EURJPY- With the cross seen reversing its Monday losses on Tuesday, a retake of its key support standing at the 130.14 level is likely. On the downside, support comes in at the 130.14 level where a break will aim at the 129.00 level. A turn below here will target the 128.00 level with a breach turning focus to the 127.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 131.50 level where a break if seen will threaten further upside towards the 132.00. Further out, resistance resides at the 133.00 level where a break will aim at the 134.00. All in all, the cross continues to face downside risk medium term.
GBPJPY: With the cross facing price extension from its Tuesday weakness, further downside pressure is now seen. On the downside, support comes in at the 181.00 level where a violation will aim at the 180.00 level. A break below here will target the 179.00 level followed by the 178.00 level. Further down, support lies at the 177.00 level. Conversely, on the upside, resistance lies at the 183.00 level followed by the 184.00 level where a break will aim at the 185.00 level. A cut through here will aim at the 186.00 level. Its daily RSI is turning higher supporting this view. All in all, the cross remains biased to the upside on corrective recovery though pulling back.
USDCHF: With the pair extending its bullishness the past week, further strength is envisaged in the new week. Although USDCHF may see a corrective pullback following its recent strength. Resistance resides at the 1.0100 level with a breach targeting the 1.0150 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 1.0200 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 1.0000 level. A turn below here will open the door for more weakness towards the 0.9950 level and then the 0.9900 level. Further down. Support comes in at 0.0850. All in all, the pair remains biased to the upside in the medium term.
EURUSD: With EUR declining further the past week, it looks to weaken further in the new week. However, we may see a corrective recovery on the back of its recent weakness. Support is seen at 1.0450 level with a cut through here opening the door for more downside towards the 1.0400 level. Further down, support lies at the 1.0350 level where a break will expose the 1.0300 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 1.0550 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0650 level, its psycho level with a turn below that level targeting the 1.0700 level. Further out, resistance comes in at the 1.0750 level. All in all, EUR remains biased to the downside in the medium.
GBPUSD: Triggers Correction, Eyes The 1.4950 Level
GBPUSD: With the pair triggering a correction, further upside pressure is envisaged. Our minimum upside target stands at the 1.4950 level. On the downside, support lies at the 1.4750 level where a break if seen will aim at the 1.4698 level. A break of here will turn attention to the 1.4650 level. Further down, support lies at the 1.4600 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, resistance resides at the 1.4892 level with a break aiming at the 1.4950 level. A violation will aim at the 1.5000 level and possibly higher towards the 1.5050 level. On the whole, GBP continues to retain its broader downside bias medium term though recovering higher
EURJPY- Having triggered a correction on Monday and followed through on Tuesday, risk of more upside remains. On the downside, support comes in at the 128.00 level where a break will aim at the 127.50 level. A turn below here will target the 127.00 level with a breach turning focus to the 126.50 level. Conversely, resistance resides at the 129.05 level where a break if seen will threaten further upside towards the 129.30. Further out, resistance resides at the 130.00 level where a break will aim at the 131.00. All in all, the cross continues to face downside risk medium term but has triggered a correction short term.
EURUSD: With EUR seen taking back most of its rally gains on Thursday, further weakness is now envisaged. Resistance is seen at 1.0750 level with a cut through here opening the door for more downside towards the 1.0800 level. Further up, resistance lies at the 1.0850 level where a break will expose the 1.0900 level. On the downside, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level, its psycho level with a turn below that level targeting the 1.0500 level. All in all, EUR remains biased to the downside in the medium term.
GBPJPY: With the cross declining strongly on Thursday, it faces further weakness. On the downside, support comes in at the 177.50 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. Conversely, on the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level.. All in all, the cross remains biased to the downside
EURUSD: With EUR closing higher on a recovery the past week it looks to strengthen further in the new week. However, we may see a mild pullback before it could push higher again. Support is seen at 1.0750 level with a cut through here opening the door for more downside towards the 1.0700 level. Further down, support lies at the 1.0600 level where a break will expose the 1.0550 level. On the upside, resistance lies at the 1.0900 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0000 level, its psycho level with a turn below that level targeting the 1.1000 level. Further out, resistance comes in at the 1.1041 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EUR remains biased to the downside in the medium.
