FXTechstrategy Team: Forex Analysis
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GBPUSD: Strengthens, Targets Further Upside.
GBPUSD: GBP is seen pressing higher suggesting further strength in the days ahead. As long as it holds above the 1.5410 level, its medium term uptrend bias remains intact. This leaves the risk of an eventual return to the 1.5628 level likely where a violation will aim at the 1.5600. Above here will target the 1.5650 level and then the 1.5700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive
GBPUSD: GBP is seen pressing higher suggesting further strength in the days ahead. As long as it holds above the 1.5410 level, its medium term uptrend bias remains intact. This leaves the risk of an eventual return to the 1.5628 level likely where a violation will aim at the 1.5600. Above here will target the 1.5650 level and then the 1.5700 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, on any pullback the pair could retest the 1.5410 level. We expect this level to provide a strong support and turn it higher. Further down, support comes in at return to the downside, the danger is for it to retarget the 1.4830 level. Below here if seen will resume its broader medium term downtrend towards the 1.4800 level. A violation will aim at the 1.4700 level. On the whole, GBP continues to retain its upside offensive
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AUDUSD: Sells Off, Eyes Further Downside.
AUDUSD: With a sell off reversing its two-day rally, the risk is for that continue in the days ahead. Further down, support comes in at the 1.0219 level where a violation will turn attention to the 1.0150 level and then the 1.0100 level. Further down, support comes in at the 1.0050 level and then the 1.0000 level. Conversely, AUDUSD will have to return above the 1.0357/84 levels to halt its medium term downside bias. This if seen could drive it further higher towards the 1.0586 level. The next upside objective resides at the 1.0600 level where a violation will aim at the 1.0650 level. All in all, the pair remains biased to the downside medium term.
AUDUSD: With a sell off reversing its two-day rally, the risk is for that continue in the days ahead. Further down, support comes in at the 1.0219 level where a violation will turn attention to the 1.0150 level and then the 1.0100 level. Further down, support comes in at the 1.0050 level and then the 1.0000 level. Conversely, AUDUSD will have to return above the 1.0357/84 levels to halt its medium term downside bias. This if seen could drive it further higher towards the 1.0586 level. The next upside objective resides at the 1.0600 level where a violation will aim at the 1.0650 level. All in all, the pair remains biased to the downside medium term.
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EURJPY: Consolidating With Upside Bias Medium Term.
EURJPY- The cross continues to consolidate suggestive of an eventual return to the 131.11 level on ending the mentioned consolidation. This if seen will reverse its entire weakness and target the 132.00 level and then the 133.00 level. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.
EURJPY- The cross continues to consolidate suggestive of an eventual return to the 131.11 level on ending the mentioned consolidation. This if seen will reverse its entire weakness and target the 132.00 level and then the 133.00 level. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.
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EURUSD: Eyes The 1.3242 Level And Beyond.
EURUSD: Though backing off slightly off its last week high, it looks to return to that level at 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 and then the 1.3450 level. The alternative scenario will be a return to the 1.3054 level where a breach will call for a run at the 1.2955 level. Further down, support lies at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its short term upside bias.
EURUSD: Though backing off slightly off its last week high, it looks to return to that level at 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 and then the 1.3450 level. The alternative scenario will be a return to the 1.3054 level where a breach will call for a run at the 1.2955 level. Further down, support lies at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its short term upside bias.
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USDJPY: Looks To Return To The 99.93 Level And Beyond
USDJPY: With the pair halting its corrective pullback at the 96.99 level and closing higher the past week, we expect an extension of that strength to occur in the days ahead. This development leaves USDJPY targeting the 99.93 level. This if seen will set the stage for more upside towards the 100.50 level followed by the 101.00 level. We may see a pullback from here but if broken, further upside could follow towards the 101.50 level and then the 102.00 level. Support comes in at the 96.99 level where a violation will target the 96.00 level and then the 96.50 level. All in all, USDJPY remains biased to the upside in the medium term.
