Forex Research

EURGBP Remains Vulnerable On Corrective Pullback

EURGBP- The cross took back all of its previous week gains to close lower the past week. This development leaves risk lower in the new week. Support comes in at 0.7700 level. Further down, support lies at the 0.7650 level where a violation will turn focus to the 0.7600 level. A break will expose the 0.7550 level. On the upside, resistance lies at the 0.7750 level where a violation if seen will turn risk towards the 0.7800 level. On further upside, the 0.7950 level comes in as the next upside target followed by the 0.8000 level. All in all, the cross remains biased to the downside on pullback.

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CRUDE OIL: The 34.78/26 Resistance Zone Turns Off The Bulls

CRUDE OIL: Having the commodity failed to sustain its Thursday price momentum to close lower on a rejection candle on Friday, it faces the risk of further move lower. On the downside, support resides at the 32.00 level where a break will expose the 31.00 level. A cut through here will set the stage for a run at the 30.00 level. Further down, support resides at the 29.00 level. Its downside pressure has turned lower suggesting further weakness. On the upside, resistance resides at the 33.00 level. Further out, resistance comes in at the 34.00 level. A break above here will aim at the 35.00 level and then the 35.00 level followed by the 36.00 level. All in all, CRUDE OIL’s broader bias remains lower medium term.

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CRUDE OIL: The 34.78/26 Resistance Zone Turns Off The Bulls

CRUDE OIL: Having the commodity failed to sustain its Thursday price momentum to close lower on a rejection candle on Friday, it faces the risk of further move lower. On the downside, support resides at the 32.00 level where a break will expose the 31.00 level. A cut through here will set the stage for a run at the 30.00 level. Further down, support resides at the 29.00 level. Its downside pressure has turned lower suggesting further weakness. On the upside, resistance resides at the 33.00 level. Further out, resistance comes in at the 34.00 level. A break above here will aim at the 35.00 level and then the 35.00 level followed by the 36.00 level. All in all, CRUDE OIL’s broader bias remains lower medium term.

http://www.fxtechstrategy.com/crude-oil-the-34-7826-resistance-zone-turns-off-the-bulls/

GOLD Follows Through Higher On Bullish Recovery

GOLD: Having GOLD reversed its Monday losses on Tuesday and followed through higher during Wednesday trading session, further strength is expected. On the downside, support comes in at the 1220.00 level where a break will turn attention to the 1210.00 level. Further down, a cut through here will open the door for a move lower towards the 1200.00 level. Below here if seen could trigger further downside pressure targeting the 1190.00 level. Conversely, resistance resides at the 1245.00 level where a break will aim at the 1255.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1270.00 level. All in all, GOLD looks to build up on its bull pressure.

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EURUSD Sets Up To Weaken Further

EURUSD: With EURUSD selling off on Monday, it now faces further downside pressure in the days. Support lies at the 1.0950 level. Further down, support lies at the 1.0900 level where a violation will aim at the 1.0850 level. A break of here will aim at the 1.0800 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1050 level with a cut through here opening the door for more upside towards the 1.1100 level. Further up, resistance lies at the 1.1150 level where a break will expose the 1.1200 level. All in all, EURUSD faces further bearishness on correction.

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GBPUSD Threatens Its Key Support On Sell Off

GBPUSD: The pair sold off strongly during Monday trading session leaving risk lower towards its key support at 1.4079. On the downside, support lies at the 1.4050 level where a break will turn attention to the 1.4000 level. Further down, support lies at the 1.3950 level. Below here will set the stage for more weakness towards the 1.3900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.4150 levels with a turn above here allowing more strength to build up towards the 1.4200 level. Further out, resistance resides at the 1.4250 level followed by the 1.4300 level. On the whole, GBPUSD threatens its key support on sell off.

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USDCHF Faces Pullback Threats Below Key Resistance

USDCHF: The pair closed higher the past week leaving risk of more strength on the cards. However, with pullback seen on Friday (see daily chart), further downside pressure is likely in the new week. On the downside, support lies at the 0.9850 level. A turn below here will open the door for more weakness towards the 0.9800 level and then the 0.9600 level. Further down, support resides at the 0.9750 level. Its weekly RSI is bullish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. All in all, USDCHF remains weak and vulnerable to the downside.

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EURUSD Targets The 1.1059 Support Zone

EURUSD: With continued downside pressure seen, EURUSD targets the 1.1059 support zone . This leaves the pair targeting its key support located at the 1.1059 level. However, immediate support lies at the 1.1100 level with a cut through there opening the door for more weakness towards the 1.1050 level and then the 1.1000 level. A break of here will aim at the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1250 level. Further up, resistance lies at the 1.1300 level where a break will expose the 1.1350 level. All in all, EURUSD targets the 1.1059 support zone on further weakness.

