official Daily Technical Strategy On Currencies & Commodities

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EURGBP Closes Lower On Higher Price Rejection

EURGBP- The cross closed lower the past week after rejecting higher prices. This development now leaves risk lower as we enter a new week. Support lies at the 0.8700 level where a violation will turn focus to the 0.8650 level. A break will expose the 0.8600 level. Resistance resides at the 0.8800 level where a violation if seen will turn risk towards the 0.8850 level. Further up, resistance resides at 0.8900 level followed by the 0.8950 level. All in all, EURGBP remains biased to the downside on price rejection.
 

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EURUSD: Rallies, Remains On Bullish Offensive

EURUSD: The pair closed higher on a rally the past week leaving risk of price extension on the cards. Resistance comes in at 1.1500 level with a cut through here opening the door for more upside towards the 1.1550 level. Further up, resistance lies at the 1.1600 level where a break will expose the 1.1650 level. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, support lies at the 1.1400 level where a violation will aim at the 1.1350 level. A break of here will aim at the 1.1300 level. All in all, EURUSD faces further upside pressure.
 

 

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GOLD: Bearish, Risk Remains Lower With Eyes On 1,236.02

GOLD: The commodity continues to face downside pressure leaving risk to the downside. On the downside, support comes in at the 1,230.00 level where a break will turn attention to the 1,220.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,210.00 level. Below here if seen could  trigger further downside pressure targeting the  1,200.00 level. Conversely, resistance resides at the 1,250.00 level where a break will aim at the  1,260.00 level. A turn above there will expose the  1,270.00 level. Further out, resistance stands at  the 1,280.00 level. All in all, GOLD looks to weaken further.

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EURUSD Weakens Further, Risk Remains Lower

EURUSD: The pair closed lower on Monday opening the door for more weakness in the days ahead. Resistance comes in at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Conversely, support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1200 level. Its daily RSI is bearish and pointing lower supporting this view. All in all, EURUSD faces further downside pressure.
 

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GOLD Recovers, Looks To Strengthen Further

GOLD: The commodity has halted its weakness and triggered a recovery higher as it lookd for more correction. On the downside, support comes in at the 1,215.00 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 1,230.00 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 recover further on correction.
 

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USDCHF: Reverses Its Losses To Close Higher

USDCHF: With the pair backing off lower prices following a reversal of its intra day losses to close higher on Friday, more strength should build up. 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. 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 faces further recovery threats on price reversal.

http://www.fxtechstrategy.com/wp-content/uploads/2017/07/USDCHFDaily.png

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EURUSD: Continues To Retain Its Medium Term Uptrend

EURUSD: The pair continues to hold on to its upside pressure leaving risk higher in the new week. Resistance comes in at 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. Conversely, support lies at the 1.1350 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, EURUSD faces further upside pressure.
 

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NZDUSD: Sells Off, Resumes Downside Pressure

NZDUSD: The pair continues to face downside pressure selling on Tuesday and leaving risk lower in the days ahead. Support lies at the 0.7200 level. Further  down, the 0.7150 level comes in as the next  downside target. Its daily RSI is bearish and pointing lower suggesting more weakness. Conversely, resistance resides at the 0.7250 level where a break will aim at the  0.7300 level. A break of here will have to occur to  create scope for a run at the 0.7350  level. Further  out, resistance stands at the 0.7400 level. All in all,  NZDUSD faces further downside pressure.

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USDCHF Weakens, Eyes Further Bearishness

USDCHF: With the pair closing lower on Tuesday, further bearishness is envisaged. 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 suggesting further weakness. 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 faces further downside threats on price rejection.

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USDJPY: Remains Bearish With Eyes On More Downside Pressure

USDJPY: The pair continues to retain its downside pressure on correction. On the downside, support comes in at the 113.00 level where a break if seen will aim at the 112.50 level. A cut through here will turn focus to the 112.00 level and possibly lower towards the 111.50 level. Its daily RSI bearish and pointing lower supporting this view.  On the upside, 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. On the whole, USDJPY looks to pullback on price rejection.

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EURUSD: Sets Up To Resume Upside Pressure

EURUSD: The pair continues to hold on to its medium term uptrend with more strength envisaged in the new week. Resistance comes in at 1.1500 level with a cut through here opening the door for more upside towards the 1.1550 level. Further up, resistance lies at the 1.1600 level where a break will expose the 1.1650 level. Its daily RSI is bullish and pointing higher suggesting further strength.  Conversely, support lies at the 1.1400 level where a violation will aim at the 1.1350 level. A break of here will aim at the 1.1300 level. All in all, EURUSD faces further upside pressure.

