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Daily Technical Strategy On Currencies & Commodities

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EURUSD: Bullish In The Short But With Risk Of Pullback

EURUSD: The pair still faces further upside pressure following its rally on Thursday. On the upside, resistance comes in at 1.1800 level with a break through there opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. Conversely, support lies at the 1.1750 level where a violation will aim at the 1.1700 level. A break of here will aim at the 1.1650 level. Below here will open the door for more weakness towards the 1.1600. All in all, EURUSD still faces further upside pressure though with caution.

EURUSDWeekly-2.png

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EURUSD Remain Vulnerable, Bear Pressure Eyes 1.1550/25 Zone

EURUSD remains vulnerable to the downside following its past week lower close. This development has opened the door for more weakness in the days ahead. On the upside, resistance comes in at 1.1650 level. A break through there opening the door for more upside towards the 1.1700 level. Further up, resistance lies at the 1.1750 level where a break will expose the 1.1800 level. But, support lies at the 1.1550 level where a violation will aim at the 1.1500 level. A break of here will aim at the 1.1450 level. Below here will open the door for more weakness towards the 1.1400. All in all, EURUSD still faces further downside pressure. 

 

EURUSDWeekly-3.png

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NZDUSD Bearish Pressure Eyes 0.6502 Zone

NZDUSD bearish pressure eyes 0.6502 zone as it retains its broader medium term downtrend. This development leaves it vulnerable beyond the above support. Support lies at the 0.6450 level. Further down, the 0.6400 level comes in as the next downside target. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.6600 level where a break will turn attention to the 0.6650 level. A break of here will have to occur to create scope for a move towards the 0.6700 level. Further out, resistance stands at the 0.6750 level. All in all, NZDUSD faces further downside pressure medium term.

NZDUSDDaily.png

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USDCAD Remains Vulnerable Towards 1.2926/00 Zone

USDCAD remains vulnerable towards 1.2926/00 zone as it retains its pullback pressure. Support lies at the 1.2900 level where a break will aim at the 1.2850 level. Further down, support comes in at the 1.2800 level where a turn lower may occur. But if further weakness occurs support comes in at the 1.2750 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the up, resistance comes in at the 1.3000 level where a violation will target the 1.3050 level. Further up, resistance resides at the 1.3100 level and then the 1.3150 level. All in all, USDCAD looks to weaken further on correction.

 

USDCADDaily-2.png

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