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Daily Technical Strategy On Currencies & Commodities

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  • AUDUSD Remains On The Offensive On Correction


    AUDUSD remains on the offensive on correction with more gain expected. On the upside, resistance lies at the 1.7050 level. A cut through here will turn attention to the 0.7100 level and then the 0.7150 level where a violation will set the stage for a retarget of the 0.7200 level. Support resides at the 0.6950 level where a breach will aim at the 0.6900 level. Below here will set the stage for a run at the 0.6850 level with a cut through here targeting further downside pressure towards the 0.6800 level. On the whole, AUDUSD faces further upside threats.



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    • USDCHF Turns Off Higher Level Prices

      USDCHF turns off higher level prices leaving risks of more weakness on the cards. Resistance resides at the 0.9800 level. Above here, resistance lies at the 0.9850 level and then the 0.9900 level. Further out, resistance comes in at the 0.9950 level. On the downside, support is seen at the 0.9700 level with a turn below here opening the door for more decline towards the 0.9650 level. And then the 0.9600 level. Further down, support resides at the 0.9550 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, USDCHF remains weak and vulnerable on price rejection.




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      • EURUSD Looks To Weaken Further Lower Towards 1.1282

        EURUSD looks to weaken further lower towards 1.1282. Support comes in at the 1.1350 where a violation will turn risk to the 1.1300 level. A break below here will target the 1.1250 level. Further down, support sits at the 1.1200. Conversely, on the upside, resistance resides at 1.1400 level with a break through there opening the door for further upside towards the 1.1.1450 level. Further up, resistance comes in at the 1.1500 level where a violation will expose the 1.1550 level. All in all, EURUSD expects more weakness on correction.





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        • EURUSD Bear Pressure Targets The 1.1225 Area

          EURUSD bear pressure targets the 1.1225 area as it looks for price extension. Support comes in at the 1.1225 where a violation will turn risk to the 1.1200 level. A turn below here will target the 1.1150 level. Further down, support lies at the 1.1100. Its daily RSI is bearish and pointing lower suggesting more decline. Conversely, on the upside, resistance resides at 1.1350 level with a break through there opening the door for further upside towards the 1.1.1400 level. Further up, resistance comes in at the 1.1450 level where a violation will expose the 1.1500 level. All in all, EURUSD bear pressure targets the 1,1225 area as more weakness is expected.



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          • GOLD Trades Below Key Resistance Zones

            GOLD trades below key resistance zones as it looks to follow through lower on the back of its price rejection. On the downside, support comes in at the 1,408.00 level where a break will turn attention to the 1,400.00 level. Further down, a cut through here will open the door for a move lower towards the 1,390.00 level. Below here if seen could trigger further downside pressure targeting the 1,380.00 level. Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance resides at the 1,420.00 level. Further out, resistance resides at the 1,430.00 level where a break will aim at the 1,440.00 level. A turn above there will expose the 1,450.00 level. Further out, resistance stands at the 1,460.00 level. All in all, GOLD looks to weaken further on corrective pullbacks


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            • USDCHF Faces Additional Price Strength On Rally

              USDCHF faces additional price strength on rally as we enter a new week. Resistance resides at the 0.9950 level. Above here, resistance lies at the 1.0000 level and then the 1.0050 level. Further out, resistance comes in at the 1.0100 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support is seen at the 0.9850 level with a turn below here opening the door for more decline towards the 0.9800 level. And then the 0.9750 level. Further down, support resides at the 0.9700 level. All in all, USDCHF remains biased to the upside on further correction.



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              • EURUSD Weakness Targets 1.1181/15 Zone


                EURUSD weakness targets 1.1181/15 zone as it expects further weakness. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EURUSD expects more weakness in the days ahead.



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                • GBPUSD Declines Envisaged Towards 1.2522 Level

                  GBPUSD decline envisaged towards 1.2522 level as we expect more weakness to occur in the days ahead. Support comes in at 1.2500 with a turn below that level shifting focus to the 1.2450 level. Further down, support resides at the 1.2400 level where a break will turn attention to the 1.2350 level. Further down, support lies at the 1.2300 level. On the upside, resistance stands at the 1.2550 with a turn above here allowing for additional strength to build up towards the 1.2600 level. Further out, resistance stands at the 1.2650 level followed by the 1.2700 level. On the whole, GBPUSD retains its downside pressure short term.




