EURUSD: With EUR closing flat the past week, it faces the risk of a move higher in the new week. Resistance is seen at the 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. Conversely, support lies at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will aim at the 1.0850 level with a turn below that level targeting the 1.0800 level. All in all, EUR faces downside threats having sold off the previous week.
USDJPY: The pair still remains weak and vulnerable on corrective pullback though seen hesitating during early trading on Wednesday. However, except it returns above the 125.04 level, risk continues to point lower. On the upside, resistance resides at the 125.00 level with a turn above here aiming at the 126.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. Conversely, support comes in at the 124.00 level where a break will target the 123.50 level. Below here if seen will aim at the 123.00 level followed by the 122.50 level. On the whole, USDJPY remains exposed to the upside in the medium term but faces pullback threats.
EURGBP- With EURGBP seen struggling at higher level prices, it faces the risk of a move lower if failed to surpass its intra day high at 0.7383 level. On the downside, support lies at the 0.7300 level where a break will expose the 0.7250 level. Further down, support comes in at the 0.7200 level where a violation will turn attention to the 0.7150 level. On the upside, resistance lies at the 0.7300 level where a violation if seen will turn focus to the 0.7350 level. On further upside, a breach of the 0.7400 level will set the stage for a run at the 0.7450 level. All in all, risk points higher on more strength but with caution.
GBPUSD: Having capped its recovery at the 1.5440 level on a rejection candle on Thursday and seen declining during early trading today, GBPUSD’s further downside pressure is likely. On the downside, immediate support lies at the 1.5250 level where a break if seen will aim at the 1.5200 level. A break of here will turn attention to the 1.5150 level. Further down, support lies at the 1.5100 level. On the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5400 level. A violation of here will aim at the 1.5450 level and possibly higher towards the 1.5500 level. On the whole, GBP continues to retain its downside bias
USDCHF: The pair continues to look vulnerable after closing marginally lower the past week. If a follow through lower is seen in the new week, further weakness will follow On the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. Further down, a cut through here will open the door for additional decline towards the 0.9150 level. Conversely, resistance resides at the 0.9450 level with a breach targeting the 0.9500 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9550 level. All in all, the pair remains biased to the downside on upside price failure.
EURUSD: Although EUR closed higher the past week, it faces downside pressure after losing a quarter of its last week gains (see daily chart). This development leaves it vulnerable to the downside. Resistance is seen at the 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Conversely, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at the 1.0950 level with a turn below that level targeting the 1.0900 level. All in all, EUR faces downside threats in the medium term.
GBPUSD: Having followed through higher on Wednesday, further bullishness is envisaged. This development leaves the pair targeting further upside towards the 1.5600 level where a break will aim at the 1.5650 level followed by the 1.5700 level. A break will target the 1.5750 level where a violation will aim at the 1.5550 level and possibly higher towards the 1.5600 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, immediate support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. On the whole, GBP continues to retain its upside bias on correction.
EURUSD: With EUR triggering a corrective weakness following its rejection candle print on Wednesday, downside risk is building up. While the 1.1378 level caps, our bias remains lower. Resistance is seen at the 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Conversely, support lies at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will aim at the 1.1150 level with a turn below that level targeting the 1.1100 level. All in all, EUR faces downside threats having triggered a correction
EURUSD: EUR closed higher for a second week in a row leaving risk of more upside on the cards. Resistance is seen at the 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1200 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1150 level with a turn below that level targeting the 1.1100 level. All in all, EUR faces downside threats in the medium term.
GBPUSD: GBP’s outlook continues to point higher with risk of more gains envisaged. On the upside, resistance resides at the 1.5650 level with a break aiming at the 1.5700 level. A violation of here will aim at the 1.5750 level and possibly higher towards the 1.5800 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.5450 level where a break if seen will aim at the 1.5400 level. A break of here will turn attention to the 1.5350 level. Further down, support lies at the 1.5300 level. On the whole, GBP continues to remain on the offensive in the short term.
GBPUSD: With GBP strengthening strongly further on Wednesday, further bullishness is envisaged. This development leaves the pair targeting further upside towards the 1.5813 level where a break will aim at the 1.5850 level followed by the 1.5900 level. A break will target the 1.5950 level where a violation will aim at the 1.6000 level where we should see price hesitation. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, immediate support lies at the 1.5650 level where a break if seen will aim at the 1.5600 level. A break of here will turn attention to the 1.5550 level. Further down, support lies at the 1.5500 level. On the whole, GBP continues to retain its upside bias.
