EURUSD: With EURUSD closing lower the past week, further decline is expected in the new week. Support lies at the 1.1200 level. Further down, support comes in at the 1.1150 level where a violation will aim at the 1.1100 level. A break of here will target the 1.1050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on corrective pullback.
GBPUSD: With the pair continuing to remain weak and vulnerable to the downside, more weakness is likely in the new week. On the downside, support lies at the 1.4100 level where a break will turn attention to the 1.4050 level. Further down, support lies at the 1.4000 level. Below here will set the stage for more weakness towards the 1.3950 level. Conversely, resistance stands at the 1.4200 levels with a turn above here allowing more strength to build up towards the 1.4250 level. Further out, resistance resides at the 1.4300 level followed by the 1.4350 level. On the whole, GBPUSD continues to retain its broader medium term downtrend bias.
GBPUSD: Although Having followed through higher on Monday, further bullishness is likely. 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 biased to the upside on corrective recovery.
USDJPY: The pair continues to build up on its recovery leaving risk of more strength on the cards. 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. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the whole, USDJPY looks to build up on its price recovery.
EURUSD: EURUSD reversed its Tuesday gain to close lower on Wednesday. This leaves risk lower on correction in the days ahead. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on further pullback risk.
EURJPY: Vulnerable To The Downside With Eyes On Key Support
EURJPY: Having the cross closed lower after losing all of its intra day gains on Thursday, further weakness is now envisaged. Support comes in at the 123.00 level where a break will aim at the 122.50 level. A turn below here will target the 122.00 level with a breach turning focus to the 121.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance lies at the 124.00 level. Further out, resistance comes in at the 124.50 level where a break if seen will threaten further upside towards the 125.00. Further out, resistance resides at the 125.50 level. All in all, EURJPY eyes further downside pressure on its broader trend resumption.
EURUSD: With EURUSD remaining weak and vulnerable to the down, further downside pressure is expected. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside 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, EURUSD remains biased to the downside on further pullback.
USDCHF: Having the pair rallied to close higher the past week, further bullishness is envisaged. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. All in all, USDCHF remains biased to the upside on corrective recovery.
EURUSD: With EURUSD closing lower the past week, further weakness is envisaged in the new week. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside 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, EURUSD remains biased to the downside on corrective pullback.
AUDUSD. The pair continues to hold on to its corrective pullback bias despite its present price hesitation. Except it returns above the 0.7834 level, we see further correction occurring. On the downside, support resides at the 0.7650 level where a breach will aim at the 0.7600 level. Below that level will set the stage for a run at the 0.7550 level with a cut through here targeting further downside pressure towards the 0.7500 level. On the upside, resistance lies at the 0.7750 level. A cut through here will turn attention to the 0.7800 level and then the 0.7850 level where a violation will set the stage for a retarget of the 0.7900 level. On the whole, AUDUSD remains biased to the downside on corrective pullback.
GBPUSD: Having GBPUSD lost upside momentum on Monday, we envisage a move lower in the days ahead. On the downside, 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. Conversely, resistance stands at the 1.4550 levels with a turn above here allowing more strength to build up towards the 1.4600 level. Further out, resistance resides at the 1.4650 level followed by the 1.4700 level. Its daily RSI is bearish and pointing higher suggesting further upside pressure. On the whole, GBPUSD remains biased to the downside but with caution.
GOLD: Despite The commodity continues to face downside pressure on correction. It was seen reversing its Monday gain as at the time of this analysis. 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 weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
USDJPY: Biased To The Upside, Retains Corrective Threats
USDJPY: With the pair threatening upside offensive after losing downside momentum on Tuesday, more strength is envisaged. 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 bullish and pointing higher 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 its price recovery.
EURJPY: Threatens Further Upside Pressure On Recovery
EURJPY: Having the cross strengthened further on Tuesday, a follow-through higher is envisaged. Support comes in at the 125.00 level where a break will aim at the 124.50 level. A turn below here will target the 124.00 level with a breach turning focus to the 123.50 level. Conversely, resistance lies at the 126.00 level. Further out, resistance comes in at the 126.50 level where a break if seen will threaten further upside towards the 127.00. Further out, resistance resides at the 127.50 level. Its daily RSI is bullish and pointing higher suggesting more strength. All in all, EURJPY eyes further bullishness on recovery.
EURUSD: With EURUSD losing upside momentum to close on a rejection candle, more weakness is likely. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will target the 1.1100 level. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on corrective pullback.
AUDUSD. The pair tumbled lower on sell on Wednesday and remains weak leaving risk of more weakness on the cards. On the downside, support resides at the 0.7550 level where a breach will aim at the 0.7500 level. Below that level will set the stage for a run at the 0.7450 level with a cut through here targeting further downside pressure towards the 0.7400 level. On the upside, resistance lies at the 0.7650 level. A cut through here will turn attention to the 0.7700 level and then the 0.7750 level where a violation will set the stage for a retarget of the 0.7800 level. On the whole, AUDUSD remains biased to the downside.
GBPUSD: Having GBPUSD taken back its losses to close higher on Tuesday, further bullishness is envisaged. On the downside, support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4450 level. Below here will set the stage for more weakness towards the 1.4400 level. Conversely, resistance stands at the 1.4650 levels with a turn above here allowing more strength to build up towards the 1.4700 level. Further out, resistance resides at the 1.4750 level followed by the 1.4800 level. On the whole, GBPUSD remains biased to the upside but with caution.
USDCHF: Having the pair weakened to reverse its previous week gains the past week, more decline is envisaged. On the downside, support lies at the 0.9550 level. A turn below here will open the door for more weakness towards the 0.9500 level and then the 0.9450 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9650 level where a break will clear the way for more strength to occur towards the 0.9700 level. Further out, resistance comes in at the 0.9750 level. All in all, USDCHF remains biased to the downside on corrective recovery.
EURUSD: With EURUSD closing higher the past week, further recovery is envisaged. However, it faces its key over head resistance located at 1.1464 level. Support lies at the 1.1400 level. Further down, support comes in at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will target the 1.1250 level. Conversely, on the upside, resistance comes in at 1.1500 level with a cut through here opening the door for more upside towards the 1.1550 level. Further up, resistance lies at the 1.1600 level where a break will expose the 1.1650 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EURUSD remains biased to the upside but with caution
