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Daily Technical Strategy On Currencies & Commodities

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  • GOLD: Remains Bullish, Remains On The Offensive

    GOLD: The commodity continues to face recovery risk as it rallied strongly on Wednesday. On the downside, support comes in at the 1,320.00 level where a break will turn attention to the 1,310.00 level. Further down, a cut through here will open the door for a move lower towards the 1,300.00 level. Below here if seen could trigger further downside pressure targeting the 1,290.00 level. Conversely, resistance resides at the 1,340.00 level where a break will aim at the 1,350.00 level. A turn above there will expose the 1,360.00 level. Further out, resistance stands at the 1,370.00 level. All in all, GOLD looks to strengthen further higher.

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    • EURGBP: Vulnerable, Weakens

      EURGBP- The pair faces further downside pressure leaving risk lower. Support lies at the 0.8650 level where a violation will turn focus to the 0.8600 level. A break will expose the 0.8550 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.8800 level where a violation if seen will turn risk towards the 0.8850 level. Further up, resistance resides at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside on more weakness.

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      • EURUSD: Eyes Further Weakness

        EURUSD: The pair faces further downside pressure as it looks to extend downside pressure. On the upside, resistance comes in at 1.2350 level with a cut through here opening the door for more upside towards the 1.2400 level. Further up, resistance lies at the 1.2450 level where a break will expose the 1.2500 level. Conversely, support lies at the 1.2300 level where a violation will aim at the 1.2250 level. A break of here will aim at the 1.2200 level. Below here will open the door for more weakness towards the 1.2150. All in all, EURUSD faces further downside threats.

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        • NZDUSD: Declines Further On Corrective Pullback

          NZDUSD: The pair looks to build on its Friday correction in the new week as it saw price weakness during early Monday trading session today. Support lies at the 0.7300 level. Further down, the 0.7250 level comes in as the next downside target. Conversely, resistance resides at the 0.7400 level where a break will aim at the 0.7450 level. A break of here will have to occur to create scope for a run at the 0.7500 level. Further out, resistance stands at the 0.7550 level. All in all, NZDUSD faces further downside pressure

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          • GBPUSD: Declines On Price Correction

            GBPUSD: The pair saw a follow through lower on the back of its Tuesday weakness. Support lies at the 1.4200 level where a break will turn attention to the 1.4150 level. Further down, support lies at the 1.4100 level. Below here will set the stage for more weakness towards the 1.4050 level. Conversely, resistance stands at the 1.4250 levels with a turn above here allowing more strength to build up towards the 1.4300 level. Further out, resistance resides at the 1.4350 level followed by the 1.4400 level. On the whole, GBPUSD remains biased to downside on correction

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            • EURJPY: Strengthens But With Caution

              EURJPY: The pair looks to consolidate further though seen strengthening on Thursday. On the downside, support comes in at the 132.50 level where a break if seen will aim at the 132.00 level. A cut through here will turn focus to the 131.50 level and possibly lower towards the 131.00 level. On the upside, resistance resides at the 133.50 level. Further out, we envisage a possible move towards the 134.00 level. Further out, resistance resides at the 134.50 level with a turn above here aiming at the 135.00 level. On the whole, EURJPY faces further consolidation threats.

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              • GBPUSD: Weakens On Further Bear Pressure

                GBPUSD: The pair saw further weakness following its past week losses. Support lies at the 1.3950 level where a break will turn attention to the 1.3900 level. Further down, support lies at the 1.3850 level. Below here will set the stage for more weakness towards the 1.3800 level. Conversely, resistance stands at the 1.4000 levels with a turn above here allowing more strength to build up towards the 1.4050 level. Further out, resistance resides at the 1.4100 level followed by the 1.4150 level. On the whole, GBPUSD remains biased to downside on further weakness.

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