Daily Technical Strategy On Currencies & Commodities

NZDUSD: Retains Recovery Threats, Eyes The 0.6726 Zone

NZDUSD: With the pair still retaining its upside pressure on correction, more strength is envisaged in the new week. Support lies at the 0.6650 level. Further down, the 0.6600 level comes in as the next downside target. Conversely, resistance resides at the 0.6750 level where a break will aim at the 0.6800 level. A break of here will have to occur to create scope for a run at the 0.6850 level. Further out, resistance stands at the 0.6900 level. Its daily RSI is bullish and pointing higher suggesting further recovery higher. All in all, NZDUSD faces further upside pressure.
 
CRUDE OIL: Continues To Hold Onto Upside Pressure, Targets 71.63

CRUDE OIL: The commodity closed higher the past week leaving risk of more strength in the new week. On the downside, support resides at the 70.00 level where a break will expose the 69.50 level. A cut through here will set the stage for a run at the 69.00 level. Further down, support resides at the 68.50 level. On the upside, resistance resides at the 71.00 level. Further out, resistance comes in at the 71.50 level. A break above here will aim at the 72.00 level and then the 72.50 level followed by the 73.00 level. All in all, CRUDE OIL remains biased to the upside.
 
USDJPY: Bullish, Closes In On The 113.16 Resistance Zone

USDJPY: The pair remains biased to the upside as it looks to recover further higher with eyes its key resistance located at 113.16 level. Above here, resistance resides at the 113.50 level. Further out, we envisage a possible move towards the 114.00 level. Further out, resistance resides at the 114.50 level with a turn above here aiming at the 115.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 112.50 level where a break if seen will aim at the 112.00 level. A cut through here will turn focus to the 111.50 level and possibly lower towards the 111.00 level. On the whole, USDJPY faces further upside pressure.
 
GBPJPY Aims At Key Resistance At 149.71 On Bull Pressure

GBPJPY aims at key resistance located at 149.71 level. This is coming on the back of its intra day strength during Monday trading session today. On the downside, support comes in at the 148.50 level where a violation will aim at the 148.00 level. A break below here will target the 147.50 level followed by the 147.00 level. On the upside, resistance resides at the 149.50 level followed by the 150.00 level. A cut through that level will set the stage for a move further higher towards the 150.50 level. Further out, resistance resides at the 151.00 level. Its daily RSI is pointing higher suggesting more strength. All in all, GBPJPY faces further upside pressure towards its key resistance zone at 149.71
 
NZDUSD Bearish Pressure Eyes 0.6502 Zone

NZDUSD bearish pressure eyes 0.6502 zone as it retains its broader medium term downtrend. This development leaves it vulnerable beyond the above support. Support lies at the 0.6450 level. Further down, the 0.6400 level comes in as the next downside target. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.6600 level where a break will turn attention to the 0.6650 level. A break of here will have to occur to create scope for a move towards the 0.6700 level. Further out, resistance stands at the 0.6750 level. All in all, NZDUSD faces further downside pressure medium term.
 
EURGBP Faces Corrective Recovery Threats On Price Rejection

EURGBP Faces corrective recovery threats on price rejection. This is coming on back of the reversal of earlier losses for the week. A follow through higher is now expected in the new week. Support stands at the 0.8750 level where a violation will turn focus to the 0.8700 level. A break will aim at the 0.8650 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 0.8850 level where a violation if seen will turn risk towards the 0.8900 level. Further up, resistance comes in at 0.8950 level followed by the 0.9000 level. All in all, EURGBP remains biased to the upside on correction.
 
EURGBP Faces Corrective Recovery Threats On Price Rejection

EURGBP Faces corrective recovery threats on price rejection. This is coming on back of the reversal of earlier losses for the week. A follow through higher is now expected in the new week. Support stands at the 0.8750 level where a violation will turn focus to the 0.8700 level. A break will aim at the 0.8650 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 0.8850 level where a violation if seen will turn risk towards the 0.8900 level. Further up, resistance comes in at 0.8950 level followed by the 0.9000 level. All in all, EURGBP remains biased to the upside on correction.
 
EURUSD Downside Pressure Stalls, Bounces Off 1.1531 Support

EURUSD downside pressure stalled as it saw a bounce off its key support at 1.1531 to close higher on Friday. While that level holds as support it faces the risk of a move further higher nearer term. On the upside, resistance comes in at 1.1550 level. A break through there opens the door for more upside towards the 1.1600 level. Further up, resistance lies at the 1.1650 level where a break will expose the 1.1700 level. On the downside, support lies at the 1.1450 level where a violation will aim at the 1.1400 level. A break of here will aim at the 1.1350 level. Below here will open the door for more weakness towards the 1.1300. All in all, EURUSD still faces a downside pressure medium term but with recovery threats.
 
GOLD Faces Consolidation Threats On Price Halt

GOLD faces consolidation threats following a price halt on Friday. On the downside, support comes in at the 1,215.00 level where a break will turn attention to the 1,205.00 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 1,100.00 level. Its daily RSI is bullish and pointing higher suggesting more strength. Conversely, resistance resides at the 1,230.00 level where a break will aim at the 1,240.00 level. A turn above there will expose the 1,250.00 level. Further out, resistance stands at the 1,260.00 level. All in all, GOLD looks to decline further lower on price halt.
 

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