1.3000 level. Further out, resistance resides at the 1.3171 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support comes in at the 1.2822 level. Further down, support lies at the 1.2660/25 levels. A breach of here will call for a run at the 1.2560 level. All in all, EUR continues to retain its corrective recovery tone.

 

[FXTechstrategy Team]

The Week Ahead On USDCHF

USDCHF- Turns Lower On Price Failure, Further Weakness Likely.

USDCHF: With USDCHF reversing almost all of its recovery gains the past week, further decline cannot be ruled out in the new week. In such a case, the pair should push further lower towards the 0.9213 level where a violation will call for a run at 0.91.50 level followed by the 0.9041 level. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, the pair will have to break and hold above the 0.9511 level, its Nov 2012 high to reverse its present bear threats. This if seen will create scope for more recovery higher towards the 0.9550 level. A breach of here will open the door for more upside offensive towards the 0.9606 level. On the whole, the pair remains biased to the downside having ended its correction.

 

[FXTechstrategy Team]

AUDUSD: Short Term Bias Remains Higher Despite Price Hesitation.

AUDUSD: With the pair reversing its previous week losses to close higher the past week, the risk is for it to recapture the 1.0478 level. Though presently hesitating, its short term bias remains higher. A break of the 1.0478 level will call for a run at the 1.0623 level. A turn above here will call for a move higher towards the 1.0700 level and possibly the 1.0853 level. Its daily and weekly RSI are bullish and pointing higher supporting this view. On any pullback, the 1.0336 level will be targeted where a breach will aim at the 1.0257 level followed by the 1.0165/50 levels. All in all, the pair continues to maintain its upside risk.

 

[FXTechstrategy Team]

CRUDE OIL: Broken Trendline Caps Corrective Declines.

CRUDE OIL: While the commodity may be vulnerable to the downside on correction, it continues to hold above its broken trendline presently located at the 85.92 level. A hammer candle has formed against the mentioned trendline suggesting the bulls could be preparing to take control. This could mean Crude Oil should return above the 89.47 level on ending its correction. This could trigger further upside towards the 91.25 level. Further out, resistance resides at the 92.00 level. On the downside, support comes in at 85.92 level with a violation of here forcing further declines towards the 84.66 level and then the 82.00 level. All in all, Crude Oil faces corrective pullback risks but continues to maintain above its declining trendline.