GOLD: The commodity continues to retain its upside pressure leaving risk higher in the days ahead. 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 1,310.00 level where a break will aim at the 1,320.00 level. A turn above there will expose the 1,330.00 level. Further out, resistance stands at the 1,340.00 level. All in all, GOLD looks to strengthen further.
GBPJPY: The cross closed higher on Monday and was seen following through higher as at the time of this analysis. 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 155.00 level followed by the 156.00 level. A cut through that level will set the stage for a move further higher towards the 157.00 level. Further out, resistance resides at the 158.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GBPJPY looks to strengthen further but with caution.
EURUSD: Although EURUSD closed higher on recovery on Wednesday and followed through higher during early Thursday trading, it faces downside risk below its declining trendline. 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 upside but with caution.
USDCHF: With USDCHF closing higher on price halt the past week, further bullish offensive is expected. On the downside, support lies at the 0.9650 level. A turn below here will open the door for more weakness towards the 0.9600 level and then the 0.9550 level. Its weekly 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 more recovery.
EURUSD: With EURUSD closing strongly lower the past week, more weakness is envisaged. However, we may see it recover higher in the new week on correction. Support lies at the 1.1050 level. Further down, support comes in at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will target the 1.0900 level. Conversely, on the upside, resistance comes in at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD remains biased to the downside in the short term.
GOLD: The commodity closed strongly higher the past week leaving risk higher but beware of a pullback in the new week. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level. Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen could trigger further downside pressure targeting the 1,270.00 level. Conversely, resistance resides at the 1,330.00 level where a break will aim at the 1,340.00 level. A turn above there will expose the 1,350.00 level. Further out, resistance stands at the 1,360.00 level. All in all, GOLD looks to strengthen further
GBPUSD: The pair sold off the past week and followed through lower on Monday. This has left risk of more weakness on the cards. On the downside, support lies at the 1.3200 level where a break will turn attention to the 1.3150 level. Further down, support lies at the 1.3100 level. Below here will set the stage for more weakness towards the 1.3050 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.3250 levels with a turn above here allowing more strength to build up towards the 1.3300 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. On the whole, GBPUSD threatens further downside pressure.
USDJPY: The pair halted its weakness on Monday leaving risk higher in the days head. On the downside, support comes in at the 103.50 level where a break if seen will aim at the 103.00 level. A cut through here will turn focus to the 102.50 level and possibly lower towards he 102.00 level. On the upside, resistance resides at the 105.00 level. Further out, we envisage a possible move towards the 105.50 level. Further out, resistance resides at the 106.00 level with a turn above here aiming at the 106.50 level. On the whole, USDJPY looks to recover higher in the new week
USDCHF: With continued upside pressure seen, more strength is envisaged. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more weakness towards the 0.9700 level and then the 0.9650 level. Its daily RSI is bullish and pointing higher suggesting further gains. 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 more strength.
EURJPY: The pair remains biased to the upside on correction though retaining its broader medium term downtrend. Support comes in at the 113.00 level where a break will aim at the 112.50 level. A turn below here will target the 112.00 level with a breach turning focus to the 111.50 level. Conversely, resistance lies at the 114.00 level. Further out, resistance comes in at the 114.50 level where a break if seen will threaten further upside towards the 115.00. Further out, resistance resides at the 115.50 level. All in all, EURJPY eyes further bearishness medium term but faces nearer term recovery.
EURUSD: Having EURUSD closed higher on Wednesday, it could face further upside. This development if seen will aim at its key overhead resistance at 1.1130 zone. On the downside, support lies at the 1.1100 level. Further down, support comes in at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will target the 1.0950 level. Conversely, on the upside, resistance comes in at 1.1130 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. All in all, EURUSD remains biased to the upside on correction.
AUDUSD. With the pair remaining biased to the upside, more strength is expected. On the downside, support resides at the 0.7400 level where a breach will aim at the 0.7350 level. Below that level will set the stage for a run at the 0.7300 level with a cut through here targeting further downside pressure towards the 0.7250 level. On the upside, resistance lies at the 0.7500 level. A cut through here will turn attention to the 0.7550 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7650 level. On the whole, AUDUSD remains biased to the upside on correction.
USDCHF: With the pair losing upside momentum to close on a rejection candle the past week. This has set the pair up for a move lower in the new 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. 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 0.9900 level. All in all, USDCHF remains biased to the downside on more weakness after losing upside steam.
EURUSD: Having halted its weakness to close higher the past week, we look for more strength to occur in the new week. Support lies at the 1.1100 level. Further down, support comes in at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will target 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. All in all, EURUSD remains biased to the downside in the short term but looks to recover higher on correction.
GOLD: The commodity continues to face upside pressure leaving risk higher in the new week. On the downside, support comes in at the 1,330.00 level where a break will turn attention to the 1,220.00 level. Further down, a cut through here will open the door for a move lower towards the 1,310.00 level. Below here if seen could trigger further downside pressure targeting the 1,300.00 level. Conversely, resistance resides at the 1,350.00 level where a break will aim at the 1,360.00 level. A turn above there will expose the 1,370.00 level. Further out, resistance stands at the 1,380.00 level. All in all, GOLD looks to strengthen further.
GBPUSD: The pair continues to hold on to its downside pressure closing lower the past week and leaving risk lower in the medium term. On the downside, support lies at the 1.3200 level where a break will turn attention to the 1.3150 level. Further down, support lies at the 1.3100 level. Below here will set the stage for more weakness towards the 1.3050 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance stands at the 1.3300 levels with a turn above here allowing more strength to build up towards the 1.3350 level. Further out, resistance resides at the 1.3400 level followed by the 1.3450 level. On the whole, GBPUSD threatens further downside pressure medium term
USDJPY: The pair remains weak and vulnerable to the downside in the medium term. Thus development has left the pair targeting further weakness. On the downside, support comes in at the 102.00 level where a break if seen will aim at the 101.50 level. A cut through here will turn focus to the 101.00 level and possibly lower towards he 100.50 level. On the upside, resistance resides at the 103.00 level. Further out, we envisage a possible move towards the 103.50 level. Further out, resistance resides at the 104.00 level with a turn above here aiming at the 104.50 level. On the whole, USDJPY looks to weaken further in the medium term.
GBPUSD: The pair looks set to resume its broader medium term weakness following its sell-off during Tuesday trading session. On the downside, support lies at the 1.3050 level where a break will turn attention to the 1.3000 level. Further down, support lies at the 1.2950 level. Below here will set the stage for more weakness towards the 1.2900 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance stands at the 1.3250 levels with a turn above here allowing more strength to build up towards the 1.3300 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. On the whole, GBPUSD threatens further downside pressure medium term
GOLD: The commodity continues to target more recovery leaving risk towards the 1,365.00 zone. On the downside, support comes in at the 1,350.00 level where a break will turn attention to the 1,240.00 level. Further down, a cut through here will open the door for a move lower towards the 1,330.00 level. Below here if seen could trigger further downside pressure targeting the 1,320.00 level. Conversely, resistance resides at the 1,370.00 level where a break will aim at the 1,380.00 level. A turn above there will expose the 1,390.00 level. Further out, resistance stands at the 1,400.00 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. All in all, GOLD looks to strengthen further.
USDCHF: Having the pair lost upside pressure, further decline looks to follow lower. 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 daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9750 level where a break will clear the way for more strength to occur towards the 0.9800 level. Further out, resistance comes in at the 0.9950 level. All in all, USDCHF remains biased to the upside but faces downside pressure on loss of upside steam.