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                  • EURUSD Eyes Further Recovery Short Term

                    EURUSD eyes further recovery short term as it looks to extend gain in the new week. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Conversely, on the upside, resistance resides at 1.1300 level with a break through there opening the door for further upside towards the 1.1.1350 level. Further up, resistance comes in at the 1.1400 level where a violation will expose the 1.1450 level. All in all, EURUSD expects more recovery to occur in the days ahead.



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                    • NZDUSD Faces More Strength On Corrective Upside Pressure

                      NZDUSD faces more strength on corrective upside pressure as more gain is likely in the days ahead. Resistance comes in at the 0.6750 level where a break will turn attention to the 0.6800 level. A break of here will have to happen to create scope for a move higher towards the 0.6850 level. Further out, resistance resides at the 0.6900 level. Its daily RSI is bullish and pointing higher suggesting further upside. Support stands at the 0.6700 level. Further down, the 0.6650 level comes in as the next downside target and then the 0.6600 level. All in all, NZDUSD faces further upside pressure on bull pressure.


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                      • GBPUSD Weakens Towards Key Support

                        GBPUSD weakens towards key support located at 1.2439/00 levels. Support comes in at 1.2350 with a turn below that level shifting focus to the 1.2300 level. Further down, support resides at the 1.2250 level where a break will turn attention to the 1.2200 level. Further down, support lies at the 1.2150 level. On the upside, resistance stands at the 1.2500 with a turn above here allowing for additional strength to build up towards the 1.2550 level. Further out, resistance stands at the 1.2600 level followed by the 1.2650 level. On the whole, GBPUSD retains its downside pressure short term.

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                        • CRUDE OIL Corrective Pullback Mode Remains

                          CRUDE OIL corrective pullback mode remains as more decline is likely in the days ahead. Support lies at the 56.50 level where a break will expose the 56.00 level. A cut through here will set the stage for a run at the 55.50 level. Further down, support comes in at the 55.00 level. Its daily RSI is a bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 57.50 levels. Further out, resistance comes in at the 58.00 level. A break above here will aim at the 58.50 level and then the 59.00 level followed by the 59.50.00 level. All in all, CRUDE OIL remains biased to the downside nearer term on pullback.

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                          • EURUSD Consolidates With Downside Threats

                            EURUSD consolidates with downside bias as it retains its broader medium term trend. Support comes in at the 1.1200 where a violation will turn risk to the 1.1150 level. A break below here will target the 1.1100 level. Further down, support sits at the 1.1050. Its weekly RSI is bearish and pointing lower suggesting more weakness. Conversely, on the upside, resistance resides at 1.1250 level with a break through there opening the door for further upside towards the 1.1.1300 level. Further up, resistance comes in at the 1.1350 level where a violation will expose the 1.1400 level. All in all, EURUSD expects more weakness to occur in the days ahead.

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                            • GOLD Backs Off Higher Prices On Pullback

                              GOLD may be biased to the upside in the medium term but faces pullback risk after rejecting higher prices on Friday. On the downside, support comes in at the 1,420.00 level where a break will turn attention to the 1,410.00 level. Further down, a cut through here will open the door for a move lower towards the 1,400.00 level. Below here if seen could trigger further downside pressure targeting the 1,390.00 level. Conversely, resistance resides at the 1,430.00 level. Further out, resistance resides at the 1,440.00 level where a break will aim at the 1,450.00 level. A turn above there will expose the 1,460.00 level. Further out, resistance stands at the 1,470.00 level. All in all, GOLD looks to strengthen further in the short term.


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                              • GBPJPY Bear Pressure Remains Towards 133.84

                                GBPJPY bear pressure remains towards 133.84 support zone as we expect more weakness. On the downside, support comes in at the 134.00 level where a violation will aim at the 133.50 level. A break below here will target the 133.00 level followed by the 132.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen at the 135.00 level followed by the 135.50 level. A cut through that level will set the stage for a move further higher towards the 136.00 level. Further out, resistance resides at the 136.50 level. All in all, GBPJPY remains biased to the downside nearer term.


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