FXTechstrategy Team: Forex Analysis
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USDJPY: Remains In Consolidation Mode.
USDJPY: With a consolidation of its recent strength seen, a return the 99.94 level is required to resume its broader upside. Further out, resistance resides at the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Support comes in at the 95.00 level where a violation will target the 94.00 level and then the 93.00 level. All in all, USDJPY remains biased to the upside medium term though vulnerable.
USDJPY: With a consolidation of its recent strength seen, a return the 99.94 level is required to resume its broader upside. Further out, resistance resides at the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Support comes in at the 95.00 level where a violation will target the 94.00 level and then the 93.00 level. All in all, USDJPY remains biased to the upside medium term though vulnerable.
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USDJPY: Bull Pressure Turns To The 99.94 level
USDJPY: With a rally seeing the pair strengthening further during Friday trading session, further upside offensive looks to target the 99.94 level. Above here is required to resume its medium term uptrend towards the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support comes in at the 97.63 level where a violation will target the 96.00 level and then the 95.00 level. All in all, USDJPY remains biased to the upside medium term with eyes on the 99.93 level.
USDJPY: With a rally seeing the pair strengthening further during Friday trading session, further upside offensive looks to target the 99.94 level. Above here is required to resume its medium term uptrend towards the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support comes in at the 97.63 level where a violation will target the 96.00 level and then the 95.00 level. All in all, USDJPY remains biased to the upside medium term with eyes on the 99.93 level.
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USDJPY: Bull Pressure Turns To The 99.94 level
USDJPY: With a rally seeing the pair strengthening further during Friday trading session, further upside offensive looks to target the 99.94 level. Above here is required to resume its medium term uptrend towards the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support comes in at the 97.63 level where a violation will target the 96.00 level and then the 95.00 level. All in all, USDJPY remains biased to the upside medium term with eyes on the 99.93 level.
USDJPY: With a rally seeing the pair strengthening further during Friday trading session, further upside offensive looks to target the 99.94 level. Above here is required to resume its medium term uptrend towards the 100.50 level. We may see a pullback from here but if broken, further upside could follow towards the 101.00 level and then the 101.50 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support comes in at the 97.63 level where a violation will target the 96.00 level and then the 95.00 level. All in all, USDJPY remains biased to the upside medium term with eyes on the 99.93 level.
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EURUSD: Halts Recovery But With Caution
EURUSD: While EUR may be vulnerable to the downside following its past week loss of upside momentum, it continues to hold onto most of its recovery gains off the 1.2750 level. However, to restart that recovery, it will have to recapture the 1.3198 level. If this occurs expect the pair to strengthen further towards the 1.3250 followed by the 1.3318 level. Its weekly RSI is supportive of this view. On the downside, support comes in at the 1.2967 level. Below here will risk a return to the 1.2843 level followed by the 1.2800 level where a halt could occur and turn it higher. However, if this level breaks, expect further declines to occur towards the 1.2700 level. All in all, EUR continues to retain its corrective upside bias.
EURUSD: While EUR may be vulnerable to the downside following its past week loss of upside momentum, it continues to hold onto most of its recovery gains off the 1.2750 level. However, to restart that recovery, it will have to recapture the 1.3198 level. If this occurs expect the pair to strengthen further towards the 1.3250 followed by the 1.3318 level. Its weekly RSI is supportive of this view. On the downside, support comes in at the 1.2967 level. Below here will risk a return to the 1.2843 level followed by the 1.2800 level where a halt could occur and turn it higher. However, if this level breaks, expect further declines to occur towards the 1.2700 level. All in all, EUR continues to retain its corrective upside bias.
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USDCAD: Risk Points To The 1.0341 Level And Beyond.
USDCAD: With the pair continuing to maintain its upside bias, further upside offensive is likely. In such a case, the 1.0293 level will come in as the next upside target where a violation will aim at the 1.0341 level. Further out, resistance resides at the 1.0400 level with a violation calling for a run at the 1.0450 level and then the 1.0450 level. However, if its upside fails, the 1.0082 level will come in as the next downside. A breach will turn attention to the 1.0000 level. On continued decline, support comes in at the 0.9903 level where a breach will target the 0.9800 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, USDCAD remains biased to the upside in the short term.
USDCAD: With the pair continuing to maintain its upside bias, further upside offensive is likely. In such a case, the 1.0293 level will come in as the next upside target where a violation will aim at the 1.0341 level. Further out, resistance resides at the 1.0400 level with a violation calling for a run at the 1.0450 level and then the 1.0450 level. However, if its upside fails, the 1.0082 level will come in as the next downside. A breach will turn attention to the 1.0000 level. On continued decline, support comes in at the 0.9903 level where a breach will target the 0.9800 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, USDCAD remains biased to the upside in the short term.
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EURGBP- Biased To The Upside Above Rising Trendline
EURGBP- While the cross may be facing price hesitation below the 0.8635 level, its recovery tone set from the 0.8409 level still remains intact. Unless the 0.8502 level is decisively violated, a return to the upside cannot be ruled out. Resistance resides at the 0.8635 level where a break will call for a run at the 0.8700 level and then the 0.8686 level followed by the 0.8814 level. On the downside, if its present downside pressure continues, further decline could build up towards the 0.8502 level where a breach will target the 0.8462 level and next the 0.8350 level. Further down, support comes in at the 0.8300 level. All in all, the cross remains biased to the upside while holding below its rising trendline.
