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Daily Technical Strategy On Currencies & Commodities

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  • Daily Technical Strategy On Currencies & Commodities

    AUDUSD: The pair rallied strongly on Tuesday leaving risk of more strength on the cards. This is coming on the back of its recent corrective recovery offensive triggered from the 0.6936 level, its Sept 29 2015 low. On the downside, support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside towards the 0.6950 level. On the upside, resistance lies at the 0.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7350 level. On the whole, AUDUSD continues to retain its short term corrective recovery tone set from the 0.6936 level.


  • #2
    GBPJPY: Turns Lower Ahead Of Key Resistance at 184.42, Weakens

    GBPJPY: The cross now faces further weakness after turning lower ahead of its key overhead resistance at 184.42 level during Thursday trading session. Our bias remains lower as long as that level remains unbroken. On the downside, support comes in at the 182.50 level where a violation will aim at the 182.00 level. A break below here will target the 181.00 level followed by the 180.00 level. Its daily RSI is turning lower supporting this view. Conversely, resistance is seen at the 184.00 level followed by the 185.00 level. A cut through will set the stage for a move further higher towards the 186.00 level where a break will aim at the 187.00 level. A cut through here will aim at the 188.00 level. All in all, the cross remains biased to the downside nearer term on pullback.

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    • #3
      Interesting...

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      • #4
        USDCHF Turns Down On Further Price Extension

        USDCHF: The pair saw a follow-through lower the past week on the back of its previous week losses. This development leaves it weak and vulnerable to the downside in the new week. On further weakness its key support located at the 0.9527 level will be targeted. A move below that level will call for more downside pressure towards the 0.9459 level. Further down, support comes in at the 0.9400 level and then the 0.9350 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.9650 level with a breach targeting the 0.9700 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term with eyes on the 0.9527 support level.

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        • #5
          USDJPY Eyes Further Downside Pressure On Price Failure

          USDJPY: With price action remaining weak and vulnerable to the downside, USDJPY eyes further downside pressure. This price development is coming on the back of its failed attempts on the upside. While the pair holds below its key resistance zone at 123.66/74 levels, further weakness is likely. On the downside, support comes in at the 122.50 level where a break if seen will aim at the 122.00 level. A cut through here will turn focus to the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level where a cap may be occur again. Further out, we envisage a possible move towards its range top at the 124.00 level. Further out, resistance resides at the 124.50 level with a turn above here aiming at the 125.00 level. On the whole, USDJPY eyes further downside pressure below the 123.66/74 resistance zone.

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          • #6
            EURUSD Looks To Resume Short Term Uptrend

            EURUSD: Having taken back its Monday losses to close higher on Tuesday, EURUSD looks to resume short term uptrend triggered from the 1.0521 level. While the 1.0829/1.0796 zone continues to hold as support, the pair should build up on the mentioned short term uptrend. On the upside, resistance lies at the 1.0950 levels where a violation if seen will aim at the 1.1000 level. A break of here will aim at the 1.1050 level with a turn below that level targeting the 1.1100 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support resides at the 1.0850. A cut through here will open the door for more upside towards the 1.0800 level. Further down, support lies at the 1.0762 level where a break will expose the 1.0700 level. All in all, EURUSD looks to resume short term uptrend on the back of its Tuesday bullish offensive.

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            • #7
              GBPUSD Faces Further Bullish Offensive

              GBPUSD: Having rallied strongly to reverse its three-day weakness to close higher on Wednesday, GBPUSD faces further bullish offensive. This development leaves more upside threats likely towards the 1.5200 level. Support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Conversely, resistance stands at the 1.5200 levels with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level followed by the 1.5350 level. On the whole, GBPUSD faces further bullish offensive on bull pressure.

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              • #8
                GBPJPY: Price Weakness Seen On Loss Upside Momentum

                GBPJPY: With price weakness seen on loss upside momentum, further bear pressure is envisaged in the days ahead. This view remains valid as long as GBPJPY trades and holds below the 185.38/186.34 resistance zone. On the downside, support comes in at the 184.00 level where a violation will aim at the 183.00 level. A break below here will target the 182.00 level followed by the 181.00 level. Its daily RSI is bearish and pointing lower supporting this view. Resistance is seen at the 185.00 level followed by the 186.00 level. A cut through that level will set the stage for a move further higher towards the 187.00 level. Further out, resistance resides at the 188.00 level. All in all, with price weakness seen on loss upside momentum, GBPJPY faces further downside pressure.

