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Daily Technical Strategy On Currencies & Commodities

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  • EURUSD Backs Off Lower Prices, Trades Above 1.1716/00 Zone

    EURUSD: With the pair backed off higher prices head of its key support zone at 1.1700 zone during Tuesday trading session today. While it trades above the 1.1716/00 zone, we expect a move higher to occur. Resistance comes in at 1.1800 level with a cut through here opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Conversely, support lies at the 1.1700 level where a violation will aim at the 1.1650 level. A break of here will aim at the 1.1600 level. Below here will open the door for more weakness towards the 1.1550. All in all, EURUSD continues to face further bear threats but with caution.

    Comment


    • GOLD Puts In Temporary Bottom, Eyes More Recovery

      GOLD: The commodity put in a temporary bottom and triggered a corrective recovery on Wednesday. This development has opened the door for more strength. 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 1,280.00 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 1,320.00 level. All in all, GOLD looks to strengthen further on bull pressure.

      Comment


      • GBPJPY: Bearish, Retains Its Downside Pressure

        GBPJPY: The cross remains vulnerable to the downside on further weakness as it retains its bearish bias. On the downside, support comes in at the 148.00 level where a violation will aim at the 147.50 level. A break below here will target the 147.00 level followed by the 146.50 level. Conversely, resistance is seen at the 149.00 level followed by the 149.50 level. A cut through that level will set the stage for a move further higher towards the 150.00 level. Further out, resistance resides at the 150.50 level. All in all, GBPJPY remains weak and vulnerable to the downside.

        Comment


        • GBPUSD Continues To Face Downside Pressure Short Term

          GBPUSD: The pair continues to hold on to its downside pressure extending it during Friday trading session. 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 further weakness. Conversely, resistance stands at the 1.3150 levels with a turn above here allowing more strength to build up towards the 1.3200 level. Further out, resistance resides at the 1.3350 level followed by the 1.3400 level. On the whole, GBPUSD continues to face further downside pressure short term

          Comment


          • USDCHF Closes Lower On Bull Price Rejection

            USDCHF: With the pair rejecting higher prices to close flat on Friday, more weakness is envisaged in the new week. 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. 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. Above here if seen will turn attention to 0.9800. All in all, USDCHF faces downside pressure on price rejection.

            Comment


            • EURUSD Closes Lower But With Warning Of Correction

              EURUSD: With the pair extending its weakness other past week, more decline is envisaged. However, we should see a recovery higher in the new week. Resistance comes in at 1.1800 level with a cut through here opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Conversely, support lies at the 1.1700 level where a violation will aim at the 1.1650 level. A break of here will aim at the 1.1600 level. Below here will open the door for more weakness towards the 1.1550. All in all, EURUSD continues to face further bear threats but with caution.

              Comment


              • GBPUSD Triggers Corrective Recovery, Eyes More Strength

                GBPUSD: With the pair halting its broader weakness to trigger a strong correction on Monday, more strength is expected. Support lies at the 1.3100 level where a break will turn attention to the 1.3050 level. Further down, support lies at the 1.3000 level. Below here will set the stage for more weakness towards the 1.2950 level. Conversely, resistance stands at the 1.3200 levels with a turn above here allowing more strength to build up towards the 1.3250 level. Further out, resistance resides at the 1.3300 level followed by the 1.3350 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD continues to face further upside pressure on correction.

                Comment


                • EURUSD Rallies, Remains On The Corrective Offensive

                  EURUSD: With the pair rallying to extend its price correction on Tuesday, more strength is expected in the days ahead. Resistance comes in at 1.1850 level with a cut through here opening the door for more upside towards the 1.1900 level. Further up, resistance lies at the 1.1950 level where a break will expose the 1.2000 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 1.1750 level where a violation will aim at the 1.1700 level. A break of here will aim at the 1.1650 level. Below here will open the door for more weakness towards the 1.1600. All in all, EURUSD continues to face further bull threats but with caution.

                  Comment


                  • USDCHF Pressures Further Downside On Correction Weakness

                    USDCHF: With the pair selling off on Tuesday and seen following through lower on Wednesday, more weakness is envisaged in the days ahead. 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. Above here if seen will turn attention to 0.9950. All in all, USDCHF faces downside pressure on price weakness.

                    Comment


                    • GOLD Sees Price Extension On Bull Pressure

                      GOLD: The commodity extended its recovery on Wednesday leaving risk higher in the days ahead. However, beware of pullback threats. On the downside, support comes in at the 1,290.00 level where a break will turn attention to the 1,280.00 level. Further down, a cut through here will open the door for a move lower towards the 1,270.00 level. Below here if seen could trigger further downside pressure targeting the 1,260.00 level. Conversely, resistance resides at the 1,300.00 level where a break will aim at the 1,310.00 level. A turn above there will expose the 1,320.00 level. Further out, resistance stands at the 1,330.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, GOLD looks to recover further higher.