USDJPY: With the pair halting its corrective pullback at the 96.99 level and closing higher the past week, we expect an extension of that strength to occur in the days ahead. This development leaves USDJPY targeting the 99.93 level. This if seen will set the stage for more upside towards the 100.50 level followed by the 101.00 level. We may see a pullback from here but if broken, further upside could follow towards the 101.50 level and then the 102.00 level. Support comes in at the 96.99 level where a violation will target the 96.00 level and then the 96.50 level. All in all, USDJPY remains biased to the upside in the medium term.
Re: USDJPY: Looks To Return To The 99.93 Level And Beyond
I believe that UsdJpy will go on with this trading range, together with the formation of the triangle. So, I would go short in area 100, take profit in area 97.
USDJPY: With the pair halting its corrective pullback at the 96.99 level and closing higher the past week, we expect an extension of that strength to occur in the days ahead. This development leaves USDJPY targeting the 99.93 level. This if seen will set the stage for more upside towards the 100.50 level followed by the 101.00 level. We may see a pullback from here but if broken, further upside could follow towards the 101.50 level and then the 102.00 level. Support comes in at the 96.99 level where a violation will target the 96.00 level and then the 96.50 level. All in all, USDJPY remains biased to the upside in the medium term.
I believe that UsdJpy will go on with this trading range, together with the formation of the triangle. So, I would go short in area 100, take profit in area 97.
Re: Technical Outlook, Strategies & Commentaries On The Major Currencies
I agree with you. Below 1.29 a series of quite strong bearish signals for EurUsd might start from the moving averages.
I agree with you. Below 1.29 a series of quite strong bearish signals for EurUsd might start from the moving averages.
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EURUSD: Risk Turns To The 1.3242 Level
EURUSD: A reversal of its Monday and Tuesday losses has cleared the way for a return to the 1.3242 level. A cut there here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level with a turn above here targeting the 1.3400 and then the 1.3450 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EUR to return to the 1.3034 level where a breach will set the stage for move lower towards the 1.2955 level. Further down, support lies at the 1.2850 level and next the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its medium term upside bias with eyes on the 1.3242 level
EURUSD: A reversal of its Monday and Tuesday losses has cleared the way for a return to the 1.3242 level. A cut there here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level with a turn above here targeting the 1.3400 and then the 1.3450 level. Its daily RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EUR to return to the 1.3034 level where a breach will set the stage for move lower towards the 1.2955 level. Further down, support lies at the 1.2850 level and next the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its medium term upside bias with eyes on the 1.3242 level
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EURJPY: Bullish, Resumes Its Broader Uptrend.
EURJPY- The cross has resumed its medium term uptrend paving the way for more upside offensive towards the 132.00 level and then the 133.00 level. A cut through here will target the 133.50 level and then the 134.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.
EURJPY- The cross has resumed its medium term uptrend paving the way for more upside offensive towards the 132.00 level and then the 133.00 level. A cut through here will target the 133.50 level and then the 134.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the cross will have to return below the 125.00 level to reverse its broader medium term upside bias and bring further downside towards the 124.03 level. If this level is tested and broken, further declines should follow towards the 123.00 level. We expect here to hold and turn the cross higher. All in all, the cross remains biased to the upside.
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Re: Technical Outlook, Strategies & Commentaries On The Major Currencies
USDCHF – With a rally seeing USDCHF closing slightly above the 0.9566 level the past week, there is risk of further upside in the new week.This development leaves the pair targeting further strength towards the 0.9600 level. Further out, resistance resides at the 0.9773 level, its weekly ema where a violation will aim at the 0.9850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9498 level where a breach will target the 0.9331 level followed by the 0.9205 level and then the 0.9150 level. Further down, support stands at the 0.9100 level. On the whole, the pair has triggered its broader upside following a rally the past week.
USDCHF – With a rally seeing USDCHF closing slightly above the 0.9566 level the past week, there is risk of further upside in the new week.This development leaves the pair targeting further strength towards the 0.9600 level. Further out, resistance resides at the 0.9773 level, its weekly ema where a violation will aim at the 0.9850 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9498 level where a breach will target the 0.9331 level followed by the 0.9205 level and then the 0.9150 level. Further down, support stands at the 0.9100 level. On the whole, the pair has triggered its broader upside following a rally the past week.
