EURJPY: With the cross weakening further for a third day in a row, further bearishness is envisaged On the downside, support comes in at the 135.50 level where a break will aim at the 135.00 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 137.00 level. Further out, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.50 level. All in all, the cross now faces downside pressure on corrective weakness.
AUDUSD: Broader Bias Remains Lower But With Caution.
AUDUSD: AUDUSD may be biased to the downside but faces a recovery threat while holding above the 0.7037 level. However, we should see a move higher if the mentioned support remains unbroken. On the downside, support resides at the 0.7050 level where a breach will aim at the 0.7000 level. Below that level will set the stage for a run at the 0.6950 level with a cut through here targeting further downside towards the 0.6900 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7150 level. A cut through here will turn attention to the 0.7200 level and then the 0.7250 level where a violation will set the stage for a retarget of the 0.7300 level. On the whole, AUDUSD continues to retain its downside Pressure.
EURUSD: EUR declined sharply on Wednesday and was seen weakening further during Thursday trading today. This development leaves the pair targeting its key support located at the 1.1128 level. Immediate support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level with a turn below that level targeting the 1.1050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance is seen at 1.1300 level with a cut through here opening the door for more downside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EUR remains biased to the downside on further weakness.
GBPJPY: GBPJPY has halted its weakness to close higher on Thursday, leaving eyes on further upside. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance lies at the 187.50 level followed by the 188.00 level where a break will aim at the 189.00 level. A cut through here will aim at the 190.00 level. Further out, the 191.00 level comes in as the next resistance All in all, the cross remains biased to the downside but with warning.
EURJPY: The pair recovered on Thursday and followed through on Friday though marginally to put in a temporary bottom. This development could suggest a move further higher on more recovery as we enter a new week. In such a case, support comes in at the 135.50 level where a break will aim at the 135.00 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 137.00 level. Further out, resistance resides at the 137.50 level where a break if seen will threaten further upside towards the 138.00. Further out, resistance resides at the 139.50 level. All in all, the cross now faces downside pressure on corrective weakness.
USDCHF: The pair closed higher off its low at the 0.9257 level to open the door for more strength in the new week. On the upside, resistance resides at the 0.9700 level with a breach targeting the 0.9798 level. A respite may occur here and turn the pair lower but if taken out, expect a push further higher towards the 0.9800 level. Its weekly RSI is bullish and pointing higher suggesting further strength. 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 followed by the 0.9450 level. A cut through here will clear the way for additional weakness towards the 0.9400 level. All in all, the pair remains biased to the upside.
EURCHF: Having taken back its gains to close lower the past week, further weakness is envisaged in the new week. Support lies at the 1.0700 level where a break will aim at the 1.0650 level and then the 1.0600 level. Its weekly RSI has turned lower suggesting further downside pressure. Conversely, resistance resides at the 1.0800 level where a break will aim at the 1.0850 level. A break of here will have to occur to create scope for a run at the 1.0900 level. Further out, resistance comes in at the 1.0950 level. All in all, EURCHF remains biased to the downside in the short term.
EURUSD: EUR lost its upside momentum to close lower the past week leaving further downside pressure on the cards in the new week. However, note that a consolidation with a pullback higher may occur. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen at 1.1250 level with a cut through here opening the door for more downside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EUR remains biased to the upside on correction.
GBPUSD: GBP sold off strongly the past week leaving risk of more declines. However, we think while its key support at the 1.5329 level holds as support a move higher on recovery should occur. On the downside, support lies at the 1.5300 level where a break if seen will aim at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5450 level with a turn above here allowing more strength to build up towards the 1.5500 level. Further out, resistance resides at the 1.5550 level followed by the 1.5600 level. On the whole, GBP faces the risk of further weakness.
USDCAD: With USDCAD seen taking back its intra day gains during Monday trading session, risk of more weakness is now envisaged. Resistance resides at the 1.3212 level where a break will target the 1.3250 level. Further out, resistance comes in at the 1.3300 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3350 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support lies at the 1.3150 level followed by the 1.3000 level. Further down, support resides at the 1.2950 level and then the 1.2900 level. All in all, USDCAD remains biased to the downside below its key support at 1.3352 level.
