GBPUSD: The pair followed through lower on the back of its Monday losses on Tuesday. This development leaves GBPUSD threatening further downside pressure in the days ahead. On the downside, support lies at the 1.4250 level where a break will turn attention to the 1.4200 level. Further down, support lies at the 1.4150 level. Below here will set the stage for more weakness towards the 1.4100 level. Conversely, 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 remains weak and vulnerable to the downside.
EURUSD: Having EURUSD continued to hold on to its broader correction, a move higher is envisaged despite its pullback attempts. Support lies at the 1.1100 level. Further down, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at 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 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD remains biased to the upside on further strength on correction.
GOLD: With GOLD rallying on Wednesday, we expect more upside pressure in the days ahead. to hold on to its downside pressure, further decline is envisaged. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, GOLD looks to resume its broader medium term uptrend.
GOLD: With GOLD retaining its broader uptrend, further bullish offensive is expected. 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. Conversely, resistance resides at the 1,265.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to resume its broader medium term uptrend but with caution.
USDJPY: With the pair continuing to maintain its downside pressure, further bearishness is envisaged though with caution. However, as long as it can hold and trade above the 110.92/66 support zone, a move higher is likely. On the downside, support comes in at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY looks to recover higher off its key support zone.
USDJPY: With the pair strengthening for a third day in a row, it looks to extend its gains. On the downside, support comes in at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. Its daily RSI is bullish and pointing higher suggesting further. On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 113.00 level. Further out, resistance resides at the 113.50 level with a turn above here aiming at the 114.00 level. On the whole, USDJPY looks to build up on price recovery off its range bottom.
GOLD: With GOLD selling off strongly on Wednesday, further weakness is likely. This leaves the 1,225.71 level as the next support. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to weaken further on correction.
EURUSD: Having EURUSD continued to retain its corrective tone, immediate risk remains lower. But beware of a move back higher in the direction of its short term uptrend. Support lies at the 1.1100 level. Further down, support lies at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will aim at 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. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD remains biased to the upside on further strength.
USDCHF: The pair faces further weakness medium term despite its recovery attempts the past week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9850 level. All in all, USDCHF remains weak and vulnerable to the downside on more decline.
USDCHF: The pair weakened further on Wednesday following its Tuesday sell off. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF remains weak and vulnerable to the downside medium term.
GBPUSD: With the pair rejecting higher level prices on Wednesday, further weakness is likely in the days ahead. On the downside, 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. Conversely, resistance stands at the 1.4450 levels with a turn above here allowing more strength to build up towards the 1.4500 level. Further out, resistance resides at the 1.4550 level followed by the 1.4600 level. On the whole, GBPUSD remains biased to the downside on pullbacks.
EURUSD: Although EURUSD remains biased to the upside, we envisage a move lower on correction in the new week. Support lies at the 1.1300 level. Further down, support lies at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will aim at the 1.1150 level. Conversely, on the upside, resistance comes in at 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. All in all, EURUSD remains biased to the upside short term but may see a pullback in the new week.
USDJPY: The pair extended its weakness on Monday leaving lower towards its key support located at the 111.66 level. On the downside, support comes in at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY looks to build up on price weakness.
GBPUSD: With the pair continuing to decline, more weakness is envisaged towards its key support located at 1.4052 level. On the downside, support lies at the 1.4000 level where a break will turn attention to the 1.3950 level. Further down, support lies at the 1.3900 level. Below here will set the stage for more weakness towards the 1.3850 level. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD remains biased to the downside on more weakness.
EURUSD: Though EURUSD continues to hesitate, it retains its broader uptrend. Support lies at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level. Conversely, on the upside, resistance comes in at 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its daily RSI is bullish and pointing higher suggesting further downside pressure. All in all, EURUSD remains biased to the upside on further strength in the medium term.
AUDUSD. Having the pair halted its upside pressure to close lower on Thursday, further weakness is envisaged. On the downside, support resides at the 0.7450 level where a breach will aim at the 0.7400 level. Below that level will set the stage for a run at the 0.7350 level with a cut through here targeting further downside pressure towards the 0.7300 level. On the upside, resistance lies at the 0.7550 level. A cut through here will turn attention to the 0.7600 level and then the 0.7650 level where a violation will set the stage for a retarget of the 0.7700 level. On the whole, AUDUSD remains biased to the downside medium term.
USDCHF: The pair may have closed marginally the past week but continues to hold on to its downside pressure medium term. On the downside, support lies at the 0.9500 level. A turn below here will open the door for more weakness towards the 0.9450 level and then the 0.9400 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9600 level where a break will clear the way for more strength to occur towards the 0.9650 level. Further out, resistance comes in at the 0.9700 level. All in all, USDCHF remains weak and vulnerable to the downside on more decline.
EURUSD: Although EURUSD closed flat the past week, it looks to strengthen further in the new week. This is consistent with its short term upside bias. Support lies at the 1.1300 level. Further down, support lies at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will aim at the 1.1150 level. Conversely, on the upside, resistance comes in at 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD remains biased to the upside short term though with caution.
GOLD: The commodity continues to look for additional strengthen following its strong close at the end of the week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,250.00 level where a break will aim at the 1,260.00 level. A turn above there will expose the 1270.00 level. Further out, resistance stands at the 1,280.00 level. All in all, GOLD looks to strengthen further in the new week.
CRUDE OIL: With the commodity holding on to its upside offensive, more strength is envisaged. On the downside, support resides at the 39.00 level where a break will expose the 38.00 level. A cut through here will set the stage for a run at the 37.00 level. Further down, support resides at the 36.00 level. On the upside, resistance resides at the 41.00 level. Further out, resistance comes in at the 42.00 level. A break above here will aim at the 43.00 level and then the 44.00 level followed by the 45.00 level. Its daily RSI is bullish and pointing higher supporting this view. All in all, CRUDE OIL’s medium term bias remains higher.
