FXTechstrategy Team: Forex Analysis

[FXTechstrategy Team]

GOLD Follows Through Lower On Further Weakness

GOLD: The commodity continues to hold on to its downside pressure with more weakness expected in the new week. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,210.00 level where a break will aim at the 1,220.00 level. A turn above there will expose the 1,230.00 level. Further out, resistance stands at the 1,240.00 level. All in all, GOLD looks to weaken further on more correction.

 

[FXTechstrategy Team]

EURJPY Rallies On Recovery

EURJPY: Although With EURJPY seeing a strong rally during Monday trading session today, further upside pressure is expected in the days ahead. On the downside, 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 121.50 level. 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. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURJPY eyes further bullishness on correction

 

[FXTechstrategy Team]

AUDUSD Rallies On Bullish Offensive

AUDUSD. With the pair rallying strongly on Tuesday, it faces further bullishness in the days ahead. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. Its daily RSI is bullish and pointing higher supporting On the whole, AUDUSD remains biased to the upside on price failure.

 

[FXTechstrategy Team]

USDCHF: Looks To Resume Broader Uptrend

USDCHF: Having the pair continued to maintain its medium term upside bias, trend resumption is envisaged. On the downside, support lies at the 0.9900 level. A turn below here will open the door for more weakness towards the 0.9850 level and then the 0.9800 level. On the upside, resistance resides at the 1.0000 level where a break will clear the way for more strength to occur towards the 1.0050 level. Further out, resistance comes in at the 1.0100 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside short term.

 

[FXTechstrategy Team]

GBPUSD Continues To Face Downside Pressure

GBPUSD: With the pair seen extending its weakness, more decline is expected. On the downside, support lies at the 1.4450 level where a break will turn attention to the 1.4400 level. Further down, support lies at the 1.4350 level. Below here will set the stage for more weakness towards the 1.4300 level. Its daily RSI is bear 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 now looks to extend its weakness following its Tuesday sell off.

 

[FXTechstrategy Team]

GOLD Retains Its Recovery Tone

GOLD: The commodity continues to threaten further upside on correction. On the downside, support comes in at the 1,200.00 level where a break will turn attention to the 1,190.00 level. Further down, a cut through here will open the door for a move lower towards the 1,180.00 level. Below here if seen could trigger further downside pressure targeting the 1,170.00 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,220.00 level where a break will aim at the 1,230.00 level. A turn above there will expose the 1,240.00 level. Further out, resistance stands at the 1,250.00 level. All in all, GOLD looks to weaken further on more correction.

 

[FXTechstrategy Team]

AUDUSD: Declines On Loss Of Upside Momentum

AUDUSD. The pair was seen reversing its Wednesday losses during Thursday trading session today. This development has left AUDUSD targeting further downside pressure. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. Its daily RSI is bearish and pointing lower support this view. On the upside, resistance lies at the 0.7250 level. A cut through here will turn attention to the 0.7300 level and then the 0.7350 level where a violation will set the stage for a retarget of the 0.7400 level. On the whole, AUDUSD remains biased to the downside on price failure.

 

[FXTechstrategy Team]

USDJPY: Risk Continues To Point Lower On Weakness

USDJPY: With USDJPY weakening further on Thursday, more weakness is expected. On the downside, support comes in at the 108.00 level where a break if seen will aim at the 107.50 level. A cut through here will turn focus to the 107.00 level and possibly lower towards the 106.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 109.50 level. Further out, we envisage a possible move towards the 110.00 level. Further out, resistance resides at the 110.50 level with a turn above here aiming at the 111.00 level. On the whole, USDJPY looks to build up on price weakness.

 

[FXTechstrategy Team]

EURUSD Reverses Its Two-Week Losses

EURUSD: With EURUSD taking back its two-week losses to close on a rally the past week, more strength is envisaged in the new week. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD remains biased to the upside on more strength.

 

[FXTechstrategy Team]

GOLD Faces Further Bullish Threats

GOLD: The commodity closed higher the past week leaving risk of more strength on the cards. On the downside, support comes in at the 1,230.00 level where a break will turn attention to the 1,220.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. 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 1,270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to weaken further on more correction.

