GOLD: Despite The commodity continues to face downside pressure on correction. It was seen reversing its Monday gain as at the time of this analysis. 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.
USDJPY: With the pair threatening upside offensive after losing downside momentum on Tuesday, more strength is envisaged. 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 bullish and pointing higher 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 its price recovery.
EURJPY: Having the cross strengthened further on Tuesday, a follow-through higher is envisaged. Support comes in at the 125.00 level where a break will aim at the 124.50 level. A turn below here will target the 124.00 level with a breach turning focus to the 123.50 level. Conversely, resistance lies at the 126.00 level. Further out, resistance comes in at the 126.50 level where a break if seen will threaten further upside towards the 127.00. Further out, resistance resides at the 127.50 level. Its daily RSI is bullish and pointing higher suggesting more strength. All in all, EURJPY eyes further bullishness on recovery.
EURUSD: With EURUSD losing upside momentum to close on a rejection candle, more weakness 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 1.1150 level. A break of here will target the 1.1100 level. 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.
AUDUSD. The pair tumbled lower on sell on Wednesday and remains weak leaving risk of more weakness on the cards. On the downside, support resides at the 0.7550 level where a breach will aim at the 0.7500 level. Below that level will set the stage for a run at the 0.7450 level with a cut through here targeting further downside pressure towards the 0.7400 level. On the upside, resistance lies at the 0.7650 level. A cut through here will turn attention to the 0.7700 level and then the 0.7750 level where a violation will set the stage for a retarget of the 0.7800 level. On the whole, AUDUSD remains biased to the downside.
GBPUSD: Having GBPUSD taken back its losses to close higher on Tuesday, further bullishness is envisaged. On the downside, support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4450 level. Below here will set the stage for more weakness towards the 1.4400 level. Conversely, resistance stands at the 1.4650 levels with a turn above here allowing more strength to build up towards the 1.4700 level. Further out, resistance resides at the 1.4750 level followed by the 1.4800 level. On the whole, GBPUSD remains biased to the upside but with caution.
USDCHF: Having the pair weakened to reverse its previous week gains the past week, more decline is envisaged. On the downside, support lies at the 0.9550 level. A turn below here will open the door for more weakness towards the 0.9500 level and then the 0.9450 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9650 level where a break will clear the way for more strength to occur towards the 0.9700 level. Further out, resistance comes in at the 0.9750 level. All in all, USDCHF remains biased to the downside on corrective recovery.
EURUSD: With EURUSD closing higher the past week, further recovery is envisaged. However, it faces its key over head resistance located at 1.1464 level. Support lies at the 1.1400 level. Further down, support comes in at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will target the 1.1250 level. Conversely, on the upside, resistance comes in at 1.1500 level with a cut through here opening the door for more upside towards the 1.1550 level. Further up, resistance lies at the 1.1600 level where a break will expose the 1.1650 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EURUSD remains biased to the upside but with caution
GBPUSD: Having GBPUSD taken back its losses to close higher on Monday, further bullishness is envisaged. However, beware is corrective pullback as GBPUSD trades at its key resistance zone. On the downside, support lies at the 1.4550 level where a break will turn attention to the 1.4500 level. Further down, support lies at the 1.4450 level. Below here will set the stage for more weakness towards the 1.4400 level. Conversely, resistance stands at the 1.4650 levels with a turn above here allowing more strength to build up towards the 1.4700 level. Further out, resistance resides at the 1.4750 level followed by the 1.4800 level. On the whole, GBPUSD remains biased to the upside but with caution.
USDJPY: With the pair remaining weak and vulnerable, further weakness is likely in the days ahead. 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 106.50 level. Further out, we envisage a possible move towards the 107.00 level. Further out, resistance resides at the 107.50 level with a turn above here aiming at the 108.00 level. On the whole, USDJPY looks to build up on its price weakness.
