FXTechstrategy Team: Forex Analysis
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GOLD Closes In On The 1279.00 Resistance Zone
GOLD: With GOLD continuing to hold on to its broader upside pressure, further strength is expected. It now looks to recapture the 1279.00 resistance zone. But note that if that level remains unbroken, a move lower could follow. On the downside, support comes in at the 1260.00 level where a break will turn attention to the 1250.00 level. Further down, a cut through here will open the door for a move lower towards the 1240.00 level. Below here if seen could trigger further downside pressure targeting the 1230.00 level. Conversely, resistance resides at the 1279.00 level where a break will aim at the 1290.00 level. A turn above there will expose the 1300.00 level. Further out, resistance stands at the 1310.00 level. All in all, GOLD looks to resume its broader medium term uptrend.
GOLD: With GOLD continuing to hold on to its broader upside pressure, further strength is expected. It now looks to recapture the 1279.00 resistance zone. But note that if that level remains unbroken, a move lower could follow. On the downside, support comes in at the 1260.00 level where a break will turn attention to the 1250.00 level. Further down, a cut through here will open the door for a move lower towards the 1240.00 level. Below here if seen could trigger further downside pressure targeting the 1230.00 level. Conversely, resistance resides at the 1279.00 level where a break will aim at the 1290.00 level. A turn above there will expose the 1300.00 level. Further out, resistance stands at the 1310.00 level. All in all, GOLD looks to resume its broader medium term uptrend.
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Trend Trading
Trend trading is a trading strategy that attempts to capture the mayor part of a given trend. Doesn’t means buy buttoms and sell tops.
Trend trading means to open a position when we have confirmation of the new trend and closing that position when prices reversal and starts a new and opposite trend.
Why trade with the trend?
“Trend is your friend” is a well known phrase in the world of trading, but there is a reasson behind that phrase.
If the actual trend is going up why we want to go short?
Remember there are more chances of price to continue in the same direction than starting a newand opposite one.
If you want to know more please let me let me know.
Trend trading is a trading strategy that attempts to capture the mayor part of a given trend. Doesn’t means buy buttoms and sell tops.
Trend trading means to open a position when we have confirmation of the new trend and closing that position when prices reversal and starts a new and opposite trend.
Why trade with the trend?
“Trend is your friend” is a well known phrase in the world of trading, but there is a reasson behind that phrase.
If the actual trend is going up why we want to go short?
Remember there are more chances of price to continue in the same direction than starting a newand opposite one.
If you want to know more please let me let me know.
FXTechstrategy Team
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EURJPY: Risk Points Higher On Corrective Recovery
EURJPY: Having the cross turned higher on recovery on Wednesday, further upside momentum is likely in the days ahead. Support comes in at the 124.00 level where a break will aim at the 123.50 level. A turn below here will target the 123.00 level with a breach turning focus to the 122.50 level. Conversely, resistance lies at the 125.00 level. Further out, resistance comes in at the 125.50 level where a break if seen will threaten further upside towards the 126.00. Further out, resistance resides at the 126.50 level. All in all, EURJPY eyes further bullishness
EURJPY: Having the cross turned higher on recovery on Wednesday, further upside momentum is likely in the days ahead. Support comes in at the 124.00 level where a break will aim at the 123.50 level. A turn below here will target the 123.00 level with a breach turning focus to the 122.50 level. Conversely, resistance lies at the 125.00 level. Further out, resistance comes in at the 125.50 level where a break if seen will threaten further upside towards the 126.00. Further out, resistance resides at the 126.50 level. All in all, EURJPY eyes further bullishness
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GBPUSD: Sells Off On Price Weakness
GBPUSD: The pair followed through lower on the back of its Monday losses on Tuesday. This development leaves GBPUSD threatening further downside pressure in the days ahead. On the downside, support lies at the 1.4250 level where a break will turn attention to the 1.4200 level. Further down, support lies at the 1.4150 level. Below here will set the stage for more weakness towards the 1.4100 level. Conversely, 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 remains weak and vulnerable to the downside.
GBPUSD: The pair followed through lower on the back of its Monday losses on Tuesday. This development leaves GBPUSD threatening further downside pressure in the days ahead. On the downside, support lies at the 1.4250 level where a break will turn attention to the 1.4200 level. Further down, support lies at the 1.4150 level. Below here will set the stage for more weakness towards the 1.4100 level. Conversely, 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 remains weak and vulnerable to the downside.
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EURUSD: Bullish But With Caution
EURUSD: Although EURUSD remains biased to the upside, we envisage a move lower on correction in the new week. Support lies at the 1.1300 level. Further down, 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. Conversely, on the upside, resistance comes in at 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. All in all, EURUSD remains biased to the upside short term but may see a pullback in the new week.
