Daily Technical Strategy On Currencies by FXTechstrategy

EURUSD Breaks Down Below Consolidation Range

EURUSD breaks down below consolidation range as it eyes further weakness. Further down, support comes in at the 1.1100 where a violation will turn risk to the 1.1050 level. A break below here will target the 1.1000 level. Further down, support sits at the 1.0950. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at 1.1200 level with a break through there opening the door for further upside towards the 1.1.1250 level. Further up, resistance comes in at the 1.1300 level where a violation will expose the 1.1350 level. All in all, EURUSD looks to weaken further on bear pressure.

EURJPY Remains Vulnerable With Eyes On Further Weakness

EURJPY remains vulnerable with eyes on further weakness. On the downside, support comes in at the 117.50 level where a break if it occurs aiming at the 117.00 level. A break through here will turn focus to the 116.50 level and possibly lower towards the 116.00 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 118.50 level. Further out, we envisage a possible move towards the 119.00 level. Further out, resistance resides at the 119.50 level with a turn above here aiming at the 120.00 level. On the whole, EURJPY retains its downside pressure in the medium term.

USDCHF Bounces Off Lower Prices On Correction.

USDCHF bounces off lower prices on correction the past week. This has opened the door for more gain in the new week. Resistance resides at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance comes in at the 0.9950 level. On the downside, support is seen at the 0.9750 level with a turn below here opening the door for more decline towards the 0.9700 level. And then the 0.9650 level. Further down, support resides at the 0.9600 level. All in all, USDCHF remains biased to the upside on further corrective strength.

EURUSD Looks To Recapture The 1. 1026 Support Zone

EURUSD looks to recapture the 1.1026 support zone as it retains its broader weakness. Support comes in at the 1.1050 where a violation will turn risk to the 1.1000 level. A break below here will target the 1.1050 level. Further down, support sits at the 1.0950. Conversely, on the upside, resistance resides at 1.1150 level with a break through there opening the door for further upside towards the 1.1.1200 level. Further up, resistance comes in at the 1.1250 level where a violation will expose the 1.1300 level. All in all, EURUSD expects more weakness to occur in the days ahead.

http://www.fxtechstrategy.com/wp-content/uploads/2019/08/EURUSDWeekly-1.png

GOLD Broader Bias Remains higher But With Corrective Warning

GOLD broader bias remains higher but with corrective warning. On the downside, support comes in at the 1,500.00 level where a break will turn attention to the 1,490.00 level. Further down, a cut through here will open the door for a move lower towards the 1,480.00 level. Below here if seen could trigger further downside pressure targeting the 1,470.00 level. Conversely, resistance resides at the 1,520.00 level. Further out, resistance resides at the 1,530.00 level where a break will aim at the 1,540.00 level. A turn above there will expose the 1,550.00 level. Further out, resistance stands at the 1,560.00 level. All in all, GOLD looks to strengthen further but with caution.

GBPUSD Continues To Faces Corrective Recovery Risk

GBPUSD continues to face corrective recovery risk as it eyes further bullishness. Support comes in at 1.2100 with a turn below that level shifting focus to the 1.2050 level. Further down, support resides at the 1.2000 level where a break will turn attention to the 1.1950 level. Further down, support lies at the 1.1900 level. On the upside, resistance stands at the 1.2200 with a turn above here allowing for additional strength to build up towards the 1.2250 level. Further out, resistance stands at the 1.2300 level followed by the 1.2350 level. On the whole, GBPUSD retains its corrective upside pressure

USDJPY Recovers With Eyes On 107.21 Resistance Zone

USDJPY recovers with eyes on 107.21 resistance zone. This is coming on the back of its Monday gain. On the upside, resistance comes in at 107.00 level. Above this level will turn attention to the 107.50 level. Further out, we expect a possible move towards the 108.00 level. A cut through here will open the door for more gain towards the 108.50. On the downside, support comes in at the 106.00 level where a break will target the 105.50 level. Below that level will turn focus to the 105.00 level and then lower towards the 104.50 level. On the whole, USDJPY faces further upside pressure.

