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Daily Technical Strategy On Currencies & Commodities

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  • (Discuss) Daily Technical Strategy On Currencies & Commodities

    GOLD Looks For Directional Bias

    GOLD: Though vulnerable to the downside on correction, the commodity is now looking for directional bias on the daily chart. On the downside, support comes in at the 1,260.00 level where a break will turn attention to the 1,250.00 level. Further down, a cut through here will open the door for a move lower towards the 1,240.00 level. Below here if seen could trigger further downside pressure targeting the 1,230.00 level. Conversely, resistance resides at the 1,275.00 level where a break will aim at the 1,280.00 level. A turn above there will expose the 1,290.00 level. Further out, resistance stands at the 1,300.00 level. All in all, GOLD looks to weaken further correction.

  • #2
    GBPUSD: Short Term Bias Remains Lower Despite Hesitation

    GBPUSD: The pair closed lower the past week leaving risk of additional weakness on the card in the new week. Despite its present price hesitation, short term risk remains lower. On the downside, support lies at the 1.4300 level where a break will turn attention to the 1.4250 level. Further down, support lies at the 1.4200 level. Below here will set the stage for more weakness towards the 1.4150 level. Conversely, resistance stands at the 1.4400 levels with a turn above here allowing more strength to build up towards the 1.4450 level. Further out, resistance resides at the 1.4500 level followed by the 1.4550 level. On the whole, GBPUSD remains vulnerable short term.

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    • #3
      EURUSD Faces Downside Pressure On Bear Pressure

      EURUSD: With EURUSD continuing to maintain its downside pressure, further downside pressure 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. 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 faces a move lower on bear pressure.

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      • #4
        GOLD Loses Upside Momentum, Vulnerable

        GOLD: Having lost its upside momentum to close on a rejection candle on Monday, further weakness is envisaged. On the downside, support comes in at the 1,265.00 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 1,280.00 level where a break will aim at the 1,290.00 level. A turn above there will expose the 1,300.00 level. Further out, resistance stands at the 1,310.00 level. All in all, GOLD looks to weaken further correction.

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        • #5
          GBPUSD Remains Weak And Vulnerable To The Downside

          GBPUSD: The pair continues to look weak and vulnerable to the downside in the short term despite its recovery attempts on Tuesday. 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 is recovering higher but with caution.

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          • #6
            EURUSD Looks To Extend Its Bear Pressure

            EURUSD: With EURUSD selling off strongly on Wednesday, we envisage more weakness in the days ahead. 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 daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD faces further move lower on bear pressure.

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            • #7
              GOLD Looks To Extend Its Corrective Pullback

              GOLD: Outlook for GOLD remains lower following its Wednesday weakness and with a follow-through underway. On the downside, support comes in at the 1,250.00 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 1,230.00 level. Below here if seen could trigger further downside pressure targeting the 1,220.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further on further correction.

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              • #8
                EURGBP: Retains Its Downside Pressure Bias

                EURGBP- With the cross selling off on Wednesday and following through on Thursday, further decline is expected. Resistance resides at the 0.7700 level where a violation if seen will turn risk towards the 0.7740 level. On further upside, the 0.7780 level comes in as the next upside target followed by the 0.7820 level. Support comes in at 0.7600 level. Further down, support lies at the 0.7550 level where a violation will turn focus to the 0.7500 level. A break will expose the 0.7460 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, EURGBP remains vulnerable to the downside

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                • #9
                  GBPUSD Trades Below Its Key Overhead Resistance

                  GBPUSD: The pair continues to retain its bull pressure but with caution ahead of its key resistance at 1.4769 level. If it fails to build up on its recent strength we could see it head lower. 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 is recovering further higher though with caution.

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                  • #10
                    USDCHF Remains Bullish On Correction

                    USDCHF: Having the pair closed higher the past week, we expect it extend that recovery in the new week. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price strength.

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                    • #11
                      EURUSD: Maintains Downside Pressure But With Caution

                      EURUSD: With EURUSD weakening for a third week in a row, more downside pressure is envisaged. 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. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 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 on further weakness but could see a recovery higher in the new week.

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                      • #12
                        GOLD Declines On Continued Correction

                        GOLD: With GOLD extending it corrective weakness the past week, further decline is envisaged. However, with its price action on Thursday and Friday, we may see it return into its consolidation range. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further on further correction.

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                        • #13
                          EURJPY: Weakens Below Its Consolidation Range.

                          EURJPY: With the cross breaking and trading below its consolidation range, risk of more weakness is likely in the days ahead. Support comes in at the 122.00 level where a break will aim at the 121.50 level. A turn below here will target the 121.00 level with a breach turning focus to the 120.50 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance lies at the 123.00 level. Further out, resistance comes in at the 123.50 level where a break if seen will threaten further upside towards the 124.00. Further out, resistance resides at the 124.50 level. All in all, EURJPY eyes further bearishness having declined during Monday trading session.

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                          • #14
                            EURUSD Faces Downside Pressure In The Short Term

                            EURUSD: With EURUSD weakening during Tuesday trading session, further decline is expected in the days ahead. 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 daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EURUSD faces a move lower on further bear pressure.

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                            • #15
                              USDJPY: Bullish But Hesitates Ahead Of Key Resistance

                              USDJPY: With USDJPY continuing to hold on to its upside pressure, more recovery higher is expected though hesitating. While the 110.58 zone remains unbroken, we may continue to price hesitation. 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 110.50 level. Further out, we envisage a possible move towards the 111.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 112.00 level. On the whole, USDJPY looks to build up on price recovery but with caution.

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