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Daily Technical Strategy On Currencies & Commodities

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  • GBPUSD: Bullish, Resumes Short Term Uptrend

    GBPUSD: The pair faces further move higher as it builds up on its Thursday gain. Support lies at the 1.3600 level where a break will turn attention to the 1.3550 level. Further down, support lies at the 1.3500 level. Below here will set the stage for more weakness towards the 1.3450 level. Conversely, resistance stands at the 1.3650 levels with a turn above here allowing more strength to build up towards the 1.3700 level. Further out, resistance resides at the 1.3750 level followed by the 1.3800 level. On the whole, GBPUSD looks to move further higher in the days ahead.

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    • EURUSD: Bullish, Triggers Long Term Uptrend

      EURUSD: The pair closed higher the past week triggering the resumption of long term uptrend. On the upside, resistance comes in at 1.2250 level with a cut through here opening the door for more upside towards the 1.2300 level. Further up, resistance lies at the 1.2350 level where a break will expose the 1.2400 level. Conversely, support lies at the 1.2150 level where a violation will aim at the 1.2100 level. A break of here will aim at the 1.2050 level. Below here will open the door for more weakness towards the 1.2000. Its weekly RSI is bullish and pointing higher. All in all, EURUSD faces further upside weakness on further bullishness.

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      • USDJPY: Looks To Weaken Further Lower On Bear Pressure

        USDJPY: The pair closed further lower on Monday opening the door for more weakness. This view remains valid despite its present price hesitation. On the downside, support lies at the 110.00 level where a break if seen will aim at the 109.50 level. A cut through here will turn focus to the 109.00 level and possibly lower towards the 108.50 level. On the upside, resistance resides at the 111.00 level. Further out, we envisage a possible move towards the 111.50 level. Further out, resistance resides at the 112.00 level with a turn above here aiming at the 112.50 level. On the whole, USDJPY faces further bearishness.

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        • USDCHF: Backs Off Lower Prices On Correction

          USDCHF: The pair halted its broader weakness on Wednesday leaving risk of more correction on the cards. 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. 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. Above here if seen will turn attention to 0.9850. All in all, USDCHF faces further weakness short term but with caution of a recovery.

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          • EURUSD: Bullish, Risk Builds Up On 1.2322 level

            EURUSD: The pair continues to retain its upside pressure as it looks to target the 1.2322 level . On the upside, resistance comes in at 1.2300 level with a cut through here opening the door for more upside towards the 1.2350 level. Further up, resistance lies at the 1.2400 level where a break will expose the 1.2450 level. Conversely, support lies at the 1.2200 level where a violation will aim at the 1.2150 level. A break of here will aim at the 1.2100 level. Below here will open the door for more weakness towards the 1.2050. Its daily RSI is bullish and pointing higher. All in all, EURUSD faces further upside move on bullish offensive

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            • CRUDE OIL: Sets Up To Resume Uptrend

              CRUDE OIL: The commodity looks to resume its upside pressure. On the downside, support resides at the 63.50 level where a break will expose the 63.00 level. A cut through here will set the stage for a run at the 62.50 level. Further down, support resides at the 62.00 level. On the upside, resistance resides at the 64.50 level. Further out, resistance comes in at the 65.00 level. A break above here will aim at the 65.50 level and then the 66.00 level followed by the 66.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, CRUDE OIL remains biased to the upside long term

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