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Daily Technical Strategy On Currencies & Commodities

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GBPUSD: Vulnerable, Declines On Bear Pressure

GBPUSD: The pair remains vulnerable to the downside having continued to face bear pressure. On the downside, support lies at the 1.2300 level where a break will turn attention to the 1.2250 level. Further down, support 聽lies at the 1.2200 level. Below here will set the stage 聽for more weakness towards the 1.2150 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.2400 levels with a turn above here allowing more strength to build up towards the 1.2450 level. Further out, resistance 聽resides at the 1.2500 level followed by the 1.2550 level. On the whole, GBPUSD threatens further downside pressure.

GBPUSDDaily-2.png

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CRUDE OIL: Bullish, Eyes Key Resistance At 54.48 Zone

CRUDE OIL: The commodity now looks to retarget its key resistance located the 54.48 level as it continues to retain its broader medium term uptrend bias. On the downside, support resides at the 53.00 level where a break will expose 聽the 52.00 level. A cut through here will set 聽the stage for a run at the 51.00 level. Further down, support resides at the 50.00 聽level. On the upside, resistance resides at the 54.00 level. Further out, resistance 聽comes in at the 55.00 level. A break above 聽here will aim at the 56.00 level and then 聽the 57.00 level followed by the 58.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, CRUDE OIL remains biased to the upside medium term.

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EURUSD: Loses Upside Momentum, Risk Points Lower

EURUSD: The pair lost its intra day gains to close marginally higher on Thursday. This development has opened the door for a possible move lower in anticipation of trend resumption. On the 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 daily RSI is bearish and pointing suggesting further weakness. Conversely, on the upside, resistance comes in at 1.0500 level with a cut through here opening the door for more upside towards the 1.0550 level. Further up, resistance lies at the 1.0600 level where a break will expose the 1.0670 level. All in all, EURUSD faces further Downside pressure after rejecting higher prices on Thursday.

EURUSDDaily-2.png

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EURUSD: Retains Broader Downside Bias With Trend Resumption Risk

EURUSD: The pair continues to face downside pressure medium term as it looks to resume is its broader weakness presently on hold. On the 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 daily RSI is bearish and pointing suggesting further weakness. Conversely, on the upside, resistance comes in at 1.0500 level with a cut through here opening the door for more upside towards the 1.0550 level. Further up, resistance lies at the 1.0600 level where a break will expose the 1.0670 level. All in all, EURUSD faces further downside pressure in the medium term despite price hesitation.

EURUSDDaily-3.png

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GOLD: 聽Rejects Higher Prices, Retains Broader Downside Bias

GOLD: The commodity continues to hold on to its broader downside pressure following a loss of up momentum on Tuesday. On the downside, support comes in at the 1,130.00 level where a break will turn attention to 聽the 1,120.00 level. Further down, a cut through 聽here will open the door for a move lower towards 聽the 1,110.00 level. Below here if seen could 聽trigger further downside pressure targeting the 聽1,100.00 level. Conversely, resistance resides at the 1,150.00 level where a break will aim at the 聽1,160.00 level. A turn above there will expose the 聽1,170.00 level. Further out, resistance stands at 聽the 1,180.00 level. All in all, GOLD looks to weaken further on trend resumption.

XAUUSDDaily-1.png

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USDJPY: Recovers Further Higher, Eyes 118.00 Zone

USDJPY: The pair looks to recover higher following a move further higher on Monday. On the downside, support comes in at the 117.00 level where a break if seen will aim at the 116.50 level. 聽A cut through here will turn focus to the 116.00 level and possibly lower towards the 115.50 level. On the 聽upside, resistance resides at the 118.00 level. Further out, we envisage a possible move towards the 118.50 聽level. Further out, resistance resides at the 119.00 聽level with a turn above here aiming at the 119.50 level. Its daily RSI is bullish and pointing higher suggesting further u[side pressure. On the whole, USDJPY looks to extend its upside pressure.

