FXTechstrategy Team: Forex Analysis

What does January holds for EURUSD having continued to hold its medium term downtrend


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FXTechstrategy Team

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CRUDE OIL Corrective Pullback Mode Remains

CRUDE OIL corrective pullback mode remains as more decline is likely in the days ahead. Support lies at the 56.50 level where a break will expose the 56.00 level. A cut through here will set the stage for a run at the 55.50 level. Further down, support comes in at the 55.00 level. Its daily RSI is a bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 57.50 levels. Further out, resistance comes in at the 58.00 level. A break above here will aim at the 58.50 level and then the 59.00 level followed by the 59.50.00 level. All in all, CRUDE OIL remains biased to the downside nearer term on pullback.

 

FXTechstrategy Team

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EURGBP Faces Price Sell-Off

EURGBP faces price selloff after rejecting higher prices on Wednesday. This development now leaves risk lower towards the 0.8950 zone. On the downside, support stands at the 0.8900 level where a violation will turn focus to the 0.8850 level. A break below here will aim at the 0.8800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 0.9050 level with a violation if seen turning risk towards the 0.9100 level. Further up, resistance comes in at 0.9150 level followed by the 0.9200 level. All in all, EURGBP remains biased to the downside on more weakness.


 

FXTechstrategy Team

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GBPUSD Corrective Bull Pressure Remains Intact

GBPUSD corrective bull pressure remains intact as we look for price extension. Support comes in at 1.2500 with a turn below that level shifting focus to the 1.2450 level. Further down, support resides at the 1.2400 level where a break will turn attention to the 1.2350 level. Further down, support lies at the 1.2300 level. On the upside, resistance stands at the 1.2550 with a turn above here allowing for additional strength to build up towards the 1.2600 level. Further out, resistance stands at the 1.2650 level followed by the 1.2700 level. On the whole, GBPUSD looks to recover further higher on correction.


 

FXTechstrategy Team

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USDCHF Retains Its Downside Pressure

USDCHF retains its downside pressure as it looks to weaken further in the days ahead. Resistance resides at the 0.9850 level. Above here, resistance lies at the 0.9900 level and then the 0.9950 level. Further out, resistance comes in at the 1.0000 level. On the downside, support is seen at the 0.9750 level with a turn below here opening the door for more decline towards the 0.9700 level. And then the 0.9650 level. Further down, support resides at the 0.9600 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF remains biased to the downside on further corrective weakness.



 

FXTechstrategy Team

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EURUSD Consolidates With Downside Threats

EURUSD consolidates with downside bias as it retains its broader medium term trend. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Its weekly RSI is bearish and pointing lower suggesting more weakness. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EURUSD expects more weakness to occur in the days ahead.

 

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FXTechstrategy Team

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GOLD Backs Off Higher Prices On Pullback

GOLD may be biased to the upside in the medium term but faces pullback risk after rejecting higher prices on Friday. On the downside, support comes in at the 1,420.00 level where a break will turn attention to the 1,410.00 level. Further down, a cut through here will open the door for a move lower towards the 1,400.00 level. Below here if seen could trigger further downside pressure targeting the 1,390.00 level. Conversely, resistance resides at the 1,430.00 level. Further out, resistance resides at the 1,440.00 level where a break will aim at the 1,450.00 level. A turn above there will expose the 1,460.00 level. Further out, resistance stands at the 1,470.00 level. All in all, GOLD looks to strengthen further in the short term.


 

FXTechstrategy Team

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GBPJPY Bear Pressure Remains Towards 133.84

GBPJPY bear pressure remains towards 133.84 support zone as we expect more weakness. On the downside, support comes in at the 134.00 level where a violation will aim at the 133.50 level. A break below here will target the 133.00 level followed by the 132.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 135.00 level followed by the 135.50 level. A cut through that level will set the stage for a move further higher towards the 136.00 level. Further out, resistance resides at the 136.50 level. All in all, GBPJPY remains biased to the downside nearer term.


