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Daily Technical Strategy On Currencies & Commodities

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CRUDE OIL Remains Vulnerable On Correction


CRUDE OIL: The commodity continues to face downside pressure weakening on Thursday to open the door for more weakness. On the downside, support resides at the 45.00 level where a break will expose the 44.00 level. A cut through here will set the stage for a run at the 43.00 level. Further down, support resides at the 42.00 level. On the upside, resistance resides at the 46.00 level. Further out, resistance comes in at the 47.00 level. A break above here will aim at the 48.00 level and then the 49.00 level followed by the 50.00 level. All in all, CRUDE OIL remains biased to the downside on correction


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EURUSD Threatens Further Weakness Towards 1.0909 Level

EURUSD: With a reversal of its previous week’s gains seen the past week, more decline is envisaged. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EURUSD remains biased to the downside in the medium term.

EURUSDWeekly-1.png

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GOLD Tumbles, Eyes The 1,312.00 Zone

GOLD: The commodity reversed its Wednesday gain to weaken on Thursday leaving risk of more lower towards the 1,312.00 zone on the cards. On the downside, support comes in at the 1,312.00 level where a break will turn attention to the 1,300.00 level. Further down, a cut through here will open the door for a move lower towards the 1,290.00 level. Below here if seen could trigger further downside pressure targeting the 1,1280.00 level. Conversely, resistance resides at the 1,330.00 level where a break will aim at the 1,340.00 level. A turn above there will expose the 1,350.00 level. Further out, resistance stands at the 1,360.00 level. All in all, GOLD looks to weaken further on correction

XAUUSDDaily-1.png

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USDJPY Remains On Bullish Offensive

USDJPY: Having the pair continued to hold on to its upside pressure, further bullishness is likely. On the downside, support comes in at the 105.00 level where a break if seen will aim at the 104.50 level. A cut through here will turn focus to the 104.00 level and possibly lower towards the 103.50 level. On the upside, resistance resides at the 106.00 level. Further out, we envisage a possible move towards the 106.50 level. Further out, resistance resides at the 107.00 level with a turn above here aiming at the 107.50 level. On the whole, USDJPY looks to strengthen further on correction.

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GBPUSD Retains Downside Pressure Below Key Resistance Zone

GBPUSD: The Unless the pair breaks and holds above the 1.3480 zone, risk will continue to point lower on more weakness medium term. On the downside, support lies at the 1.3200 level where a break will turn attention to the 1.3150 level. Further down, support lies at the 1.3100 level. Below here will set the stage for more weakness towards the 1.3050 level. Conversely, resistance stands at the 1.3400 levels with a turn above here allowing more strength to build up towards the 1.3450 level. Further out, resistance resides at the 1.3500 level followed by the 1.3550 level. On the whole, GBPUSD threatens further downside pressure below its key resistance zone.
 

GBPUSD Retains Downside Pressure Below Key Resistance Zone

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EURUSD: Targets Further Downside Pressure With Eyes On 1.0970 Zone

EURUSD: Having taken back its Tuesday gains on Tuesday, more weakness is expected. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EURUSD remains biased to the downside on correction.

EURUSDDaily-2.png
 

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EURGBP: Sets Up To Resume Weakness

EURGBP- The cross looks to weaken further following its Thursday declines after taking back all of its intra day gains. Resistance resides at the 0.8400 level where a violation if seen will turn risk towards the 0.8450 level. On further upside, the 0.8500 level comes in as the next upside target followed by the 0.8550 level. Support comes in at 0.8300 level. Further down, support lies at the 0.8250 level where a violation will turn focus to the 0.8300 level. A break will expose the 0.8200 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURGBP remains bearish on price weakness.
 

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EURUSD Faces Further Weakness Threats

GOLD:  Having the commodity closed lower on a follow -through on the back of its previous week losses the past week, more weakness is envisaged. On the downside, support comes in at the 1,310.00 level where a break will turn attention to the 1,300.00 level. Further down, a cut through here will open the door for a move lower towards the 1,290.00 level. Below here if seen could trigger further downside pressure targeting the 1,1280.00 level. Conversely, resistance resides at the 1,340.00 level where a break will aim at the 1,350.00 level. A turn above there will expose the 1,360.00 level. Further out, resistance stands at the 1,370.00 level. All in all, GOLD looks to weaken further on correction

 

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AUDUSD Rejects Higher Prices, Vulnerable

AUDUSD. The pair saw a rejection of upside pressure during Wednesday trading leaving risk of dmore weakness on the cards. On the downside, support resides at the 0.7400 level where a breach will aim at the 0.7350 level. Below that level will set the stage for a run at the 0.7300 level with a cut through here targeting further downside pressure towards the 0.7250 level. On the upside, resistance lies at the 0.7500 level. A cut through here will turn attention to the 0.7550 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7650 level. On the whole, AUDUSD remains biased to the downside medium term.

 

AUDUSDDaily.png

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AUDUSDDaily.png.4309efb9e9c2cc5ab3a9c9b073d62980.png

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EURUSD Bullish, Sees Price Follow-Through

EURUSD: With the pair extending its Wednesday strength on Thursday, further bullishness is likely in the days ahead. Support lies at the 1.1050 level. Further down, support comes in at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will target the 1.0900 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, on the upside, resistance comes in at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD remains biased to the upside on further recovery.