USDJPYDaily.png

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GBPUSD: Looks To Build Up On Gains But With Caution

GBPUSD: Having the pair taken back its Tuesday weakness to close higher on Wednesday, more strength is likely in the days ahead. But beware of price hesitation. Support lies at the 1.2250 level where a break will turn attention to the 1.2200 level. Further down, support 聽lies at the 1.2150 level. Below here will set the stage 聽for more weakness towards the 1.2100 level. Conversely, resistance stands at the 1.2350 levels with a turn above here allowing more strength to build up towards the 1.2400 level. Further out, resistance 聽resides at the 1.2450 level followed by the 1.2500 level. On the whole, GBPUSD threatens further upside pressure.

GBPUSDDaily.png

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EURUSD: Vulnerable, Faces Corrective Pull Back

EURUSD: The pair may have closed slightly higher on the weekly chart the past week but faces corrective pullback threats. On the down, support lies at the 1.0500 level where a violation will aim at the 1.0450 level. A break of here will aim at the 1.0400 level. Conversely, on the upside, resistance comes in at 1.0600 level with a cut through here opening the door for more upside towards the 1.0650 level. Further up, resistance lies at the 1.0700 level where a break will expose the 1.0750 level. All in all, EURUSD faces further downside pressure medium term.

EURUSDWeekly.png

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GOLD: 聽Sees Corrective Recovery Higher But With Caution

GOLD: The commodity closed higher the past but could face correction in the new week. On the downside, support comes in at the 1,160.00 level where a break will turn attention to 聽the 1,150.00 level. Further down, a cut through 聽here will open the door for a move lower towards 聽the 1,140.00 level. Below here if seen could 聽trigger further downside pressure targeting the 聽1,130.00 level. Conversely, resistance resides at the 1,180.00 level where a break will aim at the 聽1,190.00 level. A turn above there will expose the 聽1,200.00 level. Further out, resistance stands at 聽the 1,250.00 level. All in all, GOLD looks to weaken further on trend resumption.

XAUUSDWeekly.png

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EURUSD: Follows Through Lower On Price Weakness

EURUSD: With the pair following through lower on the back of its Tuesday losses on Wednesday, further decline is envisaged. On the down, support lies at the 1.0450 level where a violation will aim at the 1.0400 level. A break of here will aim at the 1.0350 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in at 1.0550 level with a cut through here opening the door for more upside towards the 1.0600 level. Further up, resistance lies at the 1.0650 level where a break will expose the 1.0700 level. All in all, EURUSD faces further downside pressure medium term.

EURUSDDaily-1.png

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EURUSD: Rallies, Sees Further Bullishness

EURUSD: With the pair taking back its intra day losses to close higher on Wednesday and following through on a rally during Thursday trading session, more strength is envisaged. On the down, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level. Conversely, on the upside, resistance comes in 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 faces further upside pressure on price rally.

EURUSDDaily-2.png

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USDCHF: Remains Vulnerable To The Downside But With Caution

USDCHF: The pair closed further lower the past week though we could see a recovery higher in the new week. On the downside, support lies at the 1.0050 level. A turn below here will open the door for more weakness towards the 1.0000 level and then the 0.9950 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0150 level where a break will clear the way for more strength to occur towards the 1.0200 level. Further out, resistance comes in at the 1.0250 level. All in all, USDCHF remains biased to the downside on further weakness.

USDCHFWeekly.png

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EURUSD: Bullish, Retains Its Recovery Bias

EURUSD: With the pair closing higher the past week, further bullishness is expected in the new week. On the down, 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. Conversely, on the upside, resistance comes in 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. Its weekly RSI is bullish and pointing higher suggesting further strength. 聽All in all, EURUSD faces further upside pressure but with caution.