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GOLD Weakens On Corrective Pullback

GOLD: Having continued to decline following its Friday downside pressure after price failure, more weakness is now envisaged in the days ahead. On the downside, support comes in at the 1210.00 level where a break will turn attention to the 1200.00 level. Further down, a cut through here will open the door for a move lower towards the 1190.00 level. Below here if seen could trigger further downside pressure targeting the 1180.00 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1240.00 level where a break will aim at the 1250.00 level. A turn above there will expose the 1260.00 level. Further out, resistance stands at the 1270.00 level. All in all, GOLD looks to build up on its corrective weakness.

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EURUSD Faces Pullback Threats On Loss Of Momentum

EURUSD: Although holding on to its upside offensive, EURUSD faces pullback threats on loss of momentum at the end of the week. On the downside, support is located at the 1.1200 level and if violated, expect more weakness to happen towards the 1.1150 level. Further down, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level. On the upside, resistance is comes at 1.1300 level with a cut through here opening the door for more upside towards the 1.1350 level. Further up, resistance lies at the 1.1400 level where a break will expose the 1.1450 level. All in all, EURUSD faces pullback threats on loss of momentum at the end of the week

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EURUSD Faces Bear Threats

EURUSD: Although holding on to its upside offensive, its loss of upside momentum is suggestive of a return to the downside. Support lies at the 1.1250 level. Further down, support lies at the 1.1200 level where a violation will aim at the 1.1150 level. A break of here will aim at the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, on the upside, resistance comes in at 1.1350 level with a cut through here opening the door for more upside towards the 1.1400 level. Further up, resistance lies at the 1.1450 level where a break will expose the 1.1500 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD faces further bullish offensive short term but with caution.

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USDCHF Targets Support At The 0.9600 Zone

USDCHF: Having continued to maintain its downside pressure selling off on Thursday, USDCHF targets support at the 0.9600 zone. This is coming on the back of its intra day price reversal on Wednesday. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing lower supporting this view. Further down, support resides at the 0.9450 level. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF targets support at the 0.9600 zone on further weakness

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GBPUSD Aims At 1.4591 Level On Bullishness.

GBPUSD: Having halted its weakness to close higher on Tuesday and followed through higher on Wednesday, GBPUSD aims at 1.4591 level on bullishness. Support lies at the 1.4450 level where a break will turn attention to the 1.4400 level. Further down, support lies at the 1.4350 level. Below here will set the stage for more weakness towards the 1.4300 level. On the upside, resistance stands at the 1.4500 level with a turn above here allowing more strength to build up towards the 1.4550 level. Further out, resistance resides at the 1.4600 level followed by the 1.4650 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the whole, GBPUSD aims at 1.4591 level on bullishness.

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EURJPY Looks To Put In Temporary Bottom

EURJPY: With price rejection now seen, EURJPY looks to put in temporary bottom. Unless the pair returns below the 128.26 level, we think a corrective recovery should occur. On the downside, support comes in at the 129.00 level where a break will aim at the 128.50 level. A turn below here will target the 128.00 level with a breach turning focus to the 127.50 level. Its daily RSI is bullish and pointing lower suggesting further weakness. Conversely, resistance lies at the 130.00 level. Further out, resistance comes in at the 130.50 level where a break if seen will threaten further upside towards the 131.00. Further out, resistance resides at the 131.50 level. All in all, EURJPY looks to put in temporary bottom with possible corrective recovery.

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GBPUSD Looks To Weaken More On Bearishness

GBPUSD: Having declined on further weakness during Monday trading session, GBPUSD looks to weaken more on bearishness. On the downside, support lies at the 1.4350 level where a break will turn attention to the 1.4300 level. Further down, support lies at the 1.4250 level. Below here will set the stage for more weakness towards the 1.4200 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.4450 levels with a turn above here allowing more strength to build up towards the 1.4500 level. Further out, resistance resides at the 1.4550 level followed by the 1.4600 level. On the whole, GBPUSD looks to weaken more on bearishness medium term

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CRUDE OIL Looks To Weaken Further

CRUDE OIL: The commodity continues to hold on to its downside pressure leaving risk of more strength on the cards. On the downside, support resides at the 30.00 level where a break will expose the 29.00 level. A cut through here will set the stage for a run at the 28.00 level. Further down, support resides at the 27.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 32.00 level. Further out, resistance comes in at the 33.00 level. A break above here will aim at the 34.00 level and then the 35.00 level followed by the 36.00 level. All in all, CRUDE OIL’s broader bias remains lower with more weakness envisaged.

