EURUSD: Having rejected lower prices to close flat on Monday, EURUSD corrective recovery risk is now expected. This is coming on the back of the pair’s past week losses. We expect a recovery higher to build up in the days ahead. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. Conversely, resistance comes at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EURUSD corrective recovery risk remains while it trades above the 1.0598/19 zone
USDJPY Remains Weak And Vulnerable On Corrective Pullback
USDJPY: Having taken back all of its intra day gains to close flat on Monday and triggering a corrective weakness on Tuesday, USDJPY remains weak and vulnerable on pullback in the days ahead. On the downside, support comes in at the 122.00 level where a break if seen will aim at the 121.50 level. A cut through here will turn focus to the 121.00 level and possibly lower towards the 120.50 level. On the upside, resistance resides at the 123.00 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 123.50 level. Further out, resistance resides at the 124.00 level with a turn above here aiming at the 124.50 level. A break will target the 125.00 level. On the whole, USDJPY remains weak and vulnerable on corrective pullback
USDCAD: The pair declined on Tuesday after triggering a corrective pullback and leaving USDCAD outlook lower towards 1.3446/35 zone risk. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support stands at the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen further towards the 1.3500 level. All in all, the current price action has left USDCAD outlook lower towards 1.3446/24 zone and possibly below that area.
NZDUSD: With the pair reversing its Monday losses to close higher on Tuesday, NZDUSD targets further bullishness. This view is in line with its loss of downside momentum on the weekly chart the past week. Support lies at the 0.6500 level where a break will aim at the 0.6450 level. Further down, the 0.6400 level comes in as the next downside target. Its daily RSI is bullish and pointing higher suggesting more strength. Conversely, resistance resides at the 0.6600 level where a break will aim at the 0.6650 level. A break of here will have to occur to create scope for a run at the 0.6700 level. Further out, resistance stands at the 0.6750 level. All in all, having retained its recovery off the 0.6427 level, NZDUSD targets further strength.
GBPUSD: GBPUSD targets further price build up following its temporary bottom on Wednesday. It looks to extend its recovery towards the 1.5196/99 zone. leaving risk of further move higher. On the downside, support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support stands at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Conversely, resistance stands at the 1.5150 level with a turn above here allowing more strength to build up towards the 1.5200 level. Further out, resistance resides at the 1.5250 level followed by the 1.5300 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD targets further price build up towards its resistance zone at 1.5196/99.
EURUSD Consolidates With Corrective Risk Building Up
EURUSD: EURUSD consolidates with corrective risk following a halt in its broader weakness on Wednesday. This is coming on the back of its long-tailed candle formation at the end of Wednesday trading session. This development suggests a temporary bottom may be in place. If this occurs expect more recovery higher with eyes the 1.0699. A cut through here will open the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. All in all, having halted its broader downside pressure, EURUSD consolidates with corrective risk.
GOLD: Having remained weak and vulnerable, GOLD eyes more bear pressure. It looks to move lower towards its key support located at the 1064.23 level. Price hesitation or a recovery may occur ahead or at that level if it remains unbroken. On the upside, resistance resides at the 1081.00 level where a break will aim at the 1090.00 level. A turn above there will expose the 1100.00 level. Further out, resistance stands at the 1110.00 level. On the downside, support comes in at the 1060.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. All in all, GOLD eyes more bear pressure but with caution ahead of its key support.
USDCAD: Having printed a rejection candle ahead of its key resistance located at 1.3435/56 zone, USDCAD ended the week slightly higher. This leaves risk of a pullback in the new week on continued price failure. Its key resistance standing at the 1.3435/56 levels comes in as the next upside target. Further out, resistance comes in at the 1.3500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3550 level. Its weekly RSI is bullish and pointing higher suggesting further weakness. Conversely, support lies at the 1.3300 level where a violation will target the 1.3250 level. Further down, support resides at the 1.3200 level and then the 1.3150 level. All in all, USDCAD ended the week slightly higher below the 1.3435/56 zone leaving pullback risk on the cards.
EURUSD: With the pair closing slightly lower the past week, its broader risk points lower to the 1.0519 level. EURUSD looks to retarget the 1.0519 zone which is consistent with its long term downtrend bias. However, a recovery may occur especially now that is approaching its key supports. Support is located at the 1.0500 level and if violated, expect more weakness to occur towards the 1.0450 level. Further down, support lies at the 1.0400 level where a violation will aim at the 1.0350 level. A break of here will aim at the 1.0300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance is comes at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. All in all, EURUSD looks to retarget the 1.0519 zone on bear pressure.
EURJPY: With EURJPY bulls on the offensive, further price strength should build up towards the 130.75/99 zone. This corrective recovery is coming on the back of its recent weakness. Support comes in at the 129.50 level where a break will aim at the 129.00 level. A turn below here will target the 128.50 level with a breach turning focus to the 128.00 level. Its daily RSI has turned higher supporting this view. Conversely, resistance lies at the 131.00 level. Further out, resistance comes in at the 131.50 level where a break if seen will threaten further upside towards the 132.00. Above here if seen should push the cross further towards the 132.50 level. All in all, with EURJPY bulls on the offensive, further price strength should build up towards the 130.75/99 zone in the days ahead.