EURUSD: With EURUSD closing lower on Tuesday, it now looks to extend that weakness in the days ahead. Support lies at the 1.1450 level. Further down, support comes in at the 1.1400 level where a violation will aim at the 1.1350 level. A break of here will target the 1.1300 level. Conversely, on the upside, resistance comes in at 1.1550 level with a cut through here opening the door for more upside towards the 1.1600 level. Further up, resistance lies at the 1.1650 level where a break will expose the 1.1700 level. All in all, EURUSD remains biased to the upside.
GBPUSD: Having GBPUSD following through higher on the back of its Tuesday losses during Wednesday trading session today, further weakness is likely. 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 1.4500 levels with a turn above here allowing more strength to build up towards the 1.4550 level. Further out, resistance resides at the 1.4600 level followed by the 1.4650 level. On the whole, GBPUSD remains biased to the downside on correction.
GOLD: The commodity remains weak and vulnerable to the downside on correction. On the downside, support comes in at the 1,270.00 level where a break will turn attention to the 1,260.00 level. Further down, a cut through here will open the door for a move lower towards the 1,250.00 level. Below here if seen could trigger further downside pressure targeting the 1,240.00 level. Conversely, resistance resides at the 1,290.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to weaken further.
USDCAD: The pair continues to hold on to its upside pressure leaving risk higher. Resistance stands at the 1.2900 level where a break will aim at the 1.2950 level. Further out, resistance comes in at the 1.3000 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3050 level. Its daily RSI is bullish and pointing higher suggesting more Conversely, support lies at the 1.2800 level where a violation will target the 1.2750 level. Further down, support resides at the 1.2700 level and then the 1.2650 level. All in all, USDCAD looks to extend its downside pressure in the medium term.
USDCHF: Having the pair triggered a strong recovery the past week , further bullishness is expected in the new week. 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. 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. Its weekly RSI is bullish and pointing higher suggesting further bullishness. All in all, USDCHF remains biased to the upside on corrective recovery.
EURUSD: With EURUSD closing lower the past week on corrective pullback, further downside pressure is envisaged⌠Support lies at the 1.1350 level. Further down, support comes in at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will target the 1.1200 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 1.1600 level where a break will expose the 1.1550 level. All in all, EURUSD remains biased to the downside on further corrective weakness
GOLD: The commodity remains weak and vulnerable as it looks to correction further lower. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 level. Conversely, resistance resides at the 1,295.00 level where a break will aim at the 1,300.00 level. A turn above there will expose the 1,310.00 level. Further out, resistance stands at the 1,320.00 level. All in all, GOLD looks to weaken further correction.
USDJPY: The pair rallied on during Monday trading session today leaving risk of more strength on the cards. On the downside, support comes in at the 107.50 level where a break if seen will aim at the 107.00 level. A cut through here will turn focus to the 106.50 level and possibly lower towards the 106.00 level. On the upside, resistance resides at the 108.50 level. Further out, we envisage a possible move towards the 109.00 level. Further out, resistance resides at the 109.50 level with a turn above here aiming at the 110.00 level. On the whole, USDJPY looks to build up on price recovery in the days ahead.
EURUSD: With EURUSD continuing to weaken extending its downside pressure on Monday, further decline is envisaged. Support lies at the 1.1300 level. Further down, support comes in at the 1.1250 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.1450 level with a cut through here opening the door for more upside towards the 1.1400 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.
CRUDE OIL: With Having the commodity reversed some its downside pressure on Tuesday, a move higher is envisaged but with caution. On the downside, support resides at the 44.00 level where a break will expose the 43.00 level. A cut through here will set the stage for a run at the 42.00 level. Further down, support resides at the 41.00 level. On the upside, resistance resides at the 45.00 level. Further out, resistance comes in at the 46.00 level. A break above here will aim at the 47.00 level and then the 48.00 level followed by the 49.00 level. All in all, CRUDE OILâs medium term bias remains higher
