FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

USDCAD: Bullish, Eyes Further Strength.

USDCAD: With USDCAD resuming its broader upside, it looks to strengthen further towards the 1.1000 level, its big psycho level. Above here will pave the way for a run at the 1.1050 level and possibly higher towards the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the other hand, support comes at the 1.0900 level followed by the 1.0842 level where a violation will set the stage for a run at the 1.0736 level, representing its Dec 20 2013 high. Additionally, downside objective resides at the 1.0651 level, its Jan 06’2014 low and subsequently the 1.0600 level. All in all, USDCAD continues to face further upside threats in the long term.

 

[FXTechstrategy Team]

AUDUSD: With a third day of downside pressure seeing AUDUSD breaking through its key support at the 0.8822 level, further weakness is envisaged. Support lies at 0.8750 level, its psycho level where bulls may come in. However, if that level fails to hold, expect further decline to occur towards the 0.8700 level, its psycho level and subsequently the 0.8650 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.8915 level, its Jan 16’2014 high followed by the 0.9000 level, its big psycho level with a cut through here paving the way for a run at the 0.9050 level. Further out, upside objective comes in at the 0.9166 level, its Dec 10 2013 high. All in all, the pair remains biased to the downside on further weakness.

 

[FXTechstrategy Team]

AUDUSD: Bearish, Deeper Weakness Triggered

GOLD: The commodity remains vulnerable to the downside while holding and trading below the 1,267.75 level, its Dec 10’2013 high. Support stands at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent a return to the 1,182.33 level, its Dec 31’2013 low from occurring. However, if this is violated it will aim at the 1,150.00 level followed by the 1,100.00 level with a turn below the latter shifting attention to the 1,050 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,267.75 level, its Dec 10 2013 high. A cut through here will create scope for a move higher towards the 1,300.00 level where a violation if seen will turn focus to the 1,350.00 level. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

EURGBP- Bearish, Sells Off Sharply.

EURGBP- With a strong sell off underway, risk of further decline is envisaged towards the 0.8230 level, its Jan 09 2014 low. Further down, support comes in at the 0.8200 level, its psycho level where a breach will pave the way for a run at the 0.8150 level. A clearance of here will turn attention to the 0.8100 level, its psycho level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, in case of a recovery resistance resides at the 0.8285 level, its Jan 15 2014 level followed by the 0.8348 level. Above here if seen will resume the cross’s recovery towards the 0.8400 level and then the 0.8466 level. All in all, the cross remains biased to the downside in the medium term

 

[ajpipsmaker]

The EURGBP is no doubt under serious bearish pressure.
After the today's retail sales data, the pair collapsed and traded a lot lower.
I am waiting for some retracement to enter shorts.
However, I have a doubt that the pair will retrace substantially.
The positive thing is that the Euro is coming to a support, and the pound is reaching a resistance.
So, we can see a bounce in the EURGBP.
Let's see what happens on Monday.
I will be watching this pair carefully.

Cheers!

 

[FXTechstrategy Team]

USDCHF: Sets Up To Resume Short Term Uptrend.

USDCHF: With USDCHF reversing almost all of its previous week losses to close higher at the end of the week, the risk is for the pair to recapture the 0.9126 level in the new week. Above here will trigger the resumption of its short term recovery offensive towards the 0.9200 level, its psycho level. A violation of here will aim at the 0.9249 level, its Nov 07’2013 high and then the 0.9300 level, its psycho level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the other hand, support lies at the 0.9031 level, its Jan 16’2014 low where a break will target its psycho level at the 0.8986 level, its Jan 13’2014 low. Below here if seen will open the door for more downside towards the 0.8950 level and then the 0.8900 level. All in all, the pair remains biased to the upside in the short term.

 

[robert11]

nzd jpy


On the H4 TF we are observing the lower channel line being broken. We are expecting a drop by having the price stabilized beneath the channel.

http://pcm-fx.com/forums/forumdisplay.php/91-Analysis-By-Our-Specialist

 

[FXTechstrategy Team]

Hi,

Thanks. Since the lower or channel base is broken, we think it should decline further towards the 85.93 level or lower towards the 85.50 and then the 85.00 level.

 

[FXTechstrategy Team]

EURUSD: Weakens On Loss Of Trendline Support

EURUSD: With a reversal of its previous week gains and a break below its rising trendline support occurring the past week, further downside is likely. Support stands at the 1.3489 level where a violation will aim at the 1.3400 level, its psycho level. Further down, support resides at the 1.3300 level. Its weekly RSI is bearish and pointing lower suggesting further downside. On the upside, resistance comes in at the 1.3600 level its psycho level where a violation will aim at the 1.3698 level, its Jan 14 2014 high. Further out, the 1.3818 level, its Dec 30 2013 high comes in as the next resistance on a break of the 1.3698 level. A turn above the 1.3818 level will set the stage for a move higher towards the 1.3897 level, its Dec 27 2013 high. All in all, EUR remains biased to the downside on further bear threats.

