EURJPY: Having sold off strongly during Monday trading session, EURJPY faces more downside pressure on sell off. This will leave its psycho level support at 129.00 level as the next downside target. While the 131.35/77 zone remains unbroken, this view remains valid. Support comes in at the 128.50 level where a break will aim at the 128.00 level. A turn below here will target the 127.50 level with a breach turning focus to the 127.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 130.00 level. Further out, resistance comes in at the 130.50 level where a break if seen will threaten further upside towards the 131.00. Further out, resistance resides at the 131.50 level. All in all, EURJPY faces more downside pressure on sell off.
GBPUSD: Having GBP continued to hold on to its downside pressure, it leaves risk of more weakness on the cards. Support lies at the 1.4700 level where a break will turn attention to the 1.4650 level. Further down, support lies at the 1.4600 level. Below here will set the stage for more weakness towards the 1.4550 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance stands at the 1.4800 level with a turn above here allowing for more strength to build up towards the 1.4850 level. Further out, resistance comes in at the 1.4900 level followed by the 1.4950 level. On the whole, having GBP continued to remain weak and vulnerable to the downside, it leaves risk of more weakness on the cards.
USDCAD remains bullish above the 1.4000 level following a break and hold above that level during Wednesday trading session. This is coming on the back of its Tuesday downside price rejection to close higher. On the upside, resistance resides at the 1.4150 level where a break will target the 1.4200 level. Further out, resistance comes in at the 1.4250 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen more towards the 1.4300 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.4000 level followed by the 1.3950 level. Further down, support stands at the 1.3900 level and then the 1.3850 level. All in all, USDCAD remains bullish above the 1.4000 level after breaking and holding above that level during Wednesday trading session.
EURUSD: Having triggered a correction on Wednesday and followed through higher on Thursday, EURUSD faces further recovery offensive. On the upside, resistance comes in 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 1.1000 level where a break will expose the 1.0050 level. Its daily RSI is bullish and pointing higher suggesting further strength. Support lies at the 1.0800 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. All in all, EURUSD faces further recovery offensive following a build up on its Wednesday strength.
GBPUSD: GBP has halted its weakness to close on a rejection candle on Thursday. This development has set the tone for a recovery higher threats. Support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4500 level. Below here will set the stage for more weakness towards the 1.4450 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance stands at the 1.4700 levels with a turn above here allowing more strength to build up towards the 1.4750 level. Further out, resistance resides at the 1.4800 level followed by the 1.4850 level. On the whole, GBP faces the risk of further downside pressure.
GOLD: Having capped its strength at 1113.09 level to weaken during Friday trading session, GOLD faces more downside risk on pullback. Except it retakes the 1113.09 resistance, it should target further weakness. On the downside, support comes in at the 1090.00 level where a break will turn attention to the 1080.00 level. Further down, a cut through here will open the door for a move lower towards the 1070.00 level. Below here if seen could trigger further downside pressure targeting the 1060.00 level. Conversely, resistance resides at the 1115.00 level where a break will aim at the 1125.00 level. A turn above there will expose the 1140.00 level. Further out, resistance stands at the 1150.00 level. All in all, GOLD faces more downside risk on pullback following failed attempt on the upside.
EURUSD Faces Additional Recovery Threats On Price Failure
EURUSD: Having rejected lower level prices to close higher on a rejection candle the past week, EURUSD faces additional recovery threats. On the down, support is located at the 1.0850 level and if violated, expect more weakness to happen towards the 1.0795 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. Its weekly RSI is bullish and pointing higher suggesting further upside. On the upside, resistance comes at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD faces additional recovery threats following its higher close the past week.
GOLD: Having closed strongly higher on a rally the past week, GOLD eyes further upside pressure. On the downside, support comes in at the 1098.00 level where a break will turn attention to the 1088.00 level. Further down, a cut through here will open the door for a move lower towards the 1080.00 level. Below here if seen could trigger further downside pressure targeting the 1070.00 level. Conversely, resistance resides at the 1115.00 level where a break will aim at the 1125.00 level. A turn above there will expose the 1140.00 level. Further out, resistance stands at the 1150.00 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, GOLD eyes further upside pressure following its strong past week rally.
GBPUSD: Having sold off during early trading today, GBPUSD looks to recapture the 1.4400 zone. While the 14603 level caps any recovery, our bias remains lower. Support lies at the 1.4400 level where a break will turn attention to the 1.4350 level. Further down, support lies at the 1.4300 level. Below here will set the stage for more weakness towards the 1.4250 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.4500 levels with a turn above here allowing more strength to build up towards the 1.4550 level. Further out, resistance resides at the 1.4600 level followed by the 1.4650 level. On the whole, GBPUSD looks to recapture the 1.4400 zone following its ell off.