USDJPY: With USDJPY following through lower on the back of its Wednesday weakness on Thursday, further downside pressure is likely in the days ahead. On the downside, support comes in at the 122.47 level where a break will target the 122.00 level. Below here if seen will aim at the 121.50 level followed by the 121.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 123.50 level with a turn above here aiming at the 124.00 level. A break will target the 124.50 level. Further out, resistance comes in at the 125.00 level. On the whole, USDJPY remains exposed to the downside on pullback.
USDCAD: With USDCAD closing on a rejection candle a move higher could be developing. On the upside, resistance is seen at the 1.2300 level followed by the 1.2350 level. Further out, resistance comes in at the 1.2400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2450 level. On the downside, support lies at the 1.2200 level followed by the 1.2150 level. Further down, support resides at the 1.2100 level and then the 1.2100 level. All in all, USDCAD remains biased to the downside on correction
USDCHF: With the pair declining further the past week, it now looks to see more weakness in the new week. However, beware of a correction. On the downside, support comes in at the 0.9100 level. A turn below here will open the door for more weakness to occur towards the 0.9050 level and then the 0.9000 level. A cut through here will open the door for additional weakness towards the 0.9000 level. Resistance resides at the 0.9250 level with a breach targeting the 0.9300 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9350 level. All in all, the pair remains biased to the downside on further correction.
EURUSD: EUR may have closed higher the past week but with caution as pullback threats could occur. Resistance is seen at the 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its weekly RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1200 level with a turn below that level targeting the 1.1150 level. All in all, EUR faces downside threats in the medium term.
GBPUSD: With GBP triggering a correction during Monday trading session, we expect more weakness to occur in the days ahead. On the upside, resistance resides at the 1.5900 level with a break aiming at the 1.5950 level. A violation of here will aim at the 1.6000 level and possibly higher towards the 1.6050 level. Its daily RSI is turning lower supporting its current price action. On the downside, support lies at the 1.5800 level where a break if seen will aim at the 1.5750 level. A break of here will turn attention to the 1.5700 level. Further down, support lies at the 1.5600 level. On the whole, GBP continues face downside pressure on correction.
AUDUSD: H With AUDUSD following through lower on the back of its Friday weakness, further downside pressure is envisaged. This view remains valid while the 0.7818/48 zone caps. On the upside, resistance resides at the 0.7800 level where a breach will aim at the 0.7850 level. Below that level if seen will set the stage for a run at the 0.7900 level with a cut through here targeting further downside towards the 0.7950 level. Its daily RSI is bearish and pointing lower supporting this view. On the downside, support lies at the 0.7700 level. A cut through here will turn attention to the 0.7650 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7550 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
USDJPY: With USDJPY maintaining its bullish offensive following its Monday strength, further upside pressure is likely in the days ahead. It looks to retarget the 124.24 level. On the upside, resistance resides at the 125.00 level with a turn above here aiming at the 125.50 level. A break will target the 126.00 level. Further out, resistance comes in at the 126.50 level. On the downside, support comes in at the 123.00 level where a break will target the 122.47 level. Below here if seen will aim at the 122.00 level followed by the 121.50 level. On the whole, USDJPY remains exposed to the upside medium term.
USDCHF: With the pair building up on its corrective offensive on Thursday, it faces the risk of further bullishness. Resistance resides at the 0.9428 level with a breach targeting the 0.9500 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9550 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support comes in at the 0.9300 level. A turn below here will open the door for more weakness to occur towards the 0.9250 level and then the 0.9200 level. A cut through here will open the door for additional weakness towards the 0.9150 level All in all, the pair remains biased to the upside on further correction.
AUDUSD: With AUDUSD continuing to hold above key supports, a move higher is now envisaged. On the upside, resistance resides at the 0.7750 level where a breach will aim at the 0.7800 level. Below that level if seen will set the stage for a run at the 0.7850 level with a cut through here targeting further downside towards the 0.7900 level. On the downside, support lies at the 0.7646 level. A cut through here will turn attention to the 0.7600 level and then the 0.7550 level where a violation will set the stage for a retarget of the 0.7500 level. On the whole, AUDUSD continues to retain its broader downtrend pressure.
