Daily Technical Strategy On Currencies & Commodities
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USDJPY: Remains On Corrective Recovery Offensive
USDJPY: The pair looks to strengthen further as it close on Tuesday. On the downside, support lies at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 111.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level. On the whole, USDJPY faces further upside pressure.
USDJPY: The pair looks to strengthen further as it close on Tuesday. On the downside, support lies at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 111.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 112.50 level with a turn above here aiming at the 113.00 level. On the whole, USDJPY faces further upside pressure.
EURJPY: Continues To Retain Upside Pressure
EURJPY: The pair retains its broader uptrend though seeing price hesitation. Support comes in at the 130.00 level where a break if seen will aim at the 129.50 level. A cut through here will turn focus to the 129.00 level and possibly lower towards the 128.50 level. On the upside, resistance resides at the 130.50 level. Further out, we envisage a possible move towards the 131.00 level. Further out, resistance resides at the 131.50 level with a turn above here aiming at the 132.00 level. On the whole, EURJPY faces further upside threats but with caution.
EURJPY: The pair retains its broader uptrend though seeing price hesitation. Support comes in at the 130.00 level where a break if seen will aim at the 129.50 level. A cut through here will turn focus to the 129.00 level and possibly lower towards the 128.50 level. On the upside, resistance resides at the 130.50 level. Further out, we envisage a possible move towards the 131.00 level. Further out, resistance resides at the 131.50 level with a turn above here aiming at the 132.00 level. On the whole, EURJPY faces further upside threats but with caution.
EURUSD: Vulnerable, Faces Further Downside Pressure
EURUSD: The pair looks to extend its weakness after selling off on Wednesday. On the upside, resistance comes in at 1.1700 level with a cut through here opening the door for more upside towards the 1.1750 level. Further up, resistance lies at the 1.1800 level where a break will expose the 1.1850 level. Conversely, support lies at the 1.1600 level where a violation will aim at the 1.1550 level. A break of here will aim at the 1.1500 level. Below here will open the door for more weakness towards the 1.1450. All in all, EURUSD faces further upside pressure but with caution of a recovery.
EURUSD: The pair looks to extend its weakness after selling off on Wednesday. On the upside, resistance comes in at 1.1700 level with a cut through here opening the door for more upside towards the 1.1750 level. Further up, resistance lies at the 1.1800 level where a break will expose the 1.1850 level. Conversely, support lies at the 1.1600 level where a violation will aim at the 1.1550 level. A break of here will aim at the 1.1500 level. Below here will open the door for more weakness towards the 1.1450. All in all, EURUSD faces further upside pressure but with caution of a recovery.
GBPUSD: Looks To Correct Further Higher
GBPUSD: The pair faces further upside pressure following its higher close on Friday and during early trading today. 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. Conversely, resistance stands at the 1.3300 levels with a turn above here allowing more strength to build up towards the 1.3350 level. Further out, resistance resides at the 1.3400 level followed by the 1.3450 level. On the whole, GBPUSD remains biased to upside on correction.
GBPUSD: The pair faces further upside pressure following its higher close on Friday and during early trading today. 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. Conversely, resistance stands at the 1.3300 levels with a turn above here allowing more strength to build up towards the 1.3350 level. Further out, resistance resides at the 1.3400 level followed by the 1.3450 level. On the whole, GBPUSD remains biased to upside on correction.
EURJPY: Eyes Further Bullishness In The Short Term
EURJPY: The pair continues to retain its broader uptrend as it looks to extend that upside pressure. Support comes in at the 131.00 level where a break if seen will aim at the 130.50 level. A cut through here will turn focus to the 130.00 level and possibly lower towards the 129.50 level. On the upside, resistance resides at the 132.00 level. Further out, we envisage a possible move towards the 132.50 level. Further out, resistance resides at the 133.00 level with a turn above here aiming at the 133.50 level. On the whole, EURJPY faces further upside threats.
EURJPY: The pair continues to retain its broader uptrend as it looks to extend that upside pressure. Support comes in at the 131.00 level where a break if seen will aim at the 130.50 level. A cut through here will turn focus to the 130.00 level and possibly lower towards the 129.50 level. On the upside, resistance resides at the 132.00 level. Further out, we envisage a possible move towards the 132.50 level. Further out, resistance resides at the 133.00 level with a turn above here aiming at the 133.50 level. On the whole, EURJPY faces further upside threats.
EURUSD: Remains Vulnerable, Eyes More Weakness
EURUSD: The pair looks to extend its weakness as it continues to press lower. On the upside, resistance comes in at 1.1700 level with a cut through here opening the door for more upside towards the 1.1750 level. Further up, resistance lies at the 1.1800 level where a break will expose the 1.1850 level. Conversely, support lies at the 1.1600 level where a violation will aim at the 1.1550 level. A break of here will aim at the 1.1500 level. Below here will open the door for more weakness towards the 1.1450. All in all, EURUSD faces further downside pressure.
EURUSD: The pair looks to extend its weakness as it continues to press lower. On the upside, resistance comes in at 1.1700 level with a cut through here opening the door for more upside towards the 1.1750 level. Further up, resistance lies at the 1.1800 level where a break will expose the 1.1850 level. Conversely, support lies at the 1.1600 level where a violation will aim at the 1.1550 level. A break of here will aim at the 1.1500 level. Below here will open the door for more weakness towards the 1.1450. All in all, EURUSD faces further downside pressure.
USDJPY: Pulls Back, Weakens
USDJPY: The pair remains biased to the downside on further corrective weakness. On the downside, support lies at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. On the whole, USDJPY faces further downside pressure
USDJPY: The pair remains biased to the downside on further corrective weakness. On the downside, support lies at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. On the whole, USDJPY faces further downside pressure
GOLD: Rejects Lower Prices, Eyes More Upside
GOLD: The commodity looks to strengthen further after rejecting lower prices the past week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to strengthen further.
GOLD: The commodity looks to strengthen further after rejecting lower prices the past week. On the downside, support comes in at the 1,220.00 level where a break will turn attention to the 1,210.00 level. Further down, a cut through here will open the door for a move lower towards the 1,200.00 level. Below here if seen could trigger further downside pressure targeting the 1,190.00 level. Conversely, resistance resides at the 1,240.00 level where a break will aim at the 1,250.00 level. A turn above there will expose the 1,260.00 level. Further out, resistance stands at the 1,270.00 level. All in all, GOLD looks to strengthen further.
USDJPY: Rejects Lower Prices, Looks To Recover Higher
USDJPY: The pair rejected lower prices to close flat on Monday leaving risk of a move higher on the cards. On the downside, support lies at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY faces further downside pressure.
USDJPY: The pair rejected lower prices to close flat on Monday leaving risk of a move higher on the cards. On the downside, support lies at the 111.00 level where a break if seen will aim at the 110.50 level. A cut through here will turn focus to the 110.00 level and possibly lower towards the 109.50 level. On the upside, resistance resides at the 112.00 level. Further out, we envisage a possible move towards the 112.50 level. Further out, resistance resides at the 113.00 level with a turn above here aiming at the 113.50 level. On the whole, USDJPY faces further downside pressure.
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