 

[FXTechstrategy Team]

GOLD: Maintains Its Recovery Tone.

GOLD: While our immediate bias on GOLD remains higher on correction, the commodity will have to take out the 1,267.75 level, its Dec 10’2013 high to convince the market of price extension. However, as long as the mentioned level continues to hold as resistance the risk remains lower despite the mentioned recovery. On the upside, resistance resides at the 1,267.75 level, its Dec 10 2013 high. A cut through here will create scope for a move higher towards the 1,300.00 level where a violation if seen will turn focus to the 1,350.00 level. Conversely, support stands at the 1,218.35 level, representing its Jan 08’2014 low. This level must hold to prevent a return to the 1,182.33 level, its Dec 31’2013 low from occurring. However, if this is violated it will aim at the 1,150.00 level followed by the 1,100.00 level with a turn below the latter shifting attention to the 1,050 level.. All in all, GOLD remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

GBPUSD: Pushes Higher, Risk Points To The 1.6516 Level.

GBPUSD: With a second day of recovery higher underway, there is risk of price extension with eyes on the 1.6516 level, its Jan 10 2014 high. A decisive break and hold above this level will pave the way for a run at the 1.6603 level, its Jan 02’2014 high. Further out, a breach of the 1.6603 level will open the door for additional strength towards the 1.6650 level. Further out, a turn above here will trigger its medium term uptrend resumption towards the 1.6700 level followed by the 1.6750 level and possibly higher towards the 1.6800 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, on any pullback, support stands at the 1.6400 level where a break will turn focus to the 1.6350 level and subsequently the 1.6300 level. Further down, support comes in at the 1.6259 level. On the whole, GBP continues to retain its medium term upside bias.

 

[FXTechstrategy Team]

GBPUSD: Takes Out The 1.6516 Level, Risk Builds On The 1.6603 Level

GBPUSD: With GBP remaining bullish in the medium term and breaking above the 1.6516 level, its Jan 10 2014 high, the risk is for it to recapture the 1.6603 level, its Jan 02’2014 high. Further out, a breach of this level will open the door for additional strength towards the 1.6650 level with a turn above here triggering its medium term uptrend resumption towards the 1.6700 level followed by the 1.6750 level and possibly higher towards the 1.6800 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the other hand, on any pullback, support stands at the 1.6516 level and then the 1.6400 level where a break will turn focus to the 1.6350 level and subsequently the 1.6300 level. Further down, support comes in at the 1.6259 level. On the whole, GBP continues to retain its medium term upside bias.

 

[FXTechstrategy Team]

USDCAD: On Bullish Offensive, Aims At The 1.1200 Level.

USDCAD: The pair is now seen following through higher on the back of its Wednesday rally during Thursday trading session. This development has created scope for more strength towards the 1.1200 level where a breach if seen will trigger further gain towards the 1.1250 level. Further out, resistance comes in at the 1.1300 level where a violation will aim at the 1.1350 level and then the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the other hand, support comes at the 1.0900 level, its psycho level o any pullback followed by the 1.0842 level where a violation will set the stage for a run at the 1.0736 level, representing its Dec 20 2013 high. Additionally, downside objective resides at the 1.0651 level, its Jan 06’2014 low. All in all, USDCAD continues to face further upside threats in the long term.

 

[FXTechstrategy Team]

AUDUSD: Clears the 0.8755 level, Extends Bearishness.

AUDUSD: With the pair breaking the 0.8755 level, its Jan 20 2014 low to sell off further on Friday, more decline is expected in the days ahead. Support is seen at the 0.8650 level, its psycho level followed by the 0.8600 level. Further down, support comes in at the 0.8550 level and then the 0.8500 level. Its daily RSI is bearish and pointing lower suggesting further downside. On the upside, resistance resides at the 0.8755 level followed by the 0.8887 level, its Jan 22’2014 high. A break of here if seen will aim at the 0.8915 level, its Jan 16’2014 high. Further out, resistance resides at the 0.9000 level, its big psycho level. All in all, the pair remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

USDCHF: Sees Bearish Momentum, Targets The 0.8859 Level

USDCHF: With the pair declining sharply to reverse its previous week gains the past week, it now looks to extend that weakness in the new week. While holding below the 0.8986 level, the above view remains valid. This development has paved the way for a run at the 0.8900 level, its psycho level. Further down, support comes in at the 0.8859 level, its Dec 30 2013 low with a cut through here turning focus to the 00.8800 level. A turn below here will set the stage for a push lower towards the 0.8750 level. Its weekly RSI is bearish and pointing lower suggesting further downside. Conversely, to annul its present weakness and resume its short term uptrend now on hold, the pair must break and hold above the 0.9156 level, its Jan 21 2014 high, a tough call at its current price levels. Further out, resistance resides at the 0.9200 level, its psycho where a violation will aim at the 0.9249 level, its Nov 07’2013 high and then the 0.9300 level. All in all, the pair remains biased to the downside on further bear threats.

