USDJPY: With the pair remaining on the offensive following its Monday rally, further strength is envisaged. This price development leaves further bull pressure targeting the 123.59 and beyond. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the upside, resistance resides at the 123.59 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY looks to retake the 123.59 zone on continued bull pressure.
GBPJPY: The cross is closing in on its key resistance at the 187.68/00 levels after closing strongly higher on Monday. This upside view is consistent with its short term recovery triggered off the 184.26 level on Nov 06 2015. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level. Conversely, resistance is seen at the 187.68 level followed by the 188.00 level. A cut through that level will set the stage for a move further higher towards the 189.00 level. Further out, resistance resides at the 190.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, with GBPJPY up against the 187.68 level, a break of that level will open the door for more strength.
EURUSD: With EUR extending its weakness to close and hold below the 1.0673 level on Tuesday, further downside pressure is envisaged. This will leave its key support located at 1.0519 level as its main target. However, it could be looking for a temporary bottom after maintaining an intra day recovery tone during early trading today. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. Its daily RSI is bearish and pointing lower, suggesting further weakness. Conversely, resistance comes at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.850 level. All in all, EURUSD maintains medium term bearish tone but with caution of a corrective recovery.
AUDUSD: Although maintaining its broader medium term downtrend, AUDUSD faces risk of further recovery higher after it followed through on the back of reversal of its intraday losses on Wednesday. This price action has opened up risk on the upside towards the 0.7223 level. On the upside, resistance lies at the 0.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7350 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside towards the 0.6950 level. On the whole, AUDUSD turns focus on 0.7223 on correction.
USDJPY: Having started a strong corrective weakness on Thursday, the pair is now looking for more declines. This is coming on the back of a loss of upside momentum off the 123.63 high. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY remains vulnerable on loss of upside steam.
USDCHF: With USDCHF triggering a correction on Thursday, it looks to extend that weakness further. While its resistance at the 1.0201/19 zone caps, it looks to break below the 1.0100 level. On the downside, support lies at the 1.0100 level. A turn below here will open the door for more weakness towards the 1.0050 level and then the 1.0000 level. Further down, support resides at the 0.9950 level followed by the 0.9900 level. On the upside, resistance resides at the 1.0200 level. A break will clear the way for more strength to occur towards the 1.0250 level. Further out, resistance comes in at the 1.0300 level. All in all, USDCHF targets more bear pressure on pullback.
GOLD: GOLD looks to weaken on bearishness following its the past week losses. While the 1088/98 zone remains unbroken, its broader biasremains lower. On the downside, support comes in at the 1070.00 level where a break will turn attention to the 1060.00 level. Further down, a cut through here will open the door for a move lower towards the 1045.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. On the upside, resistance resides at the 1088.00 level where a break will aim at the 1100.00 level. A turn above there will expose the 1110.00 level. Further out, resistance stands at the 1120.00 level. Its weekly RSI is bearish and pointing lower suggesting more strength. All in all, GOLD looks to weaken on bearishness targeting the 1064.23 level.
EURUSD: Having rejected lower prices to close flat on Monday, EURUSD corrective recovery risk is now expected. This is coming on the back of the pair’s past week losses. We expect a recovery higher to build up in the days ahead. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. Conversely, resistance comes at 1.0700 level with a cut through here opening the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. All in all, EURUSD corrective recovery risk remains while it trades above the 1.0598/19 zone
USDCAD: The pair declined on Tuesday after triggering a corrective pullback and leaving USDCAD outlook lower towards 1.3446/35 zone risk. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support stands at the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen further towards the 1.3500 level. All in all, the current price action has left USDCAD outlook lower towards 1.3446/24 zone and possibly below that area.
NZDUSD: With the pair reversing its Monday losses to close higher on Tuesday, NZDUSD targets further bullishness. This view is in line with its loss of downside momentum on the weekly chart the past week. Support lies at the 0.6500 level where a break will aim at the 0.6450 level. Further down, the 0.6400 level comes in as the next downside target. Its daily RSI is bullish and pointing higher suggesting more strength. Conversely, resistance resides at the 0.6600 level where a break will aim at the 0.6650 level. A break of here will have to occur to create scope for a run at the 0.6700 level. Further out, resistance stands at the 0.6750 level. All in all, having retained its recovery off the 0.6427 level, NZDUSD targets further strength.
GBPUSD: GBPUSD targets further price build up following its temporary bottom on Wednesday. It looks to extend its recovery towards the 1.5196/99 zone. leaving risk of further move higher. On the downside, support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support stands at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Conversely, resistance stands at the 1.5150 level with a turn above here allowing more strength to build up towards the 1.5200 level. Further out, resistance resides at the 1.5250 level followed by the 1.5300 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD targets further price build up towards its resistance zone at 1.5196/99.