                      Comment


                      • EURGBP Remains Vulnerable To The Downside On Bear Pressure

                        EURGBP- The cross remains biased to downside as it followed through lower on the back of its Thursday losses during Friday trading session today. Support lies at the 0.8850 level where a violation will turn focus to the 0.8800 level. A break will expose the 0.8750 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Resistance resides at the 0.8950 level where a violation if seen will turn risk towards the 0.9000 level. Further up, resistance resides at 0.9050 level followed by the 0.9100 level. All in all, EURGBP remains biased to the downside.

                        Comment


                        • EURUSD Closes Higher But With Caution Of Pullback

                          EURUSD: With the pair taking back its previous week losses at the end of the week, more recovery could be seen. However, beware of correction pullback. Resistance comes in at 1.1850 level with a cut through here opening the door for more upside towards the 1.1900 level. Further up, resistance lies at the 1.19500 level where a break will expose the 1.2000 level. Conversely, support lies at the 1.1800 level where a violation will aim at the 1.1750 level. A break of here will aim at the 1.1700 level. Below here will open the door for more weakness towards the 1.1650. All in all, EURUSD continues to face further bull threats.

                          Comment


                          • GBPUSD Hesitates Below Key Resistance Zone

                            GBPUSD Hesitates Below Key Resistance Zone

                            GBPUSD: The pair continues to see price hesitation below its key resistance at 1.3337 level. However, while that resistance remains unbroken, we could see the pair weaken. Support lies at the 1.3250 level where a break will turn attention to the 1.3200 level. Further down, support lies at the 1.3100 level. Below here will set the stage for more weakness towards the 1.3050 level. 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 continues to face further upside pressure but with caution.

                            Comment


                            • EURUSD Weakens Further, Eyes 1.1700 Support Zone

                              EURUSD: With the pair weakening further during Tuesday trading session, more decline is envisaged with eyes on its psycho support at 1.1700. Resistance comes in at 1.1800 level with a cut through here opening the door for more upside towards the 1.1850 level. Further up, resistance lies at the 1.1900 level where a break will expose the 1.1950 level. Conversely, support lies at the 1.1700 level where a violation will aim at the 1.1650 level. A break of here will aim at the 1.1600 level. Below here will open the door for more weakness towards the 1.1550. All in all, EURUSD continues to face further bear threats.

                              Comment


                              • USDJPY Remains On The Offensive, Strengthens

                                USDJPY: The pair looks to correct further higher as it followed through higher on the back of its Tuesday gains on Wednesday. On the downside, support comes in at the 112.50 level where a break if seen will aim at the 112.00 level. A cut through here will turn focus to the 111.50 level and possibly lower towards the 111.00 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, USDJPY faces further bullish offensive.

                                Comment


                                • EURUSD Recovers, Eyes Further Bull Pressure Towards 1.1879 Region

                                  EURUSD: With the pair seen following through on the back of its Wednesday gains on Thursday, more strength is expected in the days ahead. Resistance comes in at 1.1850 level with a cut through here opening the door for more upside towards the 1.1900 level. Further up, resistance lies at the 1.1950 level where a break will expose the 1.2000 level. Its daily RSI is bullish and pointing higher suggesting more strength. Conversely, support lies at the 1.1750 level where a violation will aim at the 1.1700 level. A break of here will aim at the 1.1650 level. Below here will open the door for more weakness towards the 1.1600. All in all, EURUSD continues to face recovery threats with eyes on 1.1879 zone.

                                  Comment


                                  • GBPUSD Backs Off Lower Prices, Eyes Further Recovery

                                    GBPUSD: The With a temporary bottom seen, we may see further recovery higher. Support lies at the 1.3150 level where a break will turn attention to the 1.3100 level. Further down, support lies at the 1.3050 level. Below here will set the stage for more weakness towards the 1.3000 level. Conversely, resistance stands at the 1.3200 levels with a turn above here allowing more strength to build up towards the 1.3250 level. Further out, resistance resides at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD continues to face further downside pressure but with caution of a recovery.

                                    Comment


                                    • EURUSD Outlook Lower On Corrective Pullbacks

                                      EURUSD: With the pair seen closing lower the past week, more weakness is envisaged. Resistance comes in at 1.1850 levels with a cut through here opening the door for more upside towards the 1.1900 level. Further up, resistance lies at the 1.1950 level where a break will expose the 1.2000 level. Conversely, support lies at the 1.1750 level where a violation will aim at the 1.1700 level. A break of here will aim at the 1.1650 level. Below here will open the door for more weakness towards the 1.1600. Its weekly RSI is bearish and pointing lower suggesting further weakness. All in all, EURUSD continues to face downside threats.

                                      Comment


                                      • GOLD Sets Up To Weaken Further

                                        GOLD Sets Up To Weaken Further

                                        GOLD: The commodity reversed its previous week losses to close lower on Friday. 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 lower.

                                        Comment


                                        • GBPUSD: Threatening Further Upside On Corrective Recovery

                                          GBPUSD: Threatening Further Upside On Corrective Recovery

                                          GBPUSD: The pair looks to follow through higher on the back of its Friday price recovery. Support lies at the 1.3150 level where a break will turn attention to the 1.3100 level. Further down, support lies at the 1.3050 level. Below here will set the stage for more weakness towards the 1.3000 level. 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 continues to face further upside pressure on correction

                                          Comment

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