AUDUSD: With AUDUSD selling off at the end of the week to follow through lower on the back of its previous week losses, more bear pressure is envisaged. On the downside, support resides at the 0.6800 level where a breach will aim at the 0.6750 level. Below that level will set the stage for a run at the 0.6700 level with a cut through here targeting further downside towards the 0.6650 level. Its weekly RSI is bearish and pointing lower supporting further weakness. On the upside, resistance lies at the 0.7000 level. A cut through here will turn attention to the 0.7050 level and then the 0.7100 level where a violation will set the stage for a retarget of the 0.7150 level. On the whole, AUDUSD continues to retain its long term downside pressure.
NZDUSD Follows Through Lower, Targets Further Weakness
NZDUSD: With the pair following through lower on the back of its previous week losses the past week, it now faces further downside pressure. On the other hand, we may see some form of corrective recovery if it can trade and hold above its key support located at the 0.6125 level. Support is seen at 0.6200 level with a cut through here opening the door for more weakness towards the 0.6150level. Further down, on additional bear pressure the 0.6100 level will be targeted as the next downside target where a violation will turn focus to the 0.6050 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is located at the 0.6350 level with a cut through that level opening the door for a run at the 0.6400 level. Further out, resistance comes in at the 0.6450 level and then the 1.5000 level. All in all, NZDUSD remains biased to the downside in the long term.
EURGBP- With the cross strengthening further the past week, it looks to move further higher towards its key resistance seen at 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. On further upside, the 0.7550 level comes in as the next upside target followed by the 0.7600 level. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7300 level where a violation will turn focus to the 0.7250 level. A break will expose the 0.7200 level. Further down, support comes in at the 0.7150 level. All in all, the cross remains biased to the upside in the short term.
EURUSD Remains Vulnerable To The Downside But With Caution
EURUSD: EUR may have closed marginally lower the past week but continues to hold on to its downside pressure. However, note that a consolidation with a recovery higher may occur as long as the 1.1016 level remains as support. 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 1.1200 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, EUR remains biased to the downside in the short term.
EURUSD Remains Vulnerable To The Downside But With Caution
EURUSD: EUR may have closed marginally lower the past week but continues to hold on to its downside pressure. However, note that a consolidation with a recovery higher may occur as long as the 1.1016 level remains as support. 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 1.1200 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, EUR remains biased to the downside in the short term.
GOLD: GOLD declined further the past week leaving risk of more weakness on the cards. However, while it trades above its key support zone located at 1,109.00/1,117.00, we may see it head higher in the new week on recovery. On the downside, support comes in at the 1,110.00 level where a break will aim at the 1,100.00 level. A cut through here will open the door for move lower towards the 1,090.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1,135.00 level where a break will aim at the 1,150.000 followed by the 1,170.00 level. A violation of here will turn attention to the 1,190.00 level. All in all, GOLD remains weak and biased to the downside in the short term.
USDCAD Looks To Extend Bullishness, Eyes The 1.3352 Zone
USDCAD: With USDCAD closing higher the past week, it now eyes a recapture of its key resistance located at the 1.3352 level. This view is consistent with its broader bullishness now in place. Resistance resides at the 1.3352 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside medium term.
GBPJPY: Rallies Off 180.37 Zone, Set To Extend Strength.
GBPJPY: With the cross halting its weakness to trigger a rally during Monday trading session today, further bullish offensive is expected in the days ahead. This price action leaves room for more strength towards the 183.00 level followed by the 184.00 level. A cut through here will set the stage for a move further higher towards the 185.00 level where a break will aim at the 186.00 level. A turn above here will aim at the 187.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. 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. . All in all, the cross remains biased to upside nearer term on corrective recovery.
USDJPY: With the pair halted its weakness to strengthen on Monday, it faces the risk of further move higher in the days ahead. 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. Its daily RSI has turned higher leaving risk on the upside. 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 nearer term
CRUDE OIL Outlook Remains Lower On Further Weakness
CRUDE OIL: Having followed through lower on the back of its Friday losses on Monday, further decline looks likely in the days ahead. This view is line with its rejection candle on the weekly hart and its failure ahead of the 49.30 area last week. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level followed by the 42.00 level. A cut through here will aim at the 41.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance is located at the 45.50 level where a break will expose the 46.00 level. A break below here will aim at the 47.00 level and then the 48.00 level. Above here if seen will open the door for a run at the 49.00 level. All in all, Crude Oil remains biased to the downside.