 

[FXTechstrategy Team]

EURUSD: Reverses Losses, Set To Extend Gains

EURUSD: With EUR reversing its previous week losses to return above its broken trendline, further recovery gains are likely in the new week. If this happens, the pair could force further strength towards the 1.3818 level, its Dec 30 2013 high where a violation will expose the 1.3750 level, its psycho level where a break will target the 1.3898 level, its Dec 2013 high. Above here will trigger its medium uptrend resumption towards the 1.3950 level and then the 1.4000 level, its psycho level. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, on any pullback, support comes in at the 1.3620 level, its rising trendline support. Further down, support stands at the 1.3550 level and then the 1.3500 level. All in all, EUR remains biased to the upside on further bull threats.

 

[FXTechstrategy Team]

AUDUSD: Bearish Medium Term Despite Recovery Attempts.

AUDUSD: Despite its attempts at recovering higher, it continues to hold on to its broader medium term downside bias. With that said, we expect its current recovery attempts to fade at the 0.8755 level or maximum at the 0.8822 level if it does continue. Support lies at the 0.8659 level followed by the 0.8600 level where a breach will aim at the 0.8550 level. Further down, support is located at the 0.8500 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.8755 level initially with a cut through there targeting the 0.8822/47 levels where a reversal of roles is likely to occur. But if this fails, expect more recovery to occur towards the 0.8915 level, its Jan 16’2014 high and next the 0.9000 level, its big psycho level. All in all, the pair remains biased to the downside in the medium term.

 

[FXTechstrategy Team]

EURJPY: Bearish, Faces Further Downside Pressure.

EURJPY- The cross remains weak and vulnerable as long as it holds below the 142.41 level. With a follow through lower on the back of its Wednesday losses seen, further weakness is expected in the days ahead towards the 138.48 level, its .50 Fib Ret (its 131.21-145.68 rally). Further down, support comes in at the 138.00 level, its psycho level where a violation will aim at the 137.50 level. A cut through that level will open the door for a run at the 137.00 level and then the 136.76 level, its .618 Fib Ret. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 141.27 level, its Jan 29 2014 low followed by the 142.41 level, its Jan 23 2014 low. A violation if seen will target the 142.90 level, its Jan 16’2014 high and then the 143.50 level. All in all, the cross remains biased to the downside on correction.

 

[up-down]

AUDUSD: With AUDUSD bullish and recovering higher taking out the 0.9004 level, its Jan 03’2013 high, further strength is expected in the days ahead. Immediate resistance comes in at the 0.9050 level with a cut through here paving the way for a run at the 0.9100 level, its psycho level. A violation of here if seen will target the 0.9166 level, its Dec 10 2013 high. Further out, resistance resides at the 0.9200 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on pullback, support comes in at the 0.9004 level the 0.8900 level, its psycho level where a reversal of roles is expected to occur and turn the pair higher. However, if this level fails to hold, expect further decline to occur towards the 0.8824 level and subsequently the 0.8800 level. All in all, the pair remains biased to the upside on recovery.

I will do the opposite , if you analyse properly it will probably go in the opposite direction. The reason why I say that, assuming that 2013 is the reversal candle that means you have to go in the opposite direction. But if you are a short day trader it doesn't matter which way, just follow it.

 

[FXTechstrategy Team]

GOLD: Vulnerable Below Falling Trendline Resistance.

GOLD: Outlook for GOLD remains lower while holding and trading below its declining trendline currently seen at 1,274.25 level. This leaves it targeting its minimum support located at the 1,231.48 level, its Jan 23’2014 low. On a turn below that level, more weakness should occur follow towards the 1,200 level, representing its psycho level. This level must hold to prevent the commodity from weakening further. However, if that level is violated it will turn attention to the 1,182.33 level, its Dec 31’2013 low where a breach will target the 1,150.00 level followed by the 1,100.00 level, its psycho level. Conversely, a return above the 1.279.08 level and its declining trendline resistance is required to annul its present bear pressure and trigger further upside towards the 1,300.00 level. Further out, resistance resides at the 1,350.00 level and next the 1,400.00 level, its psycho level. All in all, GOLD remains biased to the downside in the medium term.