EURUSDDaily.png

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EURUSDDaily.png.5b37871ad29bf3a9fb9002d7e903496f.png

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EURUSD Puts In Temporary Bottom, Bullish

EURUSD: With the pair halting its weakness to close higher the past week, we look for more strength to build up in the days ahead. Support lies at the 1.1100 level. Further down, support comes in at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will target the 1.0950 level. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EURUSD remains biased to the downside in the medium term.

EURUSDWeekly.png

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EURUSDWeekly.png.029b82d7f9be39954430295a6bcf6ae0.png

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  • 2 weeks later...
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GBPUSD: Remains Vulnerable To The Downside In The Medium Term.

GBPUSD: Having the pair rejected higher level prices to close lower on Wednesday, further downside pressure. On the downside, support lies at the 1.2950 level where a break will turn attention to the 1.2900 level. Further down, support lies at the 1.2850 level. Below here will set the stage for more weakness towards the 1.2800 level. Conversely, resistance stands at the 1.3050 levels with a turn above here allowing more strength to build up towards the 1.3100 level. Further out, resistance resides at the 1.3150 level followed by the 1.3200 level. On the whole, GBPUSD threatens further downside pressure on lower close.

 

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GBPUSDDaily.png.f90e01522d235f7a70c82de5905bd083.png

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EURUSD: Vulnerable Despite Higher Close

EURUSD: Except the pair returns above the 1.1233 level. A move lower cannot be ruled out. Support lies at the 1.1100 level. Further down, support comes in at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will target the 1.0950 level. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD remains biased to the upside on recovery.

 

EURUSDWeekly.png

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EURUSDWeekly.png.006effcaf9f3a01f3a0465d9d1693a5c.png

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EURUSD Targets More Upside On Bull Pressure

EURUSD: Having rallied on a follow through higher the past week, further bullishness is likely. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Conversely, on the upside, resistance comes in at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EURUSD remains biased to the upside on bull pressure.
 

 

EURUSDWeekly.png

EURUSDWeekly.png.2e71697eb2a57e67023074b36fe7bb70.png

EURUSDWeekly.png.2e71697eb2a57e67023074b36fe7bb70.png

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  • 1 month later...
Guest FXTechstrategy

 

EURUSD: The pair continues to face downside pressure following its sell off on Tuesday. This development has taken the pair out of its trading range and left risk lower in the days ahead. Support lies at the 1.1050 level. Further down, support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD faces further downside pressure.

 

EURUSDDaily.png

EURUSDDaily.png.9a3849f23d4313407179c6097035f844.png

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GOLD Looks To Extend Weakness On Bear Threats

GOLD: The commodity continues to face downside pressure on pullbacks. On the downside, support comes in at the 1,240.00 level where a break will turn attention to  the 1,230.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,220.00 level. Below here if seen could  trigger further downside pressure targeting the  1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the  1,270.00 level. A turn above there will expose the  1,280.00 level. Further out, resistance stands at  the 1,290.00 level. All in all, GOLD looks to weaken further.

 

XAUUSDDaily.png

XAUUSDDaily.png.b663afe923dc15cfb4852578274435e8.png

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USDJPY: After the pair rejected higher prices to close lower on Thursday, it faces the risk of a move lower. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level.  A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the  upside, resistance resides at the 104.00 level. Further  out, we envisage a possible move towards the 104.50  level. Further out, resistance resides at the 105.00  level with a turn above here aiming at the 105.50 level. On the whole, USDJPY looks to pullback further.
 

 

USDJPYDaily.png

USDJPYDaily.png.aeb7ac006478820b6b00a1cc45bd8deb.png

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EURUSD: Pressure Builds Up On 1.0909 Level

EURUSD: The pair sold off the past week, opening the door for more weakness to occur. Support lies at the 1.0900 level. Further down, support lies at the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will aim at the 1.0750 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD faces further downside risk.
 

 

EURUSDWeekly.png

EURUSDWeekly.png.0c79464209a157b34b2e3e61175b7985.png

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GOLD: Outlook Remains Higher With Eyes On 1,280.00 Zone

GOLD: Having the commodity continued to recover higher, more strength is likely. As long as it trades and holds above the 1,246.24 zone, we think it should head higher. On the downside, support comes in at the 1,260.00 level where a break will turn attention to  the 1,250.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,240.00 level. Below here if seen could  trigger further downside pressure targeting the  1,230.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1,280.00 level where a break will aim at the  1,290.00 level. A turn above there will expose the  1,300.00 level. Further out, resistance stands at  the 1,310.00 level. All in all, GOLD looks to recover higher on correction.
 

 

XAUUSDDaily.png

XAUUSDDaily.png.0351730aae4b9849a0eaa5a776b90384.png

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EURUSD: Eyes Further Weakness Towards 1.0821 Zone

EURUSD: The pair closed lower on Thursday following its price extension. Support lies at the 1.0900 level. Further down, support lies at the 1.0850 level where a violation will aim at the 1.0800 level. A break of here will aim at the 1.0750 level. Its daily RSI us bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Its daily RSI is bullish and pointing higher suggesting further strength.  All in all, EURUSD faces further downside risk.


 

EURUSDDaily.png

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