EURUSD: Although EURUSD remains biased to the upside, we envisage a move lower on correction in the new week. Support lies at the 1.1300 level. Further down, 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. Conversely, on the upside, resistance comes in at 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. All in all, EURUSD remains biased to the upside short term but may see a pullback in the new week.
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USDJPY: Pressure Builds Up On Key Support Zone
USDJPY: The pair extended its weakness on Monday leaving lower towards its key support located at the 111.66 level. On the downside, support comes in at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY looks to build up on price weakness.
USDJPY: The pair extended its weakness on Monday leaving lower towards its key support located at the 111.66 level. On the downside, support comes in at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY looks to build up on price weakness.
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GBPUSD: Weakens, Eyes 1.4052 Support Zone.
GBPUSD: With the pair continuing to decline, more weakness is envisaged towards its key support located at 1.4052 level. On the downside, support lies at the 1.4000 level where a break will turn attention to the 1.3950 level. Further down, support lies at the 1.3900 level. Below here will set the stage for more weakness towards the 1.3850 level. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD remains biased to the downside on more weakness.
GBPUSD: With the pair continuing to decline, more weakness is envisaged towards its key support located at 1.4052 level. On the downside, support lies at the 1.4000 level where a break will turn attention to the 1.3950 level. Further down, support lies at the 1.3900 level. Below here will set the stage for more weakness towards the 1.3850 level. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD remains biased to the downside on more weakness.
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EURUSD: Retains Its Broader Upside Pressure
EURUSD: Though EURUSD continues to hesitate, it retains its broader uptrend. Support lies at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level. Conversely, on the upside, resistance comes in at 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 daily RSI is bullish and pointing higher suggesting further downside pressure. All in all, EURUSD remains biased to the upside on further strength in the medium term.
EURUSD: Though EURUSD continues to hesitate, it retains its broader uptrend. Support lies at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level. Conversely, on the upside, resistance comes in at 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 daily RSI is bullish and pointing higher suggesting further downside pressure. All in all, EURUSD remains biased to the upside on further strength in the medium term.
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AUDUSD: Remains Vulnerable On Price Failure
AUDUSD. Having the pair halted its upside pressure to close lower on Thursday, further weakness is envisaged. On the downside, support resides at the 0.7450 level where a breach will aim at the 0.7400 level. Below that level will set the stage for a run at the 0.7350 level with a cut through here targeting further downside pressure towards the 0.7300 level. On the upside, resistance lies at the 0.7550 level. A cut through here will turn attention to the 0.7600 level and then the 0.7650 level where a violation will set the stage for a retarget of the 0.7700 level. On the whole, AUDUSD remains biased to the downside medium term.
AUDUSD. Having the pair halted its upside pressure to close lower on Thursday, further weakness is envisaged. On the downside, support resides at the 0.7450 level where a breach will aim at the 0.7400 level. Below that level will set the stage for a run at the 0.7350 level with a cut through here targeting further downside pressure towards the 0.7300 level. On the upside, resistance lies at the 0.7550 level. A cut through here will turn attention to the 0.7600 level and then the 0.7650 level where a violation will set the stage for a retarget of the 0.7700 level. On the whole, AUDUSD remains biased to the downside medium term.
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USDCHF: Risk Continues To Point Lower Medium Term
USDCHF: The pair may have closed marginally the past week but continues to hold on to its downside pressure medium term. On the downside, support lies at the 0.9500 level. A turn below here will open the door for more weakness towards the 0.9450 level and then the 0.9400 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9600 level where a break will clear the way for more strength to occur towards the 0.9650 level. Further out, resistance comes in at the 0.9700 level. All in all, USDCHF remains weak and vulnerable to the downside on more decline.
USDCHF: The pair may have closed marginally the past week but continues to hold on to its downside pressure medium term. On the downside, support lies at the 0.9500 level. A turn below here will open the door for more weakness towards the 0.9450 level and then the 0.9400 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9600 level where a break will clear the way for more strength to occur towards the 0.9650 level. Further out, resistance comes in at the 0.9700 level. All in all, USDCHF remains weak and vulnerable to the downside on more decline.
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EURUSD: Broader Bias Remains Higher, Eyes 1.1494
EURUSD: Although EURUSD closed flat the past week, it looks to strengthen further in the new week. This is consistent with its short term upside bias. Support lies at the 1.1300 level. Further down, 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. Conversely, on the upside, resistance comes in at 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. All in all, EURUSD remains biased to the upside short term though with caution.