 

FXTechstrategy Team

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USDCAD faces further bull pressure on correction. Support comes in at the 1.3100 level where a break will aim at the 1.3050 level. Further down, support comes in at the 1.3000 level where a turn lower may occur. But if further weakness is triggered support comes in at the 1.2950 level. Conversely, resistance lies at the 1.3150 level where a violation will target the 1.3200 level. Further up, resistance resides at the 1.3250 level and then the 1.3300 level. All in all, USDCAD looks to recover further higher.


 

FXTechstrategy Team

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AUDUSD Looks To Weaken Towards 0.6900 Zone

AUDUSD looks to weaken further towards 0.6900 as it retains its downside pressure. On the downside, resistance lies at the 1.6900 level. A cut through here will turn attention to the 0.6850 level and then the 0.6800 level where a violation will set the stage for a retarget of the 0.6750 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Resistance is seen the 0.7000 level where a breach will aim at the 0.7050 level. Below here will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7150 level. On the whole, AUDUSD faces further downside threats.


 

FXTechstrategy Team

Senior member
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EURJPY Bounces Off Lower Prices

EURJPY bounces off lower prices to close higher on Thursday. This has opened the door for more strength in the days ahead. On the downside, support comes in at the 120.50 level where a break if seen will aim at the 120.00 level. A cut through here will turn focus to the 119.50 level and possibly lower towards the 119.00 level. On the upside, resistance resides at the 121.50 level. Further out, we envisage a possible move towards the 122.00 level. Further out, resistance resides at the 122.50 level with a turn above here aiming at the 123.00 level. On the whole, EURJPY retains its corrective upside pressure.


 

FXTechstrategy Team

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EURUSD Threatens Further Bearishness

EURUSD threatens further bearishness as we look for more decline in the new week. Support comes in at the 1.1100 where a violation will turn risk to the 1.1050 level. A break below here will target the 1.1000 level. Further down, support sits at the 1.0950. Conversely, on the upside, resistance resides at 1.1150 level with a break through there opening the door for further upside towards the 1.1.1200 level. Further up, resistance comes in at the 1.1250 level where a violation will expose the 1.1300 level. All in all, EURUSD expects more weakness to occur in the new week.


 

FXTechstrategy Team

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NZDUSD Retains Short Term Weakness

NZDUSD retains short term weakness as it declined further during Tuesday trading session. Resistance comes in at the 0.6650 level where a break will turn attention to the 0.6700 level. A break of here will have to happen to create scope for a move higher towards the 0.6750 level. Further out, resistance resides at the 0.6800 level. Support stands at the 0.6550 level. Further down, the 0.6500 level comes in as the next downside target and then the 0.6450 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, NZDUSD faces more downside pressure short term


 

FXTechstrategy Team

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EURUSD Faces Further Bearish Pressure Extension

EURUSD faces further bearish pressure extension as its eyes more weakness. Support comes in at the 1.1000 where a violation will turn risk to the 1.0950 level. A break below here will target the 1.0900 level. Further down, support sits at the 1.0850. Conversely, on the upside, resistance resides at 1.1100 level with a break through there opening the door for further upside towards the 1.1.1150 level. Further up, resistance comes in at the 1.1200 level where a violation will expose the 1.1250 level. All in all, EURUSD expects more weakness to occur in the days ahead.


 

FXTechstrategy Team

Senior member
2,295 6
EURUSD Targets Immediate Resistance At 1.1161 Level

EURUSD targets immediate resistance at 1.1161 level as we enter the new week. Support comes in at the 1.1050 where a violation will turn risk to the 1.1000 level. A break below here will target the 1.0950 level. Further down, support sits at the 1.0900. Conversely, on the upside, resistance resides at 1.1150 level with a break through there opening the door for further upside towards the 1.1.1200 level. Further up, resistance comes in at the 1.1250 level where a violation will expose the 1.1300 level. All in all, EURUSD expects more recovery in the new week.


 

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