USDCAD: With the pair selling off strongly during Tuesday trading session, further weakness is now envisaged in the days ahead. Support lies at the 1.0857 level with a break if seen targeting the 1.0800 level followed by the 1.0750 level. Below here will create scope for further downside towards the 1.0700 level where a breach will push it lower towards the 1.0650 level and then the 1.0600 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.0935 level where a reversal of roles as support is likely to occur and turn it lower. However, if broken further strength should build up towards the 1.1000 level. A violation will open the door for more upside towards the 1.1069 level and subsequently the 1.1100 level.. All in all, USDCAD faces further downside pressure.
GOLD: While GOLD may still be biased to the upside above the 1,273.80/1,268.39 levels, it continues to face downside risk. This leaves the commodity vulnerable to the downside towards the 1,273.80 level where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance comes in at the 1,299.40 level where a break if seen will set the stage for a run at the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. A close above here will open the door for the resumption of its long term upside towards the 1,400.00 level. All in all, GOLD remains biased to the downside short term.
GOLD: With GOLD closing lower the past week, further downside pressure is likely. This leaves the commodity vulnerable to the downside towards the 1,273.80 level where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Conversely, resistance comes in at the 1,299.40 level where a break if seen will set the stage for a run at the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. A close above here will open the door for the resumption of its long term upside towards the 1,400.00 level. All in all, GOLD remains biased to the downside short term.
CRUDE OIL: Although Crude Oil remains vulnerable to the downside, it faces corrective recovery higher. With that correction triggered on Monday, further strength is expected towards the 101.15 level. A break will aim at the 102.00 level followed by the 102.94 level and then the 104.98 level. A breach of here if seen will pave the way for a run at the 105.21 level, its Feb 2014 high. On the downside, support lies at the 99.00 level followed by the 98.00 level where a breach will aim at the 97.00 level. A cut through here will target the 96.00 level with a push below that level if seen exposing the 95.00 level. All in all, Crude Oil remains biased to the upside.
USDJPY: With USDJPY triggering a recovery higher on Monday and following through higher in today’s trading session, further build up on that gain is likely. On the upside, resistance resides at the 102.77.00 level where a breach will turn focus to the 103.50 level. Further out, resistance is seen at the 104.00 level and then the 104.50 level. Support comes in at the 101.95 level where a break if seen will aim at the 101.50 followed by the 101.00 and then the 100.75 level. Further down, support stands at the 100.00 level. Its weekly RSI is bearish and pointing lower supporting this view. On the whole, USDJPY remains exposed to the upside on correction
AUDUSD: The pair has resumed its short term uptrend breaking the 0.9393 level and paving the way for more upside. Resistance resides at the 0.9460 level. Further out, resistance is located at the 0.9500 level with a cut through here resuming its broader uptrend towards the 0.9550 level. Conversely, support comes in at the 0.9350 level where a violation will set the stage for retarget of the 0.9300 level. Further down, support comes in at the 0.9200 level, its psycho level where a halt may occur but if violated expect further weakness towards the 0.9150 level. All in all, the pair remains biased to the upside but faces bear threats
CRUDE OIL: With Crude Oil’s strength cut short at the 102.64 during Wednesday trading, its faces downside risk in the days ahead. On the downside, support lies at the 101.15 level where a violation will turn focus to the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will aim at the 98.00 level. Further down, support comes in at the 97.00 level with a push below that level exposing the 96.00 level. On the upside, resistance resides at the 102.64 level. A break will aim at the 102.94 level followed by the 103.00 level and then the 104.98 level. We may see a price halt here but if taken out, resistance is seen at the 105.21 level, its Feb 2014 high. All in all, Crude Oil remains biased to the upside but faces corrective weakness threats
EURUSD: EUR reversed its one-day gain during Thursday trading session selling off further and opening the door for weakness. Support lies at the 1.3600 level where a break will aim at the 1.3561 level, its Feb 12 2014 low. Further down, support stands at the 1.3500 level where a violation will target the 1.3450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, if recovery is triggered, gains could build up towards the 1.3730 level, its May 14’2014 high. Further out, resistance resides at the 1.3800 level and then the 1.3839 level with a breach targeting the 1.3905 level and 1.3966 level. All in all, EUR remains biased to the downside in the medium term
GBPUSD: With GBP halting its 6-day weakness on Thursday, risk of further recovery higher is now envisaged. This has opened the door for more upside towards the 1.6873 level, its May 14 2014 high where a break if seen will turn attention to the 1.6913 level. A breach of here will target the 1.6995 level. Further out, the 1.7050 level and then the 1.710 come in as upside objectives. Conversely, support lies at the 1.6730 level where a break will resume its weakness triggered from the 1.6995 level towards the 1.6683 level. A cut through here will allow for further downside towards the 1.6600 level. On the whole, GBP continues to retain its downside bias.
EURJPY- The cross remains weak and vulnerable to the downside with risk of further decline envisaged. On the downside, support is seen at the 138.00 level. Further down, support comes in at the 137.50 level where a breach will aim at the 137.00 level. A violation will target the 136.50 level and then the 136.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance comes in at the 140.00 level where a break will target the 140.94 level followed by the 141.14 level. A cut through here if seen will target the 142.46 level with a turn above here pushing EURJPY towards the 143.00 level. All in all, the cross remains biased to the downside.