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EURGBP: Recovering With Caution Ahead Of Key Resistance

EURGBP- With the cross closing strongly higher the past week, further bullishness is likely. However, with price hesitation seen on Friday (daily chart) ahead of its key resistance at 0.7741/55 zone, it should face pullback threats in the new week. Support comes in at 0.7640 level. Further down, support lies at the 0.7600 level where a violation will turn focus to the 0.7550 level. A break will expose the 0.7500 level. On the upside, resistance lies at the 0.7700 level where a violation if seen will turn risk towards the 0.7740 level. On further upside, the 0.7780 level comes in as the next upside target followed by the 0.7820 level. All in all, the cross remains biased to the downside below key support zone.

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EURUSD Looks For More Bullishness Short Term

URUSD: Having continued to strengthen, EURUSD looks for more bullishness in the short term. On the downside, support lies at the 1.1150 level. Further down, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will aim at the 1.1000 level. Conversely, on the upside, resistance comes in at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD looks for more bullishness in the short term.

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AUDUSD Extends Bullish Price Strength

AUDUSD rallied through its key resistance at the 0.7140 level on Wednesday and followed through higher on Thursday. This leaves risk of more strength on the cards. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. On the whole, AUDUSD remains biased to the upside on more bullishness.

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GOLD Strengthens On Further Bullish Offensive

GOLD: With the commodity breaking and holding above the 1129.00 zone on Wednesday, further bullishness is likely. On the downside, support comes in at the 1130.00 level where a break will turn attention to the 1120.00 level. Further down, a cut through here will open the door for a move lower towards the 1110.00 level. Below here if seen could trigger further downside pressure targeting the 1100.00 level. Conversely, resistance resides at the 1150.00 level where a break will aim at the 1160.00 level. A turn above there will expose the 1170.00 level. Further out, resistance stands at the 1180.00 level. All in all, GOLD looks to build up on its recovery strength.

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GBPUSD Targets Additional Strength On Bullish Offensive

GBPUSD: Having reversed its Tuesday losses to break further higher during Wednesday trading session, GBPUSD targets additional strength towards the 1.4559 level. Support lies at the 1.4450 level where a break will turn attention to the 1.4400 level. Further down, support lies at the 1.4350 level. Below here will set the stage for more weakness towards the 1.4300 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance stands at the 1.4550 levels with a turn above here allowing more strength to build up towards the 1.4600 level. Further out, resistance resides at the 1.4650 level followed by the 1.4700 level. On the whole, GBPUSD targets additional strength on bullish offensive.

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EURUSD Looks To Test Is Falling Trendline

EURUSD: With EUR taking back more than half of its Friday losses on Monday and following through higher on Tuesday, it looks to test is falling trendline at 1.0971. But be cautious ahead of the mentioned declining trendline. Support lies at 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. Conversely, on the upside, resistance comes in at 1.0950 level with a cut through here opening the door for more upside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where a break will expose the 1.1100 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, EURUSD threatens its trendline resistance as it looks to strengthen further.

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EURJPY Sees Bull Pressure But With Caution

EURJPY: Having rallied strongly the past week, we envisage further strength to occur. However, with almost a half of that rally taken back, a correction could be developing ahead of its medium term falling trendline (red). Support comes in at the 131.00 level where a break will aim at the 130.50 level. A turn below here will target the 130.00 level with a breach turning focus to the 129.50 level. Conversely, resistance lies at the 132.00 level. Further out, resistance comes in at the 132.50 level where a break if seen will threaten further upside towards the 133.00. Further out, resistance resides at the 133.50 level. All in all, the cross remains biased to the upside but with caution.

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EURUSD Eyes Key Support At The 1.0710 Level

EURUSD: With EUR taking back most of its earlier gains for the week to close marginally higher on Friday, EURUSD eyes key support at the 1.0710 level. On the downside, support is located at the 1.0750 level and if violated, expect more weakness to happen towards the 1.0700 level. Further down, support lies at the 1.0650 level where a violation will aim at the 1.0600 level. A break of here will aim at the 1.0550 level. Its weekly RSI is bearish and pointing lower supporting this view. On the upside, resistance is comes at 1.0900 level with a cut through here opening the door for more upside towards the 1.0950 level. Further up, resistance lies at the 1.1000 level where a break will expose the 1.1050 level. All in all, EURUSD remains bearish towards the 1.0710 zone, its Jan 05 2016 low.

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NZDUSD: Targeting Further Downside Pressure On Price Failure

NZDUSD: The pair closed flat the past week leaving risk of a move lower on the cards. As long as the 0.6542/58 zone continues to hold as resistance, the pair looks to weaken. This is consistent wit its medium term downtrend. Support lies at the 0.6400 level where a break will aim at the 0.6350 level. Further down, the 0.6300 level comes in as the next downside target. Conversely, resistance resides at the 0.6500 level where a break will aim at the 0.6550 level. A break of here will have to occur to create scope for a run at the 0.6600 level. Further out, resistance stands at the 0.6650 level. All in all, NZDUSD faces downside threats below its key resistance zone

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