Daily Technical Strategy On Currencies & Commodities

[FXTechstrategy]

EURUSD: Follows Through Lower On Corrective Pullback

EURUSD: The pair saw a follow through lower on the back of its Tuesday correction on Wednesday. On the upside, resistance comes in at 1.2400 level with a cut through here opening the door for more upside towards the 1.2450 level. Further up, resistance lies at the 1.2500 level where a break will expose the 1.2550 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.

 

[FXTechstrategy]

CRUDE OIL: Recovers, Rejects Lower Prices

CRUDE OIL: The commodity turned higher off its intra day low on Thursday leaving risk of more strength on the cards. On the downside, support resides at the 64.50 level where a break will expose the 64.00 level. A cut through here will set the stage for a run at the 63.50 level. Further down, support resides at the 63.00 level. On the upside, resistance resides at the 65.50 level. Further out, resistance comes in at the 66.00 level. A break above here will aim at the 66.50 level and then the 67.00 level followed by the 67.50 level. All in all, CRUDE OIL remains biased to the downside on pullback but with caution.

 

[FXTechstrategy]

EURUSD: Continues To Retain Downside Pressure

EURUSD: The pair continues to hold on to its downside as it looks to extend its correction. 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 1.2250 level where a violation will aim at the 1.2200 level. A break of here will aim at the 1.2150 level. Below here will open the door for more weakness towards the 1.2100. All in all, EURUSD faces further downside threats.

 

[FXTechstrategy]

EURUSD: Continues To Face Downside Pressure

EURUSD: The pair faces recovery higher in the new week. 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. All in all, EURUSD faces further downside threats.

 

[FXTechstrategy]

GBPUSD: Faces Further Corrective Recovery Higher

GBPUSD: The pair saw a follow through higher on the back of its Friday gain during Monday trading session today. Support lies at the 1.4100 level where a break will turn attention to the 1.4050 level. Further down, support lies at the 1.4000 level. Below here will set the stage for more weakness towards the 1.3950 level. Conversely, resistance stands at the 1.4200 levels with a turn above here allowing more strength to build up towards the 1.4250 level. Further out, resistance resides at the 1.4300 level followed by the 1.4350 level. On the whole, GBPUSD remains biased to upside on more strength.

 

[FXTechstrategy]

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.

 

[FXTechstrategy]

GOLD:Eyes Further Bull Pressure

GOLD: The commodity reversed its Wednesday gain on Thursday. On the downside, support comes in at the 1,340.00 level where a break will turn attention to the 1,330.00 level. Further down, a cut through here will open the door for a move lower towards the 1,320.00 level. Below here if seen could trigger further downside pressure targeting the 1,310.00 level. Conversely, resistance resides at the 1,350.00 level where a break will aim at the 1,360.00 level. A turn above there will expose the 1,370.00 level. Further out, resistance stands at the 1,380.00 level. All in all, GOLD looks to strengthen further higher but with caution.

 

[FXTechstrategy]

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.

 

[FXTechstrategy]

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.