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Daily Technical Strategy On Currencies & Commodities

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  • Daily Technical Strategy On Currencies & Commodities

    EURGBP: Tumbles, Continues To Retain Its Downside Pressure

    EURGBP- The cross continues to hold on to its downside pressure selling off on Thursday and opening the door for more weakness. Support lies at the 0.8850 level where a violation will turn focus to the 0.8800 level. A break will expose the 0.8850 level. Resistance resides at the 0.8900 level where a violation if seen will turn risk towards the 0.8950 level. Further up, resistance resides at 0.9000 level followed by the 0.9050 level. Its daily RSI is bearish and pointing lower suggesting more weakness. All in all, EURGBP remains biased to the downside on further weakness.

    EURGBPDaily.png

  • #2
    GOLD Targets Further Weakness, Eyes 1,298.23 Zone

    GOLD: The commodity followed through lower the past week to open the door for more on Tuesday, opening the door for additional weakness. On the downside, support comes in at the 1,300.00 level where a break will turn attention to the 1,290.00 level. Further down, a cut through here will open the door for a move lower towards the 1,280.00 level. Below here if seen could trigger further downside pressure targeting the 1,270.00 level. Conversely, resistance resides at the 1,320.00 level where a break will aim at the 1,330.00 level. A turn above there will expose the 1,340.00 level. Further out, resistance stands at the 1,350.00 level. All in all, GOLD looks to weaken further on bear pressure.

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    • #3
      EURUSD Sees Price Hesitation, Vulnerable

      EURUSD: With the pair may be biased to upside in the medium term but faces a pullback risk on price hesitation. However, it will have to break and hold above its key resistance located at the 1.2091 level to prevent a return to the downside. Resistance comes in at 1.2050 level with a cut through here opening the door for more upside towards the 1.2100 level. Further up, resistance lies at the 1.2150 level where a break will expose the 1.2200 level. Conversely, support lies at the 1.1950 level where a violation will aim at the 1.1900 level. A break of here will aim at the 1.1850 level. Below here will open the door for more weakness towards the 1.1800. All in all, EURUSD faces further upside pressure medium term but with caution of a pullback.

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      • #4
        GBPUSD Sets Up To Weaken Further On Loss Of Upside Steam

        GBPUSD: The pair saw price rejection on Wednesday leaving risk of more weakness on the cards in the days ahead. Support lies at the 1.3450 level where a break will turn attention to the 1.3400 level. Further down, support lies at the 1.3350 level. Below here will set the stage for more weakness towards the 1.3300 level. Conversely, resistance stands at the 1.3550 levels with a turn above here allowing more strength to build up towards the 1.3600 level. Further out, resistance resides at the 1.3650 level followed by the 1.3700 level. On the whole, GBPUSD continues to face further downside threats on higher price rejection.

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        • #5
          EURJPY: Biased To Upside Medium Term Despite Hesitation

          EURJPY: The pair continues to hold on to its broader medium term uptrend though facing price hesitation. On the downside, support comes in at the 133.50 level where a break if seen will aim at the 133.00 level. A cut through here will turn focus to the 132.50 level and possibly lower towards the 132.00 level. On the upside, resistance resides at the 134.50 level. Further out, we envisage a possible move towards the 135.00 level. Further out, resistance resides at the 135.50 level with a turn above here aiming at the 136.00 level. On the whole, EURJPY faces further bull pressure in the medium term.

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          • #6
            USDCHF Follows Through Higher On Bull Pressure

            USDCHF: With the pair following through higher on the back of previous week gains the past week, more strength should follow. 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 0.9750 level where a break will clear the way for more strength to occur towards the 0.9800 level. Further out, resistance comes in at the 0.9850 level. Above here if seen will turn attention to 0.9900. All in all, USDCHF faces further upside pressure short term

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            • #7
              EURUSD Continues To Push Lower On Bearishness

              EURUSD: With the pair weakening on Monday and following through lower during Tuesday trading session, further bearishness 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. 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 faces further corrective weakness threats

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              • #8
                GOLD Reverses Gain, Targets Further Weakness

                GOLD: The commodity closed lower after reversing its Monday gains on Tuesday. This saw it following through lower during early trading on Wednesday. On the downside, support comes in at the 1,280.00 level where a break will turn attention to the 1,270.00 level. Further down, a cut through here will open the door for a move lower towards the 1,260.00 level. Below here if seen could trigger further downside pressure targeting the 1,250.00 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. All in all, GOLD looks to weaken further on bear pressure.

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                • #9
                  CRUDE OIL Remains Bullish, Resumes its Broader Medium Term Uptrend

                  CRUDE OIL: With the commodity bullish and resuming its broader medium term uptrend on Thursday, further strength is expected in the days ahead. On the downside, support resides at the 52.00 level where a break will expose the 51.50 level. A cut through here will set the stage for a run at the 51.00 level. Further down, support resides at the 50.50 level. On the upside, resistance resides at the 53.00 level. Further out, resistance comes in at the 53.50 level. A break above here will aim at the 54.00 level and then the 54.50 level followed by the 55.00 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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                  • #10
                    USDCHF Sets Up To Weaken Further On Loss Of Momentum

                    USDCHF: With the pair rejecting higher prices to close lower the past week, more weakness is envisaged in the new week. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing higher suggesting further weakness. 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 downside pressure on price rejection.

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                    • #11
                      EURUSD Closes Lower For The Week But With Caution

                      EURUSD: With the pair closing lower the past week, more weakness should follow. However, we may see a recovery higher following its Friday recovery (see daily chart). 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. 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 corrective weakness threats but with caution.

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                      • #12
                        GBPUSD: Sells Off On Bear Pressure

                        GBPUSD: The pair weakened strongly on Monday opening the door for more price extension. Support lies at the 1.3250 level where a break will turn attention to the 1.3200 level. Further down, support lies at the 1.3150 level. Below here will set the stage for more weakness towards the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.3350 levels with a turn above here allowing more strength to build up towards the 1.3400 level. Further out, resistance resides at the 1.3450 level followed by the 1.3500 level. On the whole, GBPUSD continues to face further downside pressure

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                        • #13
                          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.

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                          • #14
                            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.

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                            • #15
                              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.

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