GBPUSD: With the pair continuing to target further weakness, GBPUSD broader bias remains lower. Support lies at the 1.4300 level where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance stands at the 1.4400 levels with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level. On the whole, GBPUSD broader bias remains lower on further downside pressure.
EURUSD: With Having trade flat (weekly chart) the past week on price reversal, EURUSD remains vulnerable below falling trendline. However, we may see price hesitation initially. On the down, support is located at the 1.0850 level and if violated, expect more weakness to happen towards the 1.0795 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. On the upside, resistance comes at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD remains vulnerable below falling trendline.
GOLD: Having reversed part of its previous week gains to close lower, remains vulnerable below the 1104.49 zone. On the downside, support comes in at the 1070.00 level where a break will turn attention to the 1060.00 level. Further down, a cut through here will open the door for a move lower towards the 1050.00 level. Below here if seen could trigger further downside pressure targeting the 1040.00 level. Conversely, resistance resides at the 1090.00 level where a break will aim at the 1100.00 level. A turn above there will expose the 1110.00 level. Further out, resistance stands at the 1120.00 level. All in all, GOLD remains vulnerable below the 1104.49 zone medium term.
GBPUSD: Having continued maintain its long term bearishness, GBPUSD targets further downside pressure. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4350 levels with a turn above here allowing more strength to build up towards the 1.4400 level. Further out, resistance resides at the 1.4450 level followed by the 1.4500 level. On the whole, GBPUSD targets further downside pressure.
EURUSD: Having remained weak and vulnerable to the downside, EURUSD faces more downside pressure below key resistance. Support lies at the 1.0800 level. Further down, support lies at the 1.0750 level where a violation will aim at the 1.0700 level. A break of here will aim at the 1.0650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD faces more downside pressure below key resistance.
GBPJPY: Having extended its broader medium term downtrend on Wednesday, GBPJPY eyes more medium term downside weakness. On the downside, support comes in at the 164.00 level where a violation will aim at the 163.00 level. A break below here will target the 162.00 level followed by the 161.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 166.00 level followed by the 167.00 level. A cut through that level will set the stage for a move further higher towards the 168.00 level. Further out, resistance resides at the 169.00 level. All in all, GBPJPY eyes more medium term downside weakness towards its key support at the 164.00 level.
EURGBP- With the cross turning lower on loss of upside momentum on Wednesday, further price weakness is expected. On the upside, resistance lies at the 0.7750 level where a violation if seen will turn risk towards the 0.7800 level. On further upside, the 0.7850 level comes in as the next upside target followed by the 0.7900 level. Its daily RSI is bearish and pointing lower supporting this view. Support comes in at 0.7650 level. Further down, support lies at the 0.7600 level where a violation will turn focus to the 0.7550 level. A break will expose the 0.7500 level. All in all, EURGBP looks for further price weakness on loss of upside momentum.
USDJPY: Having followed through higher on the back of its Thursday gains on Friday, further bullishness is expected. On the downside, support comes in at the 117.50 level where a break if seen will aim at the 117.00 level. A cut through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level. On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards its range top at the 119.00 level. Further out, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY remains biased to the upside on bull pressure.
USDCHF: Having rallied further the past week, USDCHF looks for more price strength in the new week. On the downside, support lies at the 1.0100 level. A turn below here will open the door for more weakness towards the 1.0050 level and then the 1.0000 level. Further down, support resides at the 0.9950 level. On the upside, resistance resides at the 1.0200 level where a break will clear the way for more strength to occur towards the 1.0250 level. Further out, resistance comes in at the 1.0300 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF looks for more price strength in the new week.
GOLD: Having remained weak and continued to trade within its range, GOLD threatens additional downside pressure on bearishness. On the downside, support comes in at the 1090.00 level where a break will turn attention to the 1080.00 level. Further down, a cut through here will open the door for a move lower towards the 1070.00 level. Below here if seen could trigger further downside pressure targeting the 1060.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1110.00 level where a break will aim at the 1120.00 level. A turn above there will expose the 1130.00 level. Further out, resistance stands at the 1140.00 level. All in all, GOLD threatens additional downside pressure on loss of upside momentum.
AUDUSD: With AUDUSD remaining and vulnerable to the downside, further weakness is envisaged. On the downside, support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below that level will set the stage for a run at the 0.6850 level with a cut through here targeting further downside towards the 0.6800 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance lies at the 0.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. On the whole, AUDUSD remains vulnerable to the downside medium term.