EURUSD: EURUSD consolidates with corrective risk following a halt in its broader weakness on Wednesday. This is coming on the back of its long-tailed candle formation at the end of Wednesday trading session. This development suggests a temporary bottom may be in place. If this occurs expect more recovery higher with eyes the 1.0699. A cut through here will open the door for more upside towards the 1.0750 level. Further up, resistance lies at the 1.0800 level where a break will expose the 1.0850 level. On the downside, support lies at the 1.0600 level where a violation will aim at the 1.0550 level. A break of here will aim at the 1.0500 level with a turn below that level targeting the 1.0450 level. All in all, having halted its broader downside pressure, EURUSD consolidates with corrective risk.
USDCAD: Having printed a rejection candle ahead of its key resistance located at 1.3435/56 zone, USDCAD ended the week slightly higher. This leaves risk of a pullback in the new week on continued price failure. Its key resistance standing at the 1.3435/56 levels comes in as the next upside target. Further out, resistance comes in at the 1.3500 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3550 level. Its weekly RSI is bullish and pointing higher suggesting further weakness. Conversely, support lies at the 1.3300 level where a violation will target the 1.3250 level. Further down, support resides at the 1.3200 level and then the 1.3150 level. All in all, USDCAD ended the week slightly higher below the 1.3435/56 zone leaving pullback risk on the cards.
EURUSD: With the pair closing slightly lower the past week, its broader risk points lower to the 1.0519 level. EURUSD looks to retarget the 1.0519 zone which is consistent with its long term downtrend bias. However, a recovery may occur especially now that is approaching its key supports. Support is located at the 1.0500 level and if violated, expect more weakness to occur towards the 1.0450 level. Further down, support lies at the 1.0400 level where a violation will aim at the 1.0350 level. A break of here will aim at the 1.0300 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance is comes at 1.0650 level with a cut through here opening the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. All in all, EURUSD looks to retarget the 1.0519 zone on bear pressure.
EURJPY: With EURJPY bulls on the offensive, further price strength should build up towards the 130.75/99 zone. This corrective recovery is coming on the back of its recent weakness. Support comes in at the 129.50 level where a break will aim at the 129.00 level. A turn below here will target the 128.50 level with a breach turning focus to the 128.00 level. Its daily RSI has turned higher supporting this view. Conversely, resistance lies at the 131.00 level. Further out, resistance comes in at the 131.50 level where a break if seen will threaten further upside towards the 132.00. Above here if seen should push the cross further towards the 132.50 level. All in all, with EURJPY bulls on the offensive, further price strength should build up towards the 130.75/99 zone in the days ahead.
GBPUSD: Having triggered a higher close on Monday, GBPUSD targets further bullish corrective recovery in the days ahead. Support lies at the 1.5000 level where a break will turn attention to the 1.4950 level. Further down, support lies at the 1.4900 level. Below here will set the stage for more weakness towards the 1.4850 level. Conversely, resistance stands at the 1.5100 levels with a turn above here allowing more strength to build up towards the 1.5150 level. Further out, resistance resides at the 1.5200 level followed by the 1.5250 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, risk remains higher as GBPUSD targets further bullish corrective recovery.
EURUSD: Having continued to see price hesitation, EURUSD looks to maintain above key support as temporary bottom scenario is developing. If it can hold and trade above the 1.0519/00 zone this view should continue to hold. On the downside, support lies at the 1.0519/00 levels where a violation if seen will aim at the 1.0461 level. A break of here will aim at the 1.0400 level with a turn below that level targeting the 1.0350 level. Conversely, resistance resides at the 1.0650. A cut through here will open the door for more upside towards the 1.0700 level. Further up, resistance lies at the 1.0750 level where a break will expose the 1.0800 level. Its daily RSI has turned higher supporting this view. All in all, EURUSD looks to maintain above key support area as it searches for a temporary bottom.
USDJPY: Having continued to maintain below the 123.74/99 zone and weakening on Tuesday, USDJPY corrective pullback risk remains in place. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY corrective pullback risk remains in place while trading below the 123.74/99 resistance zone.
GBPJPY: With price failure occurring on Tuesday, GBPJPY threatens short term trend resumption. If it continues to hold below the 186.01 level, we look for a move lower with eyes on the 184.24 level. On the upside, resistance is seen at the 186.00 level followed by the 187.00 level. A cut through that level will set the stage for a move further higher towards the 188.00 level. Further out, resistance resides at the 189.00 level. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is bearish and pointing lower suggesting more weakness. All in all, having rejected higher prices on Tuesday, GBPJPY threatens short term trend resumption.
USDCHF faces corrective pullback pressure following its Wednesday sharp sell. This leaves the pair targeting its big support located at the 1.0127 level. On the downside, support lies at the 1.0150 level. A turn below here will open the door for more weakness towards the 1.0100 level and then the 1.0050 level. Further down, support resides at the 1.0000 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0250 level where a break will clear the way for more strength to occur towards the 1.0300 level. Further out, resistance comes in at the 1.0350 level. All in all, having remained weak and vulnerable, USDCHF faces corrective pullback pressure.