EURUSD: Although EURUSD closed flat the past week, it looks to strengthen further in the new week. This is consistent with its short term upside bias. Support lies at the 1.1300 level. Further down, 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. Conversely, on the upside, resistance comes in at 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. All in all, EURUSD remains biased to the upside short term though with caution.
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GOLD: Biased To The Upside Medium Term
GOLD: The commodity continues to look for additional strengthen following its strong close at the end of the week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to strengthen further in the new week.
GOLD: The commodity continues to look for additional strengthen following its strong close at the end of the week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to strengthen further in the new week.
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AUDUSD: Targets Further Upside On Bullishness
AUDUSD. Having the pair extended its upside pressure to close higher on Monday and was seen following through higher on Tuesday, further strength is envisaged. On the downside, support resides at the 0.7600 level where a breach will aim at the 0.7550 level. Below that level will set the stage for a run at the 0.7500 level with a cut through here targeting further downside pressure towards the 0.7450 level. On the upside, resistance lies at the 0.7700 level. A cut through here will turn attention to the 0.7750 level and then the 0.7800 level where a violation will set the stage for a retarget of the 0.7850 level. On the whole, AUDUSD remains biased to the upside medium term.
AUDUSD. Having the pair extended its upside pressure to close higher on Monday and was seen following through higher on Tuesday, further strength is envisaged. On the downside, support resides at the 0.7600 level where a breach will aim at the 0.7550 level. Below that level will set the stage for a run at the 0.7500 level with a cut through here targeting further downside pressure towards the 0.7450 level. On the upside, resistance lies at the 0.7700 level. A cut through here will turn attention to the 0.7750 level and then the 0.7800 level where a violation will set the stage for a retarget of the 0.7850 level. On the whole, AUDUSD remains biased to the upside medium term.
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USDJPY: Follows Through Higher On Correction
USDJPY: The pair followed through higher on the back of its Tuesday strength on Wednesday. This price development leaves the pair targeting more upside in the days ahead. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. On the whole, USDJPY looks to build up on its price recovery.
USDJPY: The pair followed through higher on the back of its Tuesday strength on Wednesday. This price development leaves the pair targeting more upside in the days ahead. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. On the whole, USDJPY looks to build up on its price recovery.
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GBPJPY Looks To Extend Corrective Recovery
GBPJPY: The cross continues to maintain its corrective upside bias leaving risk of a move higher on the cards. On the downside, support comes in at the 154.00 level where a violation will aim at the 153.00 level. A break below here will target the 152.00 level followed by the 151.00 level. Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBPJPY looks to recover further.
GBPJPY: The cross continues to maintain its corrective upside bias leaving risk of a move higher on the cards. On the downside, support comes in at the 154.00 level where a violation will aim at the 153.00 level. A break below here will target the 152.00 level followed by the 151.00 level. Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBPJPY looks to recover further.
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GBPUSD: Sees Price Hesitation Ahead Of Range Bottom
GBPUSD: Although vulnerable to the downside, the pair faces price hesitation with upside bias. It was seen heading higher during early trading today. On the downside, support lies at the 1.4150 level where a break will turn attention to the 1.4100 level. Further down, support lies at the 1.4050 level. Below here will set the stage for more weakness towards the 1.4000 level. Conversely, resistance stands at the 1.4250 levels with a turn above here allowing more strength to build up towards the 1.4300 level. Further out, resistance resides at the 1.4350 level followed by the 1.4400 level. On the whole, GBPUSD remains biased to the downside medium term but with caution.
GBPUSD: Although vulnerable to the downside, the pair faces price hesitation with upside bias. It was seen heading higher during early trading today. On the downside, support lies at the 1.4150 level where a break will turn attention to the 1.4100 level. Further down, support lies at the 1.4050 level. Below here will set the stage for more weakness towards the 1.4000 level. Conversely, resistance stands at the 1.4250 levels with a turn above here allowing more strength to build up towards the 1.4300 level. Further out, resistance resides at the 1.4350 level followed by the 1.4400 level. On the whole, GBPUSD remains biased to the downside medium term but with caution.
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USDCHF: More Recovery Threats Build Up
USDCHF: The pair rallied the past week to halt its broader weakness and close higher. This development leaves risk higher with eyes on its key resistance located at the 0.9750 level. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains biased to the upside on correction.
USDCHF: The pair rallied the past week to halt its broader weakness and close higher. This development leaves risk higher with eyes on its key resistance located at the 0.9750 level. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bullish and pointing higher suggesting further recovery. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains biased to the upside on correction.
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