GBPUSD Targets Further Bullish Corrective Recovery
GBPUSD: Having triggered a higher close on Monday, GBPUSD targets further bullish corrective recovery in the days ahead. Support lies at the 1.5000 level where a break will turn attention to the 1.4950 level. Further down, support lies at the 1.4900 level. Below here will set the stage for more weakness towards the 1.4850 level. Conversely, resistance stands at the 1.5100 levels with a turn above here allowing more strength to build up towards the 1.5150 level. Further out, resistance resides at the 1.5200 level followed by the 1.5250 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, risk remains higher as GBPUSD targets further bullish corrective recovery.
USDJPY: Having continued to maintain below the 123.74/99 zone and weakening on Tuesday, USDJPY corrective pullback risk remains in place. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards 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 where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY corrective pullback risk remains in place while trading below the 123.74/99 resistance zone.
USDCHF faces corrective pullback pressure following its Wednesday sharp sell. This leaves the pair targeting its big support located at the 1.0127 level. On the downside, support lies at the 1.0150 level. A turn below here will open the door for more weakness towards the 1.0100 level and then the 1.0050 level. Further down, support resides at the 1.0000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0250 level where a break will clear the way for more strength to occur towards the 1.0300 level. Further out, resistance comes in at the 1.0350 level. All in all, having remained weak and vulnerable, USDCHF faces corrective pullback pressure.
GBPUSD: Having GBPUSD rallied on bullish momentum on Thursday, it now targets the 1.5200 level on further bullish offensive. With that said, resistance stands at the 1.5200 levels with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level followed by the 1.5350 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support lies at the 1.5050 level where a break will turn attention to the 1.5000 level. Further down, support lies at the 1.4950 level. Below here will set the stage for more weakness towards the 1.4900 level. On the whole, having GBPUSD rallied on bullish momentum on Thursday, it aims at its psychological resistance at 1.5200 level.
GOLD: Having halted its broader weakness on a long-tailed candle formation on Thursday, GOLD looks to build up on its corrective pressure. While the commodity holds and trades above the 1046.30 level, recovery threat is expected. On the upside, resistance resides at the 1070.00 level where a break will aim at the 1080.00 level. A turn above there will expose the 1090.00 level. Further out, resistance stands at the 1100.00 level. On the downside, support comes in at the 1050.00 level where a break will turn attention to the 1040.00 level. Further down, a cut through here will open the door for a move lower towards the 1030.00 level. Below here if seen could trigger further downside pressure targeting the 1020.00 level. All in all, GOLD looks to build up on its corrective pressure triggered from 1046.30.
EURUSD: With a strong rally occurring the past week, EURUSD eyes price extension on bullish offensive. However, it may pullback after such a strong move. On the upside, resistance is comes at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.0000 level where a break will expose the 1.0050 level. Its weekly RSI is bullish and pointing higher supporting this view. Support is located at the 1.0800 level and if violated, expect more weakness to occur towards the 1.0750 level. Further down, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level. All in all, EURUSD eyes price extension on bullish offensive but with caution.
EURGBP: Bull Pressure Now Builds Up On Resistance Zone
EURGBP- Having reversed its intra day losses to close slightly higher on a rejection candle on Monday, bull pressure now builds up on resistance zone at 0.7250. On the upside, resistance lies at the 0.7240 level where a violation if seen will turn risk towards the 0.7280 level. Further out, the 0.7320 level comes in as the next upside target followed by the 0.7360 level. On the downside, support stands at the 0.7160 level where a violation will push it lower towards the 0.7120 level. Further down, support lies at the 0.7080 level where a violation will turn focus to the 0.7050 level. A break will expose the 0.7000 level. All in all, the cross remains biased to the upside in the short term as bull pressure now builds up on resistance zone at 0.7250.
USDJPY Eyes Further Downside Pressure On Price Failure
USDJPY: With price action remaining weak and vulnerable to the downside, USDJPY eyes further downside pressure. This price development is coming on the back of its failed attempts on the upside. While the pair holds below its key resistance zone at 123.66/74 levels, further weakness is likely. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY eyes further downside pressure below the 123.66/74 resistance zone.
EURUSD: Having taken back its Monday losses to close higher on Tuesday, EURUSD looks to resume short term uptrend triggered from the 1.0521 level. While the 1.0829/1.0796 zone continues to hold as support, the pair should build up on the mentioned short term uptrend. On the upside, resistance lies at the 1.0950 levels where a violation if seen will aim at the 1.1000 level. A break of here will aim at the 1.1050 level with a turn below that level targeting the 1.1100 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support resides at the 1.0850. A cut through here will open the door for more upside towards the 1.0800 level. Further down, support lies at the 1.0762 level where a break will expose the 1.0700 level. All in all, EURUSD looks to resume short term uptrend on the back of its Tuesday bullish offensive.
GBPUSD: Having rallied strongly to reverse its three-day weakness to close higher on Wednesday, GBPUSD faces further bullish offensive. This development leaves more upside threats likely towards the 1.5200 level. Support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Conversely, resistance stands at the 1.5200 levels with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level followed by the 1.5350 level. On the whole, GBPUSD faces further bullish offensive on bull pressure.