EURUSDWeekly-1.png

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GOLD: Targets Further Upside Pressure On Price Extension

GOLD: The commodity remains biased to the upside following its price extension the past week. This development leaves more strength to the upside in the new week. On the downside, support comes in at the 1,190.00 level where a break will turn attention to 聽the 1,180.00 level. Further down, a cut through 聽here will open the door for a move lower towards 聽the 1,170.00 level. Below here if seen could 聽trigger further downside pressure targeting the 聽1,160.00 level. Conversely, resistance resides at the 1,200.00 level where a break will aim at the 聽1,210.00 level. A turn above there will expose the 聽1,220.00 level. Further out, resistance stands at 聽the 1,230.00 level. All in all, GOLD looks to recover further higher.

EURUSDWeekly-2.png

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GOLD: 聽Set To Extend Short Term Upside Pressure

GOLD: The commodity remains on the offensive in the short term despite its present price hesitation. On the downside, support comes in at the 1,200.00 level where a break will turn attention to 聽the 1,190.00 level. Further down, a cut through 聽here will open the door for a move lower towards 聽the 1,180.00 level. Below here if seen could 聽trigger further downside pressure targeting the 聽1,170.00 level. Conversely, resistance resides at the 1,220.00 level where a break will aim at the 聽1,230.00 level. A turn above there will expose the 聽1,240.00 level. Further out, resistance stands at 聽the 1,250.00 level. All in all, GOLD looks to strengthen further.

XAUUSDDaily-2.png

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USDCHF: Continues To Maintain Downside Pressure

USDCHF: The pair closed lower the past week opening the door for more weakness. On the downside, support lies at the 1.0000 level. A turn below here will open the door for more weakness towards the 0.9950 level and then the 0.9900 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 1.0050 level where a break will clear the way for more strength to occur towards the 1.0100 level. Further out, resistance comes in at the 1.0150 level. All in all, USDCHF remains biased to the downside on further weakness.

USDCHFWeekly-1.png

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EURUSD: Bullish, Eyes More Recovery Higher

EURUSD: With the pair closing higher the past week, further bullishness is likely in the new week. On the down, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level. Conversely, on the upside, resistance comes in at 1.0750 level with a cut through here opening the door for more upside towards the 1.0800 level. Further up, resistance lies at the 1.0850 level where a break will expose the 1.0900 level. All in all, EURUSD faces further upside pressure in the new week.

EURUSDWeekly-3.png

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GOLD: Looks To Strengthen Further Towards 1,1218.00 Zone

GOLD: The commodity closed higher the past week leaving risk of price extension on the cards. On the downside, support comes in at the 1,200.00 level where a break will turn attention to 聽the 1,190.00 level. Further down, a cut through 聽here will open the door for a move lower towards 聽the 1,180.00 level. Below here if seen could 聽trigger further downside pressure targeting the 聽1,170.00 level. Conversely, resistance resides at the 1,220.00 level where a break will aim at the 聽1,230.00 level. A turn above there will expose the 聽1,240.00 level. Further out, resistance stands at 聽the 1,250.00 level. All in all, GOLD looks to weaken further.

XAUUSDWeekly-2.png

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USDJPY: Vulnerable Despite Price Hesitation

USDJPY: The pair may be hesitating but remains weak and vulnerable to the downside on correction. On the downside, support comes in at the 113.00 level where a break if seen will aim at the 112.50 level. 聽A cut through here will turn focus to the 112.00 level and possibly lower towards the 111.50 level. On the 聽upside, resistance resides at the 114.00 level. Further out, we envisage a possible move towards the 114.50 聽level. Further out, resistance resides at the 115.00 聽level with a turn above here aiming at the 115.50 level. On the whole, USDJPY looks to extend its downside pressure.

USDJPYDaily-2.png

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EURUSD: Pulls Back, Targets 1.0651 Zone

EURUSD: With the pair pulling back on Tuesday and remaining vulnerable to the downside, risk of a follow through lower is likely. On the down, support lies at the 1.0700 level where a violation will aim at the 1.0650 level. A break of here will aim at the 1.0600 level. Conversely, on the upside, resistance comes in at 1.0800 level with a cut through here opening the door for more upside towards the 1.0850 level. Further up, resistance lies at the 1.0900 level where a break will expose the 1.0950 level. All in all, EURUSD faces further downside pressure.

EURUSDDaily-4.png

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