GBPJPY: Having halted its weakness and closed marginally higher the past week, GBPJPY now faces consolidation of that move. Its now taking back some of its Friday strength during Monday trading session. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance lies at the 179.00 level followed by the 180.00 level where a break will aim at the 181.00 level. A cut through here will aim at the 182.00 level. All in all, the cross remains biased to the downside short term but faces corrective recovery threats
USDCAD: The pair took back almost all of its intraday day gains to close lower on Monday and followed through lower on Tuesday. This development now leaves it targeting further downside. On the downside, support lies at the 1.2450 level followed by the 1.2400 level. Further down, support resides at the 1.2350 level and then the 1.2300 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. All in all, USDCAD continues to face bearish offensive short term
AUDUSD: With a flat close on a rejection candle seen on Tuesday, AUDUSD faces a move lower on price weakness. While its key resistance at 0.7974/80 zone cap upside moves, our bias remains to the downside. On the upside, resistance lies at the 0.7937 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the downside, support resides at the 0.7800 level where a breach will aim at the 0.7750 level. Below that level will set the stage for a run at the 0.7700 level with a cut through targeting further downside towards the 0.7650 level. On the whole, AUDUSD continues to retain its broader downtrend pressure but faces recovery threats in the short term.
GBPUSD: With a reversal of its gains off the 1.4993 level now underway, further decline is envisaged. Support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.4900 level with a break aiming at the 1.4950 level. A violation will aim at the 1.5000 level and possibly higher towards the 1.5050 level. On the whole, GBP continues to retain its broader downside bias medium term though facing recovery threats.
USDCHF: With USDCHF still facing recovery higher risk, a move higher could occur in the new (see daily chart) although closing lower the past week. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards the 0.9500 level and then the 0.9450 level. Conversely, resistance resides at the 0.9700 level with a breach targeting the 0.9750 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term.
EURUSD: With EUR closing almost flat the past week, it faces downside risk as long the 1.1051/96 levels cap. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1096 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0766 level, its Mar 23’2015 low . All in all, EUR remains biased to the upside on correction though seen hesitating on Tuesday.
USDJPY: Having followed through on the back of its rejection candle on Thursday during Monday’s trading session, more strength is expected. On the upside, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. A break will target the 121.00 level. Further out, resistance comes in at the 121.50 level where a violation will aim at the 122.00 level. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside in the immediate term.
EURUSD: With EUR continuing to look vulnerable, further downside pressure remains. Resistance is seen at the 1.0900 level with a cut through here opening the door for more downside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1096 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level with a turn below that level targeting the 1.0766 level, its Mar 23’2015 low . All in all, EUR remains biased to the downside on weakness
USDCAD: The pair halted its strength to close slightly higher on Tuesday, leaving risk of a move lower on the cards. On the upside, resistance is seen at the 1.2750 level followed by the 1.2800 level. Further out, resistance comes in at the 1.2850 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2900 level. On the downside, support lies at the 1.2600 level followed by the 1.2550 level. Further down, support resides at the 1.2500 level and then the 1.2450 level. All in all, USDCAD remains biased to the upside medium term.
GOLD: With GOLD’s bias continuing to point lower, further bearishness is now envisaged. This is consistent with its short term weakness triggered off the 1,219.51 level the past week. On the downside, support comes in at the 1,170.00 level where a break will aim at the 1,150.00 level. Below here if seen could trigger further downside towards the 1,130.00 level where a break will aim at the 1,100.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1,200.00 level where a break will aim at the 1,219.51 level. A violation of here will turn attention to the 1,240.00 level followed by the 1,150.00 level. All in all, GOLD remains biased to the downside medium term but faces corrective recovery risk
AUDUSD: With AUDUSD remaining weak and vulnerable, more declines is likely. It is now trading below its key support at the 0.7559 level. On the downside, support resides at the 0.7500 level where a breach will aim at the 0.7450 level. Below that level will set the stage for a run at the 0.7400 level with a cut through here targeting further downside towards the 0.7350 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7600 level. A cut through here will turn attention to the 0.7650 level and then the 0.7700 level where a violation will set the stage for a retarget of the 0.7750 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
