GBPUSD: GBP extended its corrective weakness on Thursday leaving more downside pressure on the cards. Support comes in at the 1.5950 level where a violation will aim at the 1.5900 level. Further down, the 1.5850 level stands as the next downside objective with a breach targeting the 1.5800 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.6000 level. Further out, resistance resides at the 1.6100 level with breach targeting the 1.6200 level where a violation will pave the way for a run at the 1.6300 level. On the whole, GBP remains on defensive mood.
USDJPY: The pair continues to extend its recovery leaving it targeting more upside in the days ahead. As long as it holds above the 96.18 level, the risk still remains higher. This leaves the threat of a return to the 99.00 level and the 100.60 level on the cards. A violation of here will aim at the 101.52 level. Further out, resistance resides at the 102.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support comes in at the 97.00 level followed by the 96.06 level. 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 is exposed to the upside.
USDCHF – Although the pair triggered a corrective recovery the past week, its broader medium term downtrend remains intact. If its present attempts on the upside fail, look for USDCHF to return to the 0.8967 level. Further down, support lies at the 0.8900 level with a turn below here leaving the pair targeting the 0.8850 level followed by the 0.8800 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level with a break paving the way for a run at the 0.9750 level and subsequently the 0.9838 level, its Jun 2013 high. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: Outlook Higher Despite Pull Back Attempts.
EURUSD: Outlook Higher Despite Pull Back Attempts.
EURUSD: The pair may have closed marginally lower the past week but continues to hold on to its medium term uptrend. This suggests further upside is likely on ending its past week bear threats. Risk of a return to the 1.3645/1.3700 levels remains. Further out, resistance resides at the 1.3800 level followed by the 1.3850 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1.3451 level. A reversal of roles is likely to occur here and turn it higher. Further down, support lies at the 1.3300 level followed by the 1.3200 level. All in all, EUR remains biased to the upside.
AUDUSD: We continue to hold our upside view on AUDUSD with an eventual return to the 0.9528 level envisaged. This if taken out will open the door for a run at the 09650 level and then the 0.9700 level. Its daily RSI is bullish and pointing higher. On the other hand, support lies at the 0.9305 level where a reversal of roles as support is likely. Further down, support lies at the 0.9200 level with a break aiming at the 0.9100 level. A violation of here will open the door for a run at the 0.9000 level level. All in all, the pair remains biased to the downside long term
USDJPY: Watch out for more upside as USDJPY remains bullish and targeting further gains. As long as it holds above the 96.18 level, the risk still remains higher. This leaves the threat of a return to the 99.00 level and the 100.60 level on the cards. A violation of here will aim at the 101.52 level. Further out, resistance resides at the 102.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. Conversely, support comes in at the 97.00 level followed by the 96.06 level. 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 is exposed to the upside.
AUDUSD: With continued bullishness seen, more upside offensive is the likely scenario. However, the pair will have to break and hold above the 0.9528 level to trigger its recovery in the short term. Once this occurs, expect a run at the 0.9600 level. Further out, resistance resides at the 0.9650 level and then the 0.9700 level. Its daily RSI is bullish and pointing higher supporting this view. Support stands at the 0.9317 level where a reversal of roles as support is likely. However, if breached the pair will target the 0.9200 level with a violation of here turning focus to the 0.9100 level followed by the 0.9000 level. All in all, the pair remains biased to the upside short term.
EURUSD: With EUR rallying strongly in early trading today, the risk is for continued strength towards the 1.3645 level to occur. A break of here will resume its broader upside and pave the way for a run at the 1.3710 level, its Feb 01’2013 high. Further out, resistance resides at the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Conversely, support comes in at the 1.3597 level with a breach targeting the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. Further down, support comes in at the 1.3165 level. All in all, EUR continues to retain its upside bias in the medium term.
USDCHF – With a reversal of its previous week gains occurring the past week, further decline is expected as we enter a new week. This will leave the 0.8967 level as the next downside target where a violation will aim at the 0.8900 level. A turn below here will turn attention to the 0.8850 level followed by the 0.8800 level and then the 08750 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9177 level with a break targeting the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level where a break will pave the way for a run at the 0.9750 level. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: With EUR resuming its medium term uptrend, further upside offensive is likely in the days ahead. This suggests further upside is expected towards 1.3710 level. Further out, resistance resides at the 1.3800 level followed by the 1.3850 level and possibly higher towards the 1.3900 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1.3645 level with a break of here threatening further downside towards the 1.3500 level. A cut through here will aim at the 1.3451 level. A reversal of roles is likely to occur here and turn it higher. All in all, EUR remains biased to the upside.
EURUSD: Pulls Back Still Maintains Medium Term Upside Bias.