USDCAD Rejects Lower Prices With Eyes On 1.3400 Level

USDCAD rejects lower prices with eyes on 1.3400 level as it retains its medium term uptrend. Support comes in at the 1.3300 level where a break will aim at the 1.3250 level. Further down, support comes in at the 1.3200 level where a turn lower may occur. Further down, support comes in at the 1.3150 level. Conversely, resistance lies at the 1.3350 level where a violation will target the 1.3400 level. Further up, resistance resides at the 1.3450 level and then the 1.3500 level. All in all, USDCAD looks to recover further higher medium term.

GBPJPY Looks To Strengthen Further On Recovery

GBPJPY looks to strengthen further on recovery following Its Tuesday price rejection. On the downside, support comes in at the 128.50 level where a violation will aim at the 128.00 level. A break below here will target the 127.00 level followed by the 127.00 level. Conversely, resistance is seen at the 129.50 level followed by the 130.00 level. A cut through that level will set the stage for a move further higher towards the 130.50 level. Further out, resistance resides at the 131.00 level. All in all, GBPJPY remains biased to the upside on further recovery.

EURUSD Declines With Eyes On 1.1026/00 Support Zone

EURUSD declines with eyes on 1.1026/10 support zone as looks to resume its broader downside pressure. Support comes in at the 1.1000 where a violation will turn risk to the 1.0950 level. A break below here will target the 1.0900 level. Further down, support sits at the 1.0850. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1100 level with a violation of there opening the door for further gain towards the 1.1150 level. Further up, resistance lies at the 1.1200 level. A cut through that level will clear the way for a move towards the 1.1250 level. All in all, EURUSD expects looks to weaken further towards the 1.1026/10 support zone.

USDCHF Weakens On Strong Sell-off

USDCHF weakens on strong sell-off following its intra day price rejection on Friday. Resistance comes in at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance stands at the 1.0000 level. On the downside, support is located at the 0.9700 level with a turn below here opening the door for more decline towards the 0.9650 level. And then the 0.9600 level. Further down, support comes in at the 0.9600 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF remains biased to the downside on further weakness.

EURUSD Backs Off Lower Prices With Eyes On 1.1200

EURUSD backs off lower prices with eyes on 1.1200 resistance as we enter a new week. Support comes in at the 1.1100 where a violation will turn risk to the 1.1050 level. A break below here will target the 1.1000 level. Further down, support sits at the 1.0950. Conversely, on the upside, resistance comes in at 1.1200 level with a violation of there opening the door for further gain towards the 1.1250 level. Further up, resistance lies at the 1.1300 level. A cut through that level will clear the way for a move towards the 1.1350 level. Its weekly RSI is bullish and pointing higher suggesting more gain. All in all, EURUSD expects more recovery higher in the new week.

GOLD Further Bull Pressure Is Envisaged

GOLD further bull pressure is envisaged as we look for price extension. On the downside, support comes in at the 1,520.00 level where a break will turn attention to the 1,510.00 level. Further down, a cut through here will open the door for a move lower towards the 1,500.00 level. Below here if seen could trigger further downside pressure targeting the 1,490.00 level. Conversely, resistance resides at the 1,530.00 level. Further out, resistance resides at the 1,540.00 level where a break will aim at the 1,550.00 level. A turn above there will expose the 1,560.00 level. Further out, resistance stands at the 1,570.00 level. All in all, GOLD looks to strengthen further in the new week.