GBPUSD: With the pair continuing to hold on to its downside pressure, GBPUSD faces downside pressure on price failure though with caution. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. On the whole, GBPUSD faces downside pressure on price failure.
GBPJPY: Having rallied to take back its Monday losses on Tuesday, GBPJPY looks to strengthen more on bull pressure. On the downside, support comes in at the 169.00 level where a violation will aim at the 168.00 level. A break below here will target the 167.00 level followed by the 166.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance is seen at the 171.00 level followed by the 172.00 level. A cut through that level will set the stage for a move further higher towards the 173.00 level. Further out, resistance resides at the 174.00 level. All in all, GBPJPY looks to strengthen more on bull pressure.
USDJPY: Having halted its upside pressure to close higher on Tuesday, USDJPY looks to build up on price recovery. On the downside, support comes in at the 118.00 level where a break if seen will aim at the 117.50 level. A cut through here will turn focus to the 117.00 level and possibly lower towards the 116.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 119.00 level. Further out, we envisage a possible move towards its range top at the 119.50 level. Further out, resistance resides at the 120.00 level with a turn above here aiming at the 120.50 level. On the whole, USDJPY looks to build up on price recovery triggered from the 115.98 level.
GBPUSD: With the pair reversing its intra day gains to close lower on Wednesday, GBPUSD sets up to retest key support zone. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance stands at the 1.4300 levels with a turn above here allowing more strength to build up towards the 1.4350 level. Further out, resistance resides at the 1.4400 level followed by the 1.4450 level. On the whole, GBPUSD sets up to retest key support zone and possible medium term trend resumption.
EURUSD: With EUR continuing to trade and hold above the 1.0777/1.0800 zone but maintaining upside bias, further recovery higher is envisaged. Support lies at the 1.0850 level. Further down, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level. Conversely, on the upside, resistance comes in at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD threatens trendline resistance as it looks for strengthen further.
AUDUSD Caps Strength Below The 0.7096 Zone
AUDUSD: Although AUDUSD remains biased to the upside on correction, it continues to retain its broader medium term bias below the 0.7096 zone. Unless that is decisively taken our, the pair faces downside pressure. On the downside, support resides at the 0.7040 level where a breach will aim at the 0.7000 level. Below that level will set the stage for a run at the 0.6950 level with a cut through here targeting further downside pressure towards the 0.6900 level. On the upside, resistance lies at the 0.7100 level. A cut through here will turn attention to the 0.7150 level and then the 0.7200 level where a violation will set the stage for a retarget of the 0.7250 level. On the whole, AUDUSD remains biased to the upside on recovery though with caution.
CRUDE OIL: Having tested the 34.26 level and closed below that level on Thursday, we think CRUDE OIL faces the risk of a move lower. On the downside, support resides at the 33.00 level where a break will expose the 32.00 level. A cut through here will set the stage for a run at the 31.00 level. Further down, support resides at the 30.00 level. On the upside, resistance resides at the 34.00 level. Further out, resistance resides at the 35.00 level. A break above here will aim at the 36.00 level and then the 37.00 level followed by the 38.00 level. All in all, CRUDE OIL’s broader bias remains lower though facing recovery threat.
USDCHF: Having closed further higher on a follow through on the back of its previous week strength, USDCHF looks to push higher towards 1.0327 resistance zone. On the downside, support lies at the 1.0300 level. A turn below here will open the door for more weakness towards the 1.0250 level and then the 1.0200 level. Further down, support resides at the 1.0150 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 1.0400 level where a break will clear the way for more strength to occur towards the 1.0450 level. Further out, resistance comes in at the 1.0500 level. All in all, USDCHF looks to push higher towards 1.0327 resistance zone on more strength.
NZDUSD: The pair closed flat the past week leaving risk of a move lower on the cards. As long as the 0.6542/58 zone continues to hold as resistance, the pair looks to weaken. This is consistent wit its medium term downtrend. Support lies at the 0.6400 level where a break will aim at the 0.6350 level. Further down, the 0.6300 level comes in as the next downside target. Conversely, resistance resides at the 0.6500 level where a break will aim at the 0.6550 level. A break of here will have to occur to create scope for a run at the 0.6600 level. Further out, resistance stands at the 0.6650 level. All in all, NZDUSD faces downside threats below its key resistance zone