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GOLD: Faces Further Recovery Higher

GOLD: With the commodity continuing to retrain its recovery, more gain is envisaged. On the downside, support comes in at the 1,210.00 level where a break will turn attention to the 1,200.00 level. Further down, a cut through  here will open the door for a move lower towards  the 1,190.00 level. Below here if seen could  trigger further downside pressure targeting the  1,180.00 level. 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 recover further higher.

 

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EURUSD: Rallies On Trend Resumption

EURUSD: The pair resumed its medium term uptrend on Tuesday leaving additional risk on the upside. Resistance comes in at 1.1600 level with a cut through here opening the door for more upside towards the 1.1650 level. Further up, resistance lies at the 1.1700 level where a break will expose the 1.1750 level. Its daily RSI is bullish and pointing higher suggesting further upside pressure. Conversely, support lies at the 1.1500 level where a violation will aim at the 1.1450 level. A break of here will aim at the 1.1400 level. All in all, EURUSD faces further upside pressure.
 

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USDJPY: Weakens Further  With Eyes On 111.00 Zone

USDJPY: The pair continues to hold on to its downside pressure closing lower on Wednesday and opening the door for more declines. On the downside, support comes in at the 111.50 level where a break if seen will aim at the 111.00 level. A cut through here will turn focus to the 110.50 level and possibly lower towards the 110.00 level. On the upside, resistance resides at the 112.50 level. Further out, we envisage a possible move towards the 112.00 level. Further out, resistance resides at the 111.50 level with a turn above here aiming at the 111.00 level. On the whole, USDJPY looks to pullback further in the days ahead. 

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GBPUSD: Extends Weakness, Remains Vulnerable

GBPUSD: The pair continues to retain its nearer downtrend weakening further on Thursday. Support lies at the 1.2900 level where a break will turn attention to the 1.2850 level. Further down, support lies at the 1.2800 level. Below here will set the stage for more weakness towards the 1.2750 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.3000 levels with a turn above here allowing more strength to build up towards the 1.3050 level. Further out, resistance resides at the 1.3100 level followed by the 1.3150 level. On the whole, GBPUSD continues to face downside threats on pullback.

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USDJPY: Bearish, Faces Further Weakness

USDJPY: The pair continues to hold on to its downside pressure weakening further on Friday. On the downside, support comes in 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. Its daily RSI is bearish and pointing lower suggesting further weakness. 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 looks to pullback further in the days ahead.

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EURUSD Bullish, Remains On The Offensive

EURUSD: With the pair holding on to its upside pressure, more strength is expected in the new week. 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. Its daily RSI is bullish and pointing higher suggesting further strength. 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. All in all, EURUSD faces further upside pressure.
 

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CRUDE OIL: Extends Recovery, Eyes 47.71 Zone

CRUDE OIL: With the commodity taking back most of Friday losses on Monday and following through higher on Tuesday, a follow through higher is envisaged in the days ahead. On the downside, support resides at the 46.50 level where a break will expose  the 46.00 level. A cut through here will set  the stage for a run at the 45.50 level. Further down, support resides at the 45.00  level. On the upside, resistance resides at the 47.50 level. Further out, resistance  comes in at the 48.00 level. A break above  here will aim at the 48.50 level and then  the 49.00 level followed by the 49.50 level. All in all, CRUDE OIL remains biased to the upside on recovery higher.
 

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EURUSD Remains Vulnerable To The Downside On Pullbacks

EURUSD: With the pair backing off higher price to close almost flat on Tuesday, more corrective pullback is envisaged in the days ahead. 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. All in all, EURUSD faces further corrective downside pressure on price rejection.

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GBPUSD: Risk Points Higher On Trend Resumption

GBPUSD: The pair continues to retain its upside threats though with caution. Support lies at the 1.3100 level where a break will turn attention to the 1.3050 level. Further down, support lies at the 1.3000 level. Below here will set the stage for more weakness towards the 1.2950 level. Conversely, resistance stands at the 1.3200 levels with a turn above here allowing more strength to build up towards the 1.3250 level. Further out, resistance resides at the 1.3300 level followed by the 1.3350 level. On the whole, GBPUSD continues to face upside risk though with caution.