 

[FXTechstrategy Team]

USDCHF: Follows Through Lower, Eyes 0.9662 Zone

USDCHF: Having the pair sold off the past week and followed through lower during Monday trading session, further weakness is envisaged. On the downside, support lies at the 0.9662 level. A turn below here will open the door for more weakness towards the 0.9600 level and then the 0.9550 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level and then the 0.9950 level. All in all, USDCHF remains biased to the downside on further price weakness.

 

[FXTechstrategy Team]

GBPUSD: Rejects Lower Prices, Eyes Recovery Higher

GBPUSD: Having the pair rejected downside pressure on Monday, it now looks to recover higher 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 1.4500 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 threatens further upside pressure having rejected lower prices.

 

[FXTechstrategy Team]

USDJPY: Puts In Temporary Bottom, Eyes More Recovery

USDJPY: With USDJPY halting its weakness to close higher on Monday and seen following through during Tuesday trading session, price extension is envisaged. On the downside, support comes in at the 107.00 level where a break if seen will aim at the 106.50 level. A cut through here will turn focus to the 106.00 level and possibly lower towards the 105.50 level. On the upside, resistance resides at the 108.00 level. Further out, we envisage a possible move towards the 108.50 level. Further out, resistance resides at the 109.00 level with a turn above here aiming at the 109.50 level. On the whole, USDJPY looks to build up on its price recovery.

 

[FXTechstrategy Team]

GOLD Retains Its Bull Pressure With Eyes On 1,260.00

GOLD: The commodity continues to face upside pressure though closing marginally higher on Tuesday. It was seen heading higher during early trading on Wednesday. On the downside, support comes in at the 1,230.00 level where a break will turn attention to the 1,220.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. Its daily RSI is bullish and pointing higher suggesting further upside. 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 1,270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to strengthen further on bull pressure

 

[FXTechstrategy Team]

EURGBP Sets Up To Build On Recovery

EURGBP- Having reversed most of its one-day corrective losses to close higher on Wednesday, further move higher is envisaged. Resistance resides at the 0.7900 level where a violation if seen will turn risk towards the 0.7950 level. On further upside, the 0.8000 level comes in as the next upside target followed by the 0.8050 level. Its daily RSI is bullish and pointing higher suggesting more strength. Conversely, support comes in at 0.7850 level. Further down, support lies at the 0.7800 level where a violation will turn focus to the 0.7750 level. A break will expose the 0.7700 level. All in all, EURGBP remains vulnerable to the downside

 

[FXTechstrategy Team]

EURUSD Tumbles Lower On Loss Of Upside Momentum

EURUSD: The pair tumbled lower on Thursday following a loss of upside momentum. This development leaves EURUSD targeting further downside pressure in the days ahead. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside pressure towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EURUSD faces further move lower on weakness.

 

[FXTechstrategy Team]

AUDUSD Bear Pressure Builds Up On 0.7367 Level

AUDUSD. With AUDUSD continuing to hold on to its downside pressure following its price failure on Thursday, further bearishness is expected in the days ahead. On the downside, support resides at the 0.7350 level where a breach will aim at the 0.7300 level. Below that level will set the stage for a run at the 0.7250 level with a cut through here targeting further downside pressure towards the 0.7200 level. On the upside, resistance lies at the 0.7450 level. A cut through here will turn attention to the 0.7500 level and then the 0.7550 level where a violation will set the stage for a retarget of the 0.7600 level. On the whole, AUDUSD remains biased to the downside on price weakness.

 

[FXTechstrategy Team]

USDCHF: Sets Up To Weaken More With Eyes On 0.9600

USDCHF: Having the pair closed lower for second day in a row, more decline is expected in the new week though with caution of correction. 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 weekly RSI is bearish and pointing lower supporting this view. 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 downside on more weakness.

 

[FXTechstrategy Team]

EURUSD: Risk Points Lower Towards 1.1097 Zone

EURUSD: With EURUSD closing lower reversing part of its previous week gains, more weakness is envisaged 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 weekly 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 in the short term.

 

[FXTechstrategy Team]

GOLD Outlook Remains Higher But With Caution

GOLD: The commodity strengthened further the past week leaving risk higher in the new week. However, we think price consolidation or pullback should occur. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to strengthen further.