Daily Technical Strategy On Currencies by FXTechstrategy - page 2
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GOLD: Looks To Build On Corrective Recovery
GOLD: Having closed higher the past week, further bullishness is likely though hesitating on Friday.However, beware of a mild price pullback. Support comes in at the 1,110.00 level where a break will aim at the 1,200.00 level. A cut through here will open the door for move lower towards the 1,080.00 level. Below here if seen could trigger further downside pressure towards the 1,060.00 level. Conversely, resistance resides at the 1,235.08 level where a break will aim at the 1,250.000 followed by the 1,270.00 level. A violation of here will turn attention to the 1,290.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
USDJPY: Having capped its strength at the 1.2506 level to close marginally higher the past week, further corrective weakness is envisaged. On the upside, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. A break will target the 125.50 level. Further out, resistance comes in at the 126.00 level where a violation will aim at the 126.50 level. On the downside, support comes in at the 124.00 level where a break will target the 123.50 level. Below here if seen will aim at the 123.00 level followed by the 122.50 level. On the whole, USDJPY remains exposed to the upside but faces corrective weakness.
GBPUSD: Loses Upside Momentum, Weakens
GBPUSD: Having GBP reversed its Friday gains during Monday trading session, the risk is more weakness to occur. While holding below its cluster of resistance at the 1.5689/77 zone, further decline is likely towards the 1.5550 level where a break if seen will aim at the 1.5500 level. A turn below here will shift attention to the 1.5450 level. Further down, support comes in at the 1.5400 level. Its daily RSI has turned lower suggesting further weakness. Conversely, resistance resides at the 15650 level followed by the 1.5700 level. A turn above here will open the door for a run at the 15750 level. On the whole, GBP faces the risk of a move lower on correction.
EURGBP: Declines, Extends Downside Pressure
EURGBP: With the cross extending its weakness on Tuesday, risk of further downside pressure is likely. This development leaves support standing at the 0.7050 level where a violation will turn focus to the 0.7000 level. A break below here will expose the 0.6950 level. Further down, support comes in at the 0.6900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.7100 level where a violation if seen will turn risk towards the 0.7150 level. Further out, the 0.7200 level comes in as the next upside target followed by the 0.7250 level. All in all, the cross is biased to the downside in the short term.
GOLD: The commodity rallied strongly on Wednesday leaving risk of further upside on the cards. This price development leaves bulls on the offensive towards the 1,147.00/1,150.00 area. Support comes in at the 1,126.00 level where a break will aim at the 1,110.00 level. A cut through here will open the door for move lower towards the 1,100.00 level. Below here if seen could trigger further downside pressure towards the 1,080.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,270.000 followed by the 1,280.00 level. A violation of here will turn attention to the 1,290.00 level. All in all, GOLD remains biased to the upside on corrective recovery.
EURUSD: Builds Up On Recovery, Eyes 1.1213 Level
EURUSD: With EUR turning higher to reverse part of its four-day losses on Wednesday, further push higher is likely. It was seen at the time of this analysis heading further higher with eyes on the 1.1213 level. Support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Conversely, resistance is seen at 1.1213 level with a cut through here opening the door for more downside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1250 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, EUR remains biased to the upside nearer term.
GBPJPY: Bear Pressure Builds Up On The 191.93 Level
GBPJPY: GBPJPY may be consolidating within its broader range but looks to weaken further towards the 191.93 zone. On the downside, support comes in at the 192.00 level where a violation will aim at the 191.00 level. A break below here will target the 190.00 level followed by the 189.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 194.00 level followed by the 195.00 level where a break will aim at the 196.00 level. A cut through here will aim at the 197.00 level. Further out, the 198.50 level comes in as the next resistance All in all, the cross remains biased to the downside nearer term
EURGBP: Sees Price Extension With Eyes On 0.7222 Level
EURGBP: With the cross strengthening further on Friday following its Thursday gain, further bullishness is likely towards its key resistance seen at the 0.7222 level. On the upside, resistance lies at the 0.7250 level where a violation if seen will turn risk towards the 0.7300 level. Further out, the 0.7350 level comes in as the next upside target followed by the 0.7400 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 0.7150 level where a violation will turn focus to the 0.7100 level. A break below here will expose the 0.7050 level. Further down, support comes in at the 0.700 level. All in all, the cross is biased to the upside on further corrective recovery.
EURJPY: Bullish, Maintains Short Term Uptrend
EURJPY: The cross extended its recovery on Thursday leaving risk of additional strength on the cards. While the 137.05 level remains as support, its short term uptrend remains intact. Resistance lies at the 139.50 level. Further out, resistance resides at the 140.00 level where a break if seen will threaten further upside towards the 140.50. Further out, resistance resides at the 141.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 138.00 level where a break will aim at the 137.50 level. A turn below here will target the 137.00 level with a breach turning focus to the 136.50 level. All in all, the cross now faces upside risk on recovery.
USDCHF: Tumbles On Price Sell-Off
USDCHF: With USDCHF selling off strongly the past week, a follow-through lower is envisaged in the new week. On the downside, support comes in at the 0.9400 level. A turn below here will open the door for more weakness to occur towards the 0.9350 level and then the 0.9300 level. A cut through here will open the door for more weakness towards the 0.9250 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 0.9500 level with a breach targeting the 0.9550 level. A respite may occur here and turn the pair lower but if taken out, expect a push higher towards the 0.9750 level. All in all, the pair remains biased to the downside.