EURUSD Turns Off Higher Prices, Faces Bear Threats
EURUSD: EUR lost upside momentum during Tuesday trading session today leaving risk of further downside pressure on the cards. A follow through lower is expected to create scope for more weakness which is consistent with its short term downtrend. 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 triggering a move towards the 1.0950 level. Its daily RSI is bearish and pointing lower supporting this view. 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
EURJPY Retains Bullish Offensive, Targets 134.98 Area
EURJPY: With the cross following through higher on the back of its Monday gains on Tuesday, it looks to retest its key resistance at the 134.98 level. Support comes in at the 133.50 level where a break will aim at the 133.00 level. A turn below here will target the 132.50 level with a breach turning focus to the 132.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance lies at the 134.50 level. Further out, resistance resides at the 135.00 level where a break if seen will threaten further upside towards the 135.50. Further out, resistance resides at the 136.00 level. All in all, the cross now faces upside pressure on recovery.
AUDUSD: Biased To The Upside On Corrective Recovery
AUDUSD: AUDUSD took off strongly on Tuesday following its corrective strength. On the upside, resistance lies at the 0.7100 level. A cut through here will turn attention to the 0.7150 level and then the 0.7200 level where a violation will set the stage for a retarget of the 0.7250 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in 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. On the whole, AUDUSD faces further corrective recovery threats
GBPJPY: With the cross seeing weakness following a rejection candle print on Wednesday, further bearish momentum threat is envisaged. On the upside, resistance resides at 185.00 level with breach targeting further strength towards the 186.00 level. A cut through here will set the stage for a move further higher towards the 187.00 level. Further out, a break above the 187.00 level will aim at the 188.00 level and subsequently the 189.00 level. On the downside, support comes in at the 184.00 level where a violation will turn focus to the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. All in all, the cross now faces downside threat having lost its upside momentum.
USDJPY: With earlier gains taken back and a bull pressure now seen, a move further higher towards the 122.00 level could occur. On the upside, resistance resides at the 122.00 level with a turn above here aiming at the 122.50 level. A break will target the 123.00 level. Further out, resistance comes in at the 123.50 level where a violation will aim at the 123.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 120.50 level where a break will target the 120.00 level. Below here if seen will aim at the 119.50 level followed by the 119.00 level. On the whole, USDJPY remains exposed to the upside nearer term
EURUSD: Bull Pressure Turns Risk Towards 1.1331 Level
EURUSD: EUR looks to strengthen further following a strong bullish offensive during Thursday trading session. A follow-through higher on that gain is expected to create scope for more recovery with eyes on its key resistance at 1.1331 level. Resistance is seen at 1.1300 level with a cut through here opening the door for more upside pressure towards the 1.1300 level. Further up, resistance comes in at the 1.1350 level where a break will expose the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, 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 1.1050 level with a turn below that level targeting the 1.1000 level. All in all, risk remains biased to the upside in the short term
USDCAD: USDCAD remains in a consolidation mode having continued to trade in a range below its key resistance zone at 1.3352. A break either way must occur to trigger directional moves. Resistance resides at the 1.3300 level where a break will target the 1.3350 level. Further out, resistance comes in at the 1.3400 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3450 level. On the downside, support lies at the 1.3200 level followed by the 1.3150 level. Further down, support resides at the 1.3100 level and then the 1.3050 level. All in all, USDCAD remains biased to the upside with eyes on its key resistance at 1.3352 level.
EURGBP: With the cross printing a rejection candle on Thursday to close higher though marginally, it faces the risk of further upside pressure. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn risk towards the 0.7400 level. Further out, the 0.7450 level comes in as the next upside target followed by the 0.7500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.7250 level where a violation will turn focus to the 0.7200 level. A break below here will expose the 0.7150 level. Further down, support comes in at the 0.7100 level. All in all, the cross is biased to the upside short term with eyes on key resistance.
EURGBP: With the cross printing a rejection candle on Thursday to close higher though marginally, it faces the risk of further upside pressure. On the upside, resistance lies at the 0.7350 level where a violation if seen will turn risk towards the 0.7400 level. Further out, the 0.7450 level comes in as the next upside target followed by the 0.7500 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support lies at the 0.7250 level where a violation will turn focus to the 0.7200 level. A break below here will expose the 0.7150 level. Further down, support comes in at the 0.7100 level. All in all, the cross is biased to the upside short term with eyes on key resistance.
USDCHF: The pair printed a rejection to halt its upside offensive and close lower the past week. This price action has created downside risk as we enter a new week. On the downside, support comes in at the 0.9600 level. A turn below here will open the door for more weakness targeting the 0.9550 level and followed by the 0.9600 level. A cut through here will bring additional weakness towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.9750 level with a breach pushing the pair further towards the 0.9800 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9850 level. All in all, the pair remains biased to the downside in the short term on correction.