EURUSD: With EUR remaining weak and vulnerable to the downside, risk remains lower on bear pressure. This view remains valid as long as the 1.0969/1.0000 resistance zone remains unbroken. Support lies at the 1.0800 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance comes in 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 1.1000 level where a break will expose the 1.0050 level. All in all, risk remains lower on bear pressure with key support being targeted.
GBPUSD: With the pair continuing to target further weakness, GBPUSD broader bias remains lower. Support lies at the 1.4300 level where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance stands at the 1.4400 levels with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level. On the whole, GBPUSD broader bias remains lower on further downside pressure.
EURUSD: With Having trade flat (weekly chart) the past week on price reversal, EURUSD remains vulnerable below falling trendline. However, we may see price hesitation initially. On the down, support is located at the 1.0850 level and if violated, expect more weakness to happen towards the 1.0795 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. On the upside, resistance comes at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD remains vulnerable below falling trendline.
GOLD: Having reversed part of its previous week gains to close lower, remains vulnerable below the 1104.49 zone. On the downside, support comes in at the 1070.00 level where a break will turn attention to the 1060.00 level. Further down, a cut through here will open the door for a move lower towards the 1050.00 level. Below here if seen could trigger further downside pressure targeting the 1040.00 level. Conversely, resistance resides at the 1090.00 level where a break will aim at the 1100.00 level. A turn above there will expose the 1110.00 level. Further out, resistance stands at the 1120.00 level. All in all, GOLD remains vulnerable below the 1104.49 zone medium term.
GBPUSD Targets Further Downside Pressure Medium Term
GBPUSD: Having continued maintain its long term bearishness, GBPUSD targets further downside pressure. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4350 levels with a turn above here allowing more strength to build up towards the 1.4400 level. Further out, resistance resides at the 1.4450 level followed by the 1.4500 level. On the whole, GBPUSD targets further downside pressure.
EURUSD Faces More Downside Pressure Below Key Resistance
EURUSD: Having remained weak and vulnerable to the downside, EURUSD faces more downside pressure below key resistance. Support lies at the 1.0800 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in 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 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD faces more downside pressure below key resistance.
GBPJPY: Having extended its broader medium term downtrend on Wednesday, GBPJPY eyes more medium term downside weakness. On the downside, support comes in at the 164.00 level where a violation will aim at the 163.00 level. A break below here will target the 162.00 level followed by the 161.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 166.00 level followed by the 167.00 level. A cut through that level will set the stage for a move further higher towards the 168.00 level. Further out, resistance resides at the 169.00 level. All in all, GBPJPY eyes more medium term downside weakness towards its key support at the 164.00 level.
EURGBP- With the cross turning lower on loss of upside momentum on Wednesday, further price weakness is expected. On the upside, resistance lies at the 0.7750 level where a violation if seen will turn risk towards the 0.7800 level. On further upside, the 0.7850 level comes in as the next upside target followed by the 0.7900 level. Its daily RSI is bearish and pointing lower supporting this view. Support comes in at 0.7650 level. Further down, support lies at the 0.7600 level where a violation will turn focus to the 0.7550 level. A break will expose the 0.7500 level. All in all, EURGBP looks for further price weakness on loss of upside momentum.
CRUDE OIL: With downside pressure extended on Wednesday, CRUDE OIL faces continued downside pressure. On the downside, support resides at the 28.00 level where a break will expose the 27.00 level. A cut through here will set the stage for a run at the 26.00 level. Further down, support resides at the 25.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 30.00 level. Further out, resistance resides at the 31.00 level. A break above here will aim at the 32.00 level and then the 33.00 level followed by the 34.00 level. All in all, CRUDE OIL faces continued downside pressure on further weakness.
GBPUSD Threatens More Recovery Pressure On Correction
BPUSD: Having turned higher after taking back its intra day losses on Thursday, GBPUSD threatens more recovery pressure on correction. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Conversely, resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. Its daily RSI is bullish and pointing higher suggesting further upside. On the whole, GBPUSD threatens more recovery pressure on correction
USDJPY: Having followed through higher on the back of its Thursday gains on Friday, further bullishness is expected. On the downside, support comes in at the 117.50 level where a break if seen will aim at the 117.00 level. A cut through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level. On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards its range top at the 119.00 level. Further out, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY remains biased to the upside on bull pressure.