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                • #9
                  GOLD Remains Weak And Declining On Bear Pressure

                  GOLD: With the commodity continuing to hold on to its downside bias, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone. On the downside, support comes in at the 1050.00 level where a break will turn attention to the 1040.00 level. Further down, a cut through here will open the door for a move lower towards the 1030.00 level. Below here if seen could trigger further downside pressure targeting the 1020.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1080.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, GOLD remains weak and declining on bear pressure with eyes the 1058.00 zone

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                  • #10
                    USDCAD Looks To Build Up On Its Bull Strength

                    USDCAD: Having continued to retain its bull pressure, USDCAD looks to build up on its bull strength. It continues to maintain its upside risk closing higher on Thursday and following during Friday trading session. On the upside, resistance resides at the 1.3700 level where a break will target the 1.3750 level. Further out, resistance comes in at the 1.3800 level where price hesitation may occur. But if further recovery is seen, the pair could strengthen further towards the 1.3850 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.3600 level followed by the 1.3550 level. Further down, support stands at the 1.3500 level and then the 1.3450 level. All in all, USDCAD Looks To Build Up On Its Bull Strength with eyes on the 1.3700 level.

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                    • #11
                      USDCHF Weakened For Second Week In A Row

                      USDCHF: Having USDCHF weakened for second week in a row, it now looks to extend that weakness in the new week. The present bearishness is coming on the back of its downside pressure triggered from the 1.0319 level on Nov 30th 2015. On the downside, support lies at the 0.9750 level. A turn below here will open the door for more decline to occur towards the 1.9700 level and then the 0.9650 level. Further down, support resides at the 0.9700 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 0.9900 level where a break will clear the way for more strength to occur towards the 0.9950 level. Further out, resistance comes in at the 1.0000 level. All in all, USDCHF weakened for second week in a row leaving risk of more decline on the cards.

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                      • #12
                        EURUSD Retains Its Bullish Bias But With Caution

                        EURUSD: Having followed through higher the past week, EURUSD retains its bullish bias but with caution. However, the immediate risk is the resistance located at the 1.1086/96 zone. While that region caps, we are likely to see pullback early in the week. On the upside, resistance is comes at 1.1150 level with a cut through here opening the door for more upside towards the 1.1200 level. Further up, resistance lies at the 1.1250 level where a break will expose the 1.1300 level. Its weekly RSI is bullish and pointing higher supporting this view. Support is located at the 1.0900 level and if violated, expect more weakness to occur towards the 1.0850 level. Further down, support lies at the 1.0800 level where a violation will aim at the 1.0750 level. A break of here will aim at the 1.0700 level. All in all, EURUSD retains its bullish bias but with caution of a pullback risk.

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                        • #13
                          GOLD Faces Recovery Risk With Eyes On 1088 Level

                          GOLD: With the commodity taking back more than half of its losses to close slightly higher the past week, GOLD faces recovery risk with eyes on 1088 level in the new week (see daily chart). This view remains valid as long as it holds and trades above its key support zone at 1046/52 zone. On the downside, support comes in at the 1064.00 level where a break will turn attention to the 1050.00 level. Further down, a cut through here will open the door for a move lower towards the 1040.00 level. Below here if seen could trigger further downside pressure targeting the 1030.00 level. Conversely, resistance resides at the 1085.00 level where a break will aim at the 1095.00 level. A turn above there will expose the 1105.00 level. Further out, resistance stands at the 11150.00 level. All in all, GOLD faces recovery risk with eyes on 1088 level while trading above the 1046.30 zone.

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                          • #14
                            GBPUSD Continues To Face Downside Pressure

                            GBPUSD continues to face downside pressure following a reversal of its Friday gains during Monday trading session. It looks to extend that weakness in the days ahead. Support lies at the 1.5100 level where a break will turn attention to the 1.5050 level. Further down, support lies at the 1.5000 level. Below here will set the stage for more weakness towards the 1.4950 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5200 levels with a turn above here allowing more strength to build up towards the 1.5250 level. Further out, resistance resides at the 1.5300 level followed by the 1.5350 level. On the whole, GBPUSD continues to face downside pressure on price sell off.

                            Last edited by FXTechstrategy Team; 14-12-15, 13:24.

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                            • #15
                              USDCHF Looks For More Strength On Recovery

                              USDCHF: Having halted its weakness to close higher the past week, USDCHF looks for more strength on recovery. This is coming on the back of its price halt at 0.9786 level on Dec 14 2015. A build up on that strength should call for a run at 0.9990 level where a break will set the stage for more gain towards the 1.0050 level. Further, resistance resides at the 1.0100 level and subsequently the 1.0150 level. Its weekly RSI has turned higher supporting this view. On the downside, support lies at the 0.9850 level with a turn below here opening the door for more weakness towards the 1.9800 level and then the 0.9750 level. Further down, support resides at the 0.9700 level. All in all, having halted its weakness to close higher the past week, USDCHF looks for more strength on recovery in the new week.

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