http://www.fxtechstrategy.com/wp-content/uploads/2019/08/XAUUSDWeekly-1.png

USDCAD Bear Pressure Sets Up To Extend Further

USDCAD bear pressure sets up to extend further following its Friday losses. Support lies at the 1.3200 level where a violation will aim at the 1.3150 level. Further down, support comes in at the 1.3100 level where a break lower may occur. This if seen will trigger further weakness towards the 1.3050 level. Its daily RSI remains vulnerable to the downside suggesting more decline. Conversely, resistance stands at the 1.3300 level where a break will target the 1.3350 level. Further up, resistance resides at the 1.3400 level and then the 1.3450 level. All in all, USDCAD looks to weaken further in the days ahead.

http://www.fxtechstrategy.com/wp-content/uploads/2019/08/USDCADDaily-2.png

EURUSD Risk Turns Lower Towards 1.1051/26 Support Zone

EURUSD risk turns lower towards 1.1051/25 support zone as it retains downside pressure. Support comes in at the 1.1050 where a violation will turn risk to the 1.1000 level. A break below here will target the 1.0950 level. Further down, support sits at the 1.0900. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1150 level with a violation of there opening the door for further gain towards the 1.1200 level. Further up, resistance lies at the 1.1250 level. A cut through that level will clear the way for a move towards the 1.1300 level. All in all, EURUSD expects more weakness in the days ahead.

USDJPY Risk Builds Up On 106.97 Resistance Area

USDJPY risk builds up on 106.97 resistance area as it looks to strengthen further in the days ahead. On the upside, resistance comes in at 106.50 level. Above this level will turn attention to the 107.00 level. Further out, we expect a possible move towards the 107.50 level. A cut through here will open the door for more gain towards the 108.00. On the downside, support comes in at the 105.50 level where a break will target the 105.00 level. Below that level will turn focus to the 104.50 level and then lower towards the 104.00 level. On the whole, USDJPY faces further upside pressure.

USDCHF Rallies With Risk Building Up Towards 0.9907 Resistance

USDCHF rallies with risk building up towards 0.9907 resistance in the days ahead. Resistance comes in at the 0.9900 level. Above here, resistance stands at the 0.9950 level and then the 1.0000 level. Further out, resistance stands at the 1.0050 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support is located at the 0.9800 level with a turn below here opening the door for more decline towards the 0.9750 level. And then the 0.9700 level. Further down, support comes in at the 0.9650 level. All in all, USDCHF remains biased to the upside on price rally

GOLD Trades Below Key Support On Correction.

GOLD trades below key support on correction as it remains vulnerable. On the downside, support comes in at the 1,520.00 level where a break will turn attention to the 1,510.00 level. Further down, a cut through here will open the door for a move lower towards the 1,500.00 level. Below here if seen could trigger further downside pressure targeting the 1,490.00 level. Conversely, resistance resides at the 1,540.00 level. Further out, resistance resides at the 1,550.00 level where a break will aim at the 1,560.00 level. A turn above there will expose the 1,570.00 level. Further out, resistance stands at the 1,580.00 level. All in all, GOLD looks to weaken further on corrective pullbacks.

USDCHF Bull Pressure Eyes The 0.9974 Resistance Zone

USDCHF bull pressure eyes the 0.9974 resistance zone in the new week. Resistance comes in at the 0.9950 level. Above here, resistance lies at the 1.0000 level and then the 1.0050 level. Further out, resistance stands at the 1.0100 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support is located at the 0.9850 level with a turn below here opening the door for more decline towards the 0.9800 level. And then the 0.9750 level. Further down, support comes in at the 0.9700 level. All in all, USDCHF remains biased to the upside on further bull pressure.

EURUSD Broader Bias Remains Lower Medium Term

EURUSD broader bias remains lower medium term. This development leaves risk lower in the days ahead. Support comes in at the 1.0950 where a violation will turn risk to the 1.0900 level. A break below here will target the 1.0850 level. Further down, support sits at the 1.0800. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1050 level with a violation of there opening the door for further gain towards the 1.1100 level. Further up, resistance lies at the 1.1150 level. A cut through that level will clear the way for a move towards the 1.1200 level. All in all, EURUSD expects more weakness in the days ahead.