EURUSD: Although EUR is biased to the downside, it faces a recovery higher threats. This is coming on back of its rejection candle print on Thursday (weekly) last week. If recovery is triggered, expect further upside towards the 1.3774 level where a break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3966 level where a break will aim at the 1.4000 level, its big psycho level. On the other hand , support lies at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. All in all, EUR remains biased to the downside in the medium term but faces recovery higher.
EURGBP- With the cross extending its decline the past week, the risk is for more downside to occur. Though seen recovering higher during early Monday trading today, its broader downside view remains intact. Immediate support lies at the 0.8126 level where a violation will aim at the 0.8100 level where a violation will turn attention to the 0.8050 level. Further down, support comes in at the 0.8000 level. Conversely, resistance lies at the 0.8195 level where a violation if seen will turn focus to the 0.8250 level. On further upside, a breach of the 0.8250 level will set the stage for a run at the 0.8300 level and then the 0.8350 level. Its daily RSI is bullish and pointing higher suggesting further upside. All in all, the cross remains biased to the downside in the medium term despite recovery attempts.
USDCAD: With the pair following through higher during Tuesday trading session, it looks to build on that strength in the days ahead. On the upside, resistance stands at the 1.0900 level where a break will expose the 1.0950 level followed by the 1.1000 level and then the 1.1069 level. A cut through here will turn focus to the 1.1100 level and then the 1.1150 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on the downside, support lies at the 1.0830 level where a break will aim at the 1.0750 level and then the 1.0700 level. Further down, support is located at the 1.0650 level where a break if seen will pave the way for a run at the 1.0600 level. All in all, USDCAD faces further recovery risk.
CRUDE OIL: With Crude Oil rallying strongly during Wednesday trading session to break and hold above 103.65 level, it faces further bullish risk in the days ahead. This development now leaves it eyeing the 104.98 level and then the 105.50 level. We may see a price halt here but if taken out, resistance is seen at the 106.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, the commodity will have to break and hold below the 103.65 level and the 102.64 level to annul its bullish bias. Further down, support comes in at the 101.27 level with a break of here opening the door for a run at the 100.00 level. A cut through here will pave the way for a run at the 99.00 level where a breach will target the 98.00 level. All in all, Crude Oil remains biased to the upside in the short term with eyes on further upside.
EURJPY- With EURJPY halting its broader weakness and building slightly higher on the back its recovery off the 138.13 level, it faces further bull risk. In such a case, resistance comes in at the 139.88 level where a break will aim at the 140.94. We may see a breather here but if that fails, further gains could follow towards the 141.50 level. A cut through here will target the 142.46 level and then the 143.00 level. On the other hand, support comes in at the 138.00 level where a breach will aim at the 137.50 level. A violation will set the stage for a run at the 137.00 level and then the 136.50 level, its psycho level. All in all, the cross remains biased to the downside but may see a correction
GBPJPY – With the cross remaining bullish, further upside is expected. Resistance resides at the 171.82 level followed by the 172.78 level where a break will aim at the 173.13 level. A violation will aim at the 174.00 level and subsequently the 175.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 169.80 level where a break will aim at the 169.00 level. A cut through here if seen will target the 168.63 level and then the 168.00 level. All in all, the cross remains biased to the upside on recovery.
USDCHF: Although USDCHF is biased to the upside in the short term, it will have to decisively break and hold above the 0.8959/65 levels to convince the market of continued gains. This if seen will target the 0.9000 level where a violation will aim at the 0.9050 level. A breather may occur here and turn the pair lower but if broken it will pave the way for a run at the 0.9100 level with a close above here targeting the 0.9150 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, its support at the 0.8900 level with the 0.8850 level is seen as the next downside objective. Below here will expose the 0.8800 level and then the 0.9742 level. A cut through here will set the stage for a run at the 0.8700 level. All in all, the pair remains biased to the upside in the short term but faces pullback risk
EURUSD: While outlook for EUR remains to the downside on further decline, it faces the risk of a recovery of its one-week weakness. If this is triggered, expect further upside towards the 1.3700 level where a break will aim at the 1.3774 level. A break will set the stage for a run at the 1.3839 level. Further out, resistance resides at the 1.3905 level and 1.3900 level. On the other hand, support lies at the 1.3676 level followed by the 1.3600 level. Further down, support stands at the 1.3550 level where a violation will target the 1.3500 level. All in all, EUR remains biased to the downside in the medium term but faces recovery higher.
GOLD: Outlook for GOLD continues to remain lower though consolidating. It will have to break either way to create directional trigger. Support resides at the 1,273.80 level as the next support where a breach will set the stage for a run at the 1,268.39 level. Further down, a turn below the mentioned support will target the 1,250.00 level followed by the 1,230.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance comes in at the 1,308 level where a break will target the 1,315.48 level. A violation will aim at the 1,331.36 level with a cut through here turning attention to the 1,342.00 level followed by the 1,388.00 level. Above here will open the door for the resumption of its long term upside. All in all, GOLD remains biased to the downside in the short term.
EURGBP- With the cross closing marginally higher on Monday and triggering further upside during Tuesday trading today, it faces the risk of additionally recovery higher in the days ahead. Immediate resistance lies at the 0.8126 level followed by the 0.8195 level where a violation if seen will turn focus to the 0.8250 level. On further upside, a breach of the 0.8250 level will set the stage for a run at the 0.8300 level and then the 0.8350 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.8050 level where a violation will turn attention to the 0.8000 level. Further down, support comes in at the 0.7950 level. Its weekly RSI is bearish and pointing lower suggesting further downside. All in all, the cross remains biased to the downside in the medium term but faces a recovery higher
