Daily Strategy On Currencies & Commodities from FXTechstrategy

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.

 

GBPUSD Looks To Recapture The 1.4400 Zone

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: Risk Remains Lower On Bear Pressure

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 Broader Bias Remains Lower

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 Remains Vulnerable Below Falling Trendline

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 Remains Vulnerable Below The 1104.49 Zone

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 Eyes More Downside Medium Term Weakness

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 Closes Lower On Price Weakness


URGBP- 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 Faces Continued Downside Pressure

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.

 

USDJPY Builds Up On Bull Pressure

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.

 

USDCHF Looks For More Price Strength

USDCHF: Having rallied further the past week, USDCHF looks for more price strength in the new week. On the downside, support lies at the 1.0100 level. A turn below here will open the door for more weakness towards the 1.0050 level and then the 1.0000 level. Further down, support resides at the 0.9950 level. On the upside, resistance resides at the 1.0200 level where a break will clear the way for more strength to occur towards the 1.0250 level. Further out, resistance comes in at the 1.0300 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF looks for more price strength in the new week.

 

EURUSD: Bear Risk Builds Up On 1.0710 Zone

EURUSD: With EURUSD closing lower the past week, bear risk builds up on 1.0710 level. On the downside, support is located at the 1.0710 level and if violated, expect more weakness to happen towards the 1.0650 level. Further down, 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. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance is comes at 1.0850 level with a cut through here opening the door for more upside towards the 1.0900 level. Further up, resistance lies at the 1.0950 level where a break will expose the 1.1000 level. All in all, EURUSD bear risk builds up on 1.0710 level, its Jan 05 2016 low

 

GOLD Threatens Additional Downside Pressure

GOLD: Having remained weak and continued to trade within its range, GOLD threatens additional downside pressure on bearishness. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1110.00 level where a break will aim at the 1120.00 level. A turn above there will expose the 1130.00 level. Further out, resistance stands at the 1140.00 level. All in all, GOLD threatens additional downside pressure on loss of upside momentum.

 

AUDUSD Remains Vulnerable To The Downside

AUDUSD: With AUDUSD remaining and vulnerable to the downside, further weakness is envisaged. On the downside, support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below that level will set the stage for a run at the 0.6850 level with a cut through here targeting further downside towards the 0.6800 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. On the whole, AUDUSD remains vulnerable to the downside medium term.

 

GBPUSD Faces Downside Pressure On Price Failure

GBPUSD: With the pair continuing to hold on to its downside pressure, GBPUSD faces downside pressure on price failure though with caution. 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 1.4300 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. On the whole, GBPUSD faces downside pressure on price failure.

 

GBPJPY Looks To Strengthen More On Bull Pressure

GBPJPY: Having rallied to take back its Monday losses on Tuesday, GBPJPY looks to strengthen more on bull pressure. On the downside, support comes in at the 169.00 level where a violation will aim at the 168.00 level. A break below here will target the 167.00 level followed by the 166.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance is seen at the 171.00 level followed by the 172.00 level. A cut through that level will set the stage for a move further higher towards the 173.00 level. Further out, resistance resides at the 174.00 level. All in all, GBPJPY looks to strengthen more on bull pressure.

 

USDJPY Looks To Build Up On Price Recovery

USDJPY: Having halted its upside pressure to close higher on Tuesday, USDJPY looks to build up on price recovery. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards its range top at the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, USDJPY looks to build up on price recovery triggered from the 115.98 level.

 

GBPUSD Sets Up To Retest Key Support Zone

GBPUSD: With the pair reversing its intra day gains to close lower on Wednesday, GBPUSD sets up to retest key support zone. 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 1.4300 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. On the whole, GBPUSD sets up to retest key support zone and possible medium term trend resumption.