CRUDE OIL: Having the commodity extended its bullish offensive on Monday, further strength is envisaged. Resistance is located at the 49.00 level where a break will expose the 50.00 level. A break below here will aim at the 51.00 level and then the 52.00 level. Above here if seen will open the door for a run at the 53.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the downside, support resides at the 47.00 level where a break will expose the 46.00 level followed by the 45.00 level. A cut through here will aim at the 44.00 level. All in all, Crude Oil remains biased to the upside on recovery.
USDJPY: With the pair experiencing a second day of weakness on Tuesday, risk of a move further lower is expected. On the downside, support comes in at the 119.00 level where a break will target the 118.50 level. Below here if seen will aim at the 118.00 level followed by the 117.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. On the whole, USDJPY remains exposed to the downside on pullbacks
EURGBP Closes In On Key Resistance At 0.7421 Level
EURGBP: With the cross extending its bullish offensive on Tuesday, it faces the risk of a move further higher towards its Aug 2015 high at the 0.7421 level. On the upside, resistance lies at the 0.7450 level where a violation if seen will turn risk towards the 0.7500 level. Further out, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7350 level where a violation will turn focus to the 0.7300 level. A break below here will expose the 0.7250 level. Further down, support comes in at the 0.7200 level. All in all, the cross is biased to the upside short term with eyes on key resistance
EURJPY: The pair resumed its short term weakness on Tuesday leaving risk of further weakness on the cards. This view remains valid while the cross trades and holds below the 136.60 level. Support comes in at the 134.50 level where a break will aim at the 134.00 level. A turn below here will target the 133.50 level with a breach turning focus to the 133.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 136.00 level. Further out, resistance resides at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level. All in all, the cross now faces downside pressure on corrective weakness.
GBPJPY Bounces Higher, Threatens Further Bull Pressure
GBPJPY: GBPJPY turned higher on Wednesday taking back some its losses and opening the door for more strength. On the downside, support comes in at the 183.00 level where a violation will aim at the 182.00 level. A break below here will target the 181.00 level followed by the 180.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance lies at the 185.00 level followed by the 186.00 level where a break will aim at the 187.00 level. A cut through here will aim at the 188.00 level. Further out, the 189.00 level comes in as the next resistance All in all, the cross remains biased to the upside on further recovery pressure
GBPUSD: Susceptible To The Downside But With Caution
GBPUSD: The pair may have hesitated on Wednesday but continues to hold on to its downside pressure. This price action leaves risk of a move lower on the cards though with caution as we may see a temporary halt in weakness. On the downside, support lies at the 1.5200 level where a break if seen will aim at the 1.5150 level. A break of here will turn attention to the 1.5100 level. Further down, support lies at the 1.5050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance resides at the 1.5350 level with a break aiming at the 1.5300 level. A violation will aim at the 1.5250 level and possibly higher towards the 1.5200 level. On the whole, GBP remains biased to the downside in the medium term.
EURUSD: Bearish Momentum Turns Risk To Key Support.
EURUSD: EUR took further losses on Thursday for a second day in a row This development leaves risk of more weakness towards its key support located at the 1.1016 level, its Aug 18 2015 low. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at 1.1200 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, risk remains biased to the downside in the short term
USDCHF: With USDCHF strengthening further on Thursday, it looks to target further upside pressure. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9650 level and then the 0.9600 level. A cut through here will open the door for additional weakness towards the 0.9550 level. On the other hand, resistance lies at the 0.9800 level with a breach targeting the 0.9850 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9900 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, the pair remains biased to the upside medium term.
USDJPY Sells Off, Targets Further Downside Pressure
USDJPY: The pair followed through lower on the back of its Thursday weakness during early trading on Friday. This leaves risk of more weakness. 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. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. A break will target the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will aim at the 121.50 level. On the whole, USDJPY remains exposed to the downside on further weakness
EURCAD Faces Downside Pressure Below The 1.5560 Level
EURCAD: Although EURCAD closed almost flat the past week, it still faces further weakness while holding below its major resistance located at the 1.5560 level. Support comes in at 1.4700 level with a cut through here opening the door for more weakness to occur towards the 1.4613 level. Further down, on continued bear pressure the 1.4500 level is seen as the next downside target where a violation will turn attention to the 1.4400 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the contrary, resistance is located at the 1.4800 level followed by the 1.4900 level. Further out, resistance is seen at the 1.4950 level and subsequently the 1.5000 level. All in all, EURCAD remains biased to the downside on further corrective pullback.