EURGBP- While the cross may be facing price hesitation below the 0.8635 level, its recovery tone set from the 0.8409 level still remains intact. Unless the 0.8502 level is decisively violated, a return to the upside cannot be ruled out. Resistance resides at the 0.8635 level where a break will call for a run at the 0.8700 level and then the 0.8686 level followed by the 0.8814 level. On the downside, if its present downside pressure continues, further decline could build up towards the 0.8502 level where a breach will target the 0.8462 level and next the 0.8350 level. Further down, support comes in at the 0.8300 level. All in all, the cross remains biased to the upside while holding below its rising trendline.
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EURUSD: Bear Threats Yet To Be Over.
EURUSD: Downside risk is now seen following EUR’s Tuesday weakness. However, we think further weakness should be capped at the 1.2900/1.2899 levels. This if it occurs will turn attention to the upside possibly towards the 1.3127 level. On the other hand, it will have to return to the 1.3198 level to create scope for more upside towards the 1.3250 and then the 1.3318 level. The alternative scenario will be a continued downside pressure towards the 1.2900 level where a violation will aim at the 1.2750/35 levels, its key support levels. A cut through here will aim at the 1.2700 level followed by the 1.2735 level. All in all, EUR continues to retain its corrective upside bias.
EURUSD: Downside risk is now seen following EUR’s Tuesday weakness. However, we think further weakness should be capped at the 1.2900/1.2899 levels. This if it occurs will turn attention to the upside possibly towards the 1.3127 level. On the other hand, it will have to return to the 1.3198 level to create scope for more upside towards the 1.3250 and then the 1.3318 level. The alternative scenario will be a continued downside pressure towards the 1.2900 level where a violation will aim at the 1.2750/35 levels, its key support levels. A cut through here will aim at the 1.2700 level followed by the 1.2735 level. All in all, EUR continues to retain its corrective upside bias.
Re: USDCAD: Risk Points To The 1.0341 Level And Beyond.
Too much pessimism around the Canadian Dollar. Short positions record for the hedge; in the past, this favoured the formation of a primary top on UsdCad.
Too much pessimism around the Canadian Dollar. Short positions record for the hedge; in the past, this favoured the formation of a primary top on UsdCad.
USDCAD: With the pair continuing to maintain its upside bias, further upside offensive is likely. In such a case, the 1.0293 level will come in as the next upside target where a violation will aim at the 1.0341 level. Further out, resistance resides at the 1.0400 level with a violation calling for a run at the 1.0450 level and then the 1.0450 level. However, if its upside fails, the 1.0082 level will come in as the next downside. A breach will turn attention to the 1.0000 level. On continued decline, support comes in at the 0.9903 level where a breach will target the 0.9800 level. Its weekly RSI is bearish and pointing lower supporting this view. All in all, USDCAD remains biased to the upside in the short term.
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Re: EURUSD: Bear Threats Yet To Be Over.
The 20 days moving average has cut downward the one at 150 days. In the past this has always generated bearish signals for EurUsd.
EURUSD: Downside risk is now seen following EUR’s Tuesday weakness. However, we think further weakness should be capped at the 1.2900/1.2899 levels. This if it occurs will turn attention to the upside possibly towards the 1.3127 level. On the other hand, it will have to return to the 1.3198 level to create scope for more upside towards the 1.3250 and then the 1.3318 level. The alternative scenario will be a continued downside pressure towards the 1.2900 level where a violation will aim at the 1.2750/35 levels, its key support levels. A cut through here will aim at the 1.2700 level followed by the 1.2735 level. All in all, EUR continues to retain its corrective upside bias.
The 20 days moving average has cut downward the one at 150 days. In the past this has always generated bearish signals for EurUsd.
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GBPUSD: Climbs Above Key Resistance Level.
GBPUSD: Having rallied through the 1.5410 level, its April 11’2013 high on Thursday, further upside offensive is likely towards 1.5450 level. On a break and hold above here resistance resides at the 1.5500 level where a violation will call for a run at the 1.5550. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive.
GBPUSD: Having rallied through the 1.5410 level, its April 11’2013 high on Thursday, further upside offensive is likely towards 1.5450 level. On a break and hold above here resistance resides at the 1.5500 level where a violation will call for a run at the 1.5550. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive.
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GBPUSD: Bullish, Targeting The 1.5600 Level.
GBPUSD: With continued upside offensive seen, further gain is likely towards the 1.5600. Above here will target the 1.5650 level and then the 1.5700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive.
GBPUSD: With continued upside offensive seen, further gain is likely towards the 1.5600. Above here will target the 1.5650 level and then the 1.5700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive.
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EURUSD: Still Faces Upside Threats Despite Price Hesitation.
EURUSD: The pair continues to maintain its upside bias triggered from the 1.2744 level though hesitating. As long as it continues to trade and hold above the 1.2955 level, further upside offensive is expected towards the 1.3201 level. Further out, resistance resides at the 1.3250 level where a break will call for a run at the 1.3300 level. Above here will create scope for more upside towards the 1.3350 and then the 1.3318 level. The alternative scenario will be a return to the 1.2955 level to occur where a violation will aim at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels with cut through here targeting the 1.2700 level. All in all, EUR continues to retain its short term upside bias.
EURUSD: The pair continues to maintain its upside bias triggered from the 1.2744 level though hesitating. As long as it continues to trade and hold above the 1.2955 level, further upside offensive is expected towards the 1.3201 level. Further out, resistance resides at the 1.3250 level where a break will call for a run at the 1.3300 level. Above here will create scope for more upside towards the 1.3350 and then the 1.3318 level. The alternative scenario will be a return to the 1.2955 level to occur where a violation will aim at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels with cut through here targeting the 1.2700 level. All in all, EUR continues to retain its short term upside bias.
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