EURUSD: We continue to maintain our medium term upside bias on EUR despite its pullback threats. Minimum resistance resides at the 1.3710 level, its Feb 01’2013 high. Further out, resistance comes in at the 1.3750 level followed by the 1.3800 level and possibly higher towards the 1.3850 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1.3600 level where a breach will target the 1.3500 level followed by the 1.3456 level and then the 1.3321 level. A cut through here will target the 1.3250 level. All in all, EUR continues to retain its upside bias in the medium term.
USDCAD: With USDCAD rallying strongly on Wednesday, further price extension is likely in the days ahead. Resistance resides at the 1.0418 level. Further down, support is seen at the 1.0244 level followed by the 1.0200 level and then the 1.0150 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.0350 level followed the 1.0418 level. A violation of here will turn attention to the 1.0450 level followed by the 1.0500 level. Further out, resistance resides at the 1.0550 level with a cut through here setting the stage for a move towards the 1.0600 level. All in all, USDCAD now faces further bull threats.
EURUSD: With more bullishness exposing further upside, EUR looks to extend its streng
EURUSD: With more bullishness exposing further upside, EUR looks to extend its strength. Resistance resides at the 1.3900 level. Further out, resistance comes in at the 1.3950 level followed by the 1.4000 level and possibly higher towards the 1.4050 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1.3710 level followed by the 1.3650 level and then the 1.3600 level. A breach will target the 1.3500 level followed by the 1.3456 level and next the 1.3321 level. All in all, EUR continues to retain its upside bias in the medium term.
USDCHF: Remains Vulnerable, Set To Target Further Downside
USDCHF – With continued downside seen the past week, further declines are likely in the new week. This will leave the 0.8850 level as the next downside target where a violation will aim at the 0.8800 level. A turn below here will turn attention to the 0.8750 level followed by the 0.8700 level and possibly lower towards the 0.8850 level. Its weekly RSI is bearish and pointing lower supporting this view. On the other hand, the alternative scenario will be for the pair to retake the 0.9044 level and then the 0.9177 level. A break of here will target the 0.9278 level followed by the 0.9454 level. Further out, resistance resides at the 0.9496 level where a break will pave the way for a run at the 0.9750 level. On the whole, the pair remains biased to the downside on further bearishness.
EURUSD: Rallies, Holds Firmly Above The 1.3710 Level.
EURUSD: With EUR bullish and extending its strength the past week, further upside is likely in the new week. Further out, resistance resides at the 1.3850 level followed by the 1.3900 level and possibly higher towards the 1.3950 level. A cut through here will target the 1.4000 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support stands at the 1.3710 level where a reversal of roles is likely. But if this is taken out, more downside pressure is likely towards the 1.3645 level. A break of here will pave the way for a run at the 1.3500 level and subsequently the 1.3451 level. All in all, EUR remains biased to the upside.
GOLD: The commodity continues to hold on to its recovery higher suggesting further upside is envisaged. However, it will have to retake the 1,375 levels to prevent risk of a return to the downside. In case this occurs, support lies at the 1,240.00 level with a turn below here shifting attention to the 1,215.00 level and next the 1,180.00 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 upside on correction.
EURJPY- With continued bullishness seen, a recapture of the 135.49 level is envisaged. 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. Its weekly RSI is bullish and pointing higher supporting this view. Supports are seen at the 133.50 level and the 132.00 level followed by the 131.50 level. Further down, support stands at the 131.00 level with a break of here targeting the 130.50 level. All in all, the cross remains biased to the upside in the medium term.
USDJPY: Though attempting to recover higher, its downside pressure is yet to be over. Supports come 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. Alternatively, resistance resides at the 98.47 level where a break will create scope for a return to the 99.00 level and then the 100.60 level. A violation of here will aim at the 101.52 level. Further out, resistance resides at the 102.00 level. On the whole, USDJPY is exposed to the downside.
GOLD: The commodity continues to hold on to its recovery higher but may have run into the bears as price hesitation has set in. However, it will have to retake the 1,375 levels to prevent risk of a return to the downside. In case this occurs, support lies at the 1,240.00 level with a turn below here shifting attention to the 1,215.00 level and next the 1,180.00 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 upside on correction.
GBPUSD: Continued weakness saw GBP extending its corrective pullback on Tuesday. This leaves the risk of further downside on the cards. Support lies at the 1.6000 level followed by 1.5950 level and then the 1.5900 level. Further down, support lies at the 1.5850 level and next the 1.5800 level. Conversely, resistance resides at the 1.6115 level where a violation will aim at the 1.6246 level. A breach of here will resume its medium term uptrend. Further out, resistance resides at the 1.6300 level with breach targeting the 1.6350 level where a violation will pave the way for a run at the 1.6400 level. On the whole, GBP remains biased to the Upside.
