AUDUSD. Having the pair extended its upside pressure to close higher on Monday and was seen following through higher on Tuesday, further strength is envisaged. On the downside, support resides at the 0.7600 level where a breach will aim at the 0.7550 level. Below that level will set the stage for a run at the 0.7500 level with a cut through here targeting further downside pressure towards the 0.7450 level. On the upside, resistance lies at the 0.7700 level. A cut through here will turn attention to the 0.7750 level and then the 0.7800 level where a violation will set the stage for a retarget of the 0.7850 level. On the whole, AUDUSD remains biased to the upside medium term.
USDJPY: The pair followed through higher on the back of its Tuesday strength on Wednesday. This price development leaves the pair targeting more upside in the days ahead. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. On the whole, USDJPY looks to build up on its price recovery.
GBPJPY: The cross continues to maintain its corrective upside bias leaving risk of a move higher on the cards. On the downside, support comes in at the 154.00 level where a violation will aim at the 153.00 level. A break below here will target the 152.00 level followed by the 151.00 level. Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBPJPY looks to recover further.
GBPUSD: Although vulnerable to the downside, the pair faces price hesitation with upside bias. It was seen heading higher during early trading today. On the downside, support lies at the 1.4150 level where a break will turn attention to the 1.4100 level. Further down, support lies at the 1.4050 level. Below here will set the stage for more weakness towards the 1.4000 level. Conversely, resistance stands at the 1.4250 levels with a turn above here allowing more strength to build up towards the 1.4300 level. Further out, resistance resides at the 1.4350 level followed by the 1.4400 level. On the whole, GBPUSD remains biased to the downside medium term but with caution.
USDCHF: The pair rallied the past week to halt its broader weakness and close higher. This development leaves risk higher with eyes on its key resistance located at the 0.9750 level. 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 bullish and pointing higher suggesting further recovery. 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 biased to the upside on correction.
EURUSD: With EURUSD closing lower the past week, further decline is expected in the new week. Support lies at the 1.1200 level. Further down, support comes in at the 1.1150 level where a violation will aim at the 1.1100 level. A break of here will target the 1.1050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on corrective pullback.
GOLD: With the commodity remaining vulnerable to the downside on correction, more weakness is likely. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through here will open the door for a move lower towards the 1,210.00 level. Below here if seen could trigger further downside pressure targeting the 1,200.00 level. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
GBPUSD: With the pair continuing to remain weak and vulnerable to the downside, more weakness is likely in the new week. On the downside, support lies at the 1.4100 level where a break will turn attention to the 1.4050 level. Further down, support lies at the 1.4000 level. Below here will set the stage for more weakness towards the 1.3950 level. Conversely, resistance stands at the 1.4200 levels with a turn above here allowing more strength to build up towards the 1.4250 level. Further out, resistance resides at the 1.4300 level followed by the 1.4350 level. On the whole, GBPUSD continues to retain its broader medium term downtrend bias.
GBPUSD: Although Having followed through higher on Monday, further bullishness is likely. 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 biased to the upside on corrective recovery.
USDJPY: The pair continues to build up on its recovery leaving risk of more strength on the cards. On the downside, support comes in at the 109.00 level where a break if seen will aim at the 108.50 level. A cut through here will turn focus to the 108.00 level and possibly lower towards the 107.50 level. On the upside, resistance resides at the 110.00 level. Further out, we envisage a possible move towards the 110.50 level. Further out, resistance resides at the 111.00 level with a turn above here aiming at the 111.50 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. On the whole, USDJPY looks to build up on its price recovery.
EURUSD: EURUSD looks to recover higher following its Tuesday rally with eyes on the 1.1390 level. Support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1200 level. Its daily RSI is bearish and pointing lower supporting this view. 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 downside on further pullback.
EURUSD: EURUSD reversed its Tuesday gain to close lower on Wednesday. This leaves risk lower on correction in the days ahead. 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. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. All in all, EURUSD remains biased to the downside on further pullback risk.
EURJPY: Having the cross closed lower after losing all of its intra day gains on Thursday, further weakness is now envisaged. Support comes in at the 123.00 level where a break will aim at the 122.50 level. A turn below here will target the 122.00 level with a breach turning focus to the 121.00 level. Its daily RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance lies at the 124.00 level. Further out, resistance comes in at the 124.50 level where a break if seen will threaten further upside towards the 125.00. Further out, resistance resides at the 125.50 level. All in all, EURJPY eyes further downside pressure on its broader trend resumption.
EURUSD: With EURUSD remaining weak and vulnerable to the down, further downside pressure is expected. Support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EURUSD remains biased to the downside on further pullback.
Euro going down for real!
USDCHF: Having the pair rallied to close higher the past week, further bullishness is envisaged. 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 supporting this view. On the upside, resistance resides at the 0.9850 level where a break will clear the way for more strength to occur towards the 0.9900 level. Further out, resistance comes in at the 0.9950 level. All in all, USDCHF remains biased to the upside on corrective recovery.
EURUSD: With EURUSD closing lower the past week, further weakness is envisaged in the new week. Support lies at the 1.1150 level. Further down, support comes in at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will target the 1.1000 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level… All in all, EURUSD remains biased to the downside on corrective pullback.
GOLD: With the commodity remains weak and vulnerable to the downside following its rejection candle print the past week, further weakness is likely. 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 weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to weaken further.
AUDUSD. The pair continues to hold on to its corrective pullback bias despite its present price hesitation. Except it returns above the 0.7834 level, we see further correction occurring. On the downside, support resides at the 0.7650 level where a breach will aim at the 0.7600 level. Below that level will set the stage for a run at the 0.7550 level with a cut through here targeting further downside pressure towards the 0.7500 level. On the upside, resistance lies at the 0.7750 level. A cut through here will turn attention to the 0.7800 level and then the 0.7850 level where a violation will set the stage for a retarget of the 0.7900 level. On the whole, AUDUSD remains biased to the downside on corrective pullback.
GBPUSD: Having GBPUSD lost upside momentum on Monday, we envisage a move lower in the days ahead. On the downside, support lies at the 1.4400 level where a break will turn attention to the 1.4350 level. Further down, support lies at the 1.4300 level. Below here will set the stage for more weakness towards the 1.4250 level. Conversely, resistance stands at the 1.4550 levels with a turn above here allowing more strength to build up towards the 1.4600 level. Further out, resistance resides at the 1.4650 level followed by the 1.4700 level. Its daily RSI is bearish and pointing higher suggesting further upside pressure. On the whole, GBPUSD remains biased to the downside but with caution.