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EURUSD: Remains In Consolidation Mode.
EURUSD: Although EUR turned back lower the past week after failing to follow through on the back of its previous week gains, it remains trapped in a consolidation range (watch out for a head and shoulders formation on the daily chart). A reversal of its past week decline could occur if it fails to follow through on its current bearishness. This will open up further upside risk towards the 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 level. The alternative scenario will be a return to the 1.2955 level where a breach will call for a run at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its short term upside bias despite consolidation risk.
EURUSD: Although EUR turned back lower the past week after failing to follow through on the back of its previous week gains, it remains trapped in a consolidation range (watch out for a head and shoulders formation on the daily chart). A reversal of its past week decline could occur if it fails to follow through on its current bearishness. This will open up further upside risk towards the 1.3242 level in the new week. Further out, resistance resides at the 1.3300 level where a break will call for a run at the 1.3350 level. Above here will create scope for more upside towards the 1.3400 level. The alternative scenario will be a return to the 1.2955 level where a breach will call for a run at the 1.2850 level. Below here will aim at the 1.2750/35 levels, its key support levels. All in all, EUR continues to retain its short term upside bias despite consolidation risk.
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GOLD: Pulls Back, Vulnerable.
GOLD: Unless the commodity returns above the 1,488.00 level, there is risk of further downside in the days ahead. On the downside, support comes in at the 1,403.66 level where a breach will target the 1,385.00 level. A violation will aim at the 1,350 level and then the 1,321.79 level. On the upside, GOLD will have to return above the 1,488.00 level to resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. All in all, GOLD remains on corrective recovery mode in the short term though vulnerable.
GOLD: Unless the commodity returns above the 1,488.00 level, there is risk of further downside in the days ahead. On the downside, support comes in at the 1,403.66 level where a breach will target the 1,385.00 level. A violation will aim at the 1,350 level and then the 1,321.79 level. On the upside, GOLD will have to return above the 1,488.00 level to resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. All in all, GOLD remains on corrective recovery mode in the short term though vulnerable.
Re: GOLD: Pulls Back, Vulnerable.
In my opinion the shy rebound of gold is a symptom of a downward pressure that might come back soon. Better going short this time.
GOLD: Unless the commodity returns above the 1,488.00 level, there is risk of further downside in the days ahead. On the downside, support comes in at the 1,403.66 level where a breach will target the 1,385.00 level. A violation will aim at the 1,350 level and then the 1,321.79 level. On the upside, GOLD will have to return above the 1,488.00 level to resume its recovery. Further out, resistance is seen at the 1,590.40 level followed by the 1,619 level. All in all, GOLD remains on corrective recovery mode in the short term though vulnerable.
In my opinion the shy rebound of gold is a symptom of a downward pressure that might come back soon. Better going short this time.
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EURUSD: Violates Support To Resume Downside Pressure.
EURUSD: With EUR taking out its support at the 1.2955 level to close lower on Tuesday and extending that weakness during early trading today, more decline is expected. Further down, support lies at the 1.2850 level followed by the 1.2750/35 levels, its key support levels. A cut through here will extend its bearishness towards the 1.6.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance resides at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias having violated its support.
EURUSD: With EUR taking out its support at the 1.2955 level to close lower on Tuesday and extending that weakness during early trading today, more decline is expected. Further down, support lies at the 1.2850 level followed by the 1.2750/35 levels, its key support levels. A cut through here will extend its bearishness towards the 1.6.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 1.3050 level where a violation if seen will aim at the 1.3150 level. Further out, resistance resides at the 1.3242 level. A cut through here will resume its medium term uptrend and call for a run at the 1.3300 level. A clearance of this level will pave the way for a run at the 1.3350 level. All in all, EUR continues to retain its medium term downside bias having violated its support.
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