FXStrategy FX Analysis

EURUSD: Targets Further Downside Pressure With Eyes On 1.0970 Zone

EURUSD: Having taken back its Tuesday gains on Tuesday, more weakness is expected. Support lies at the 1.1000 level. Further down, support comes in at the 1.0950 level where a violation will aim at the 1.0900 level. A break of here will target the 1.0850 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, on the upside, resistance comes in at 1.1100 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. All in all, EURUSD remains biased to the downside on correction.

EURUSD Faces Further Weakness Threats

GOLD: Having the commodity closed lower on a follow -through on the back of its previous week losses the past week, more weakness is envisaged. On the downside, support comes in at the 1,310.00 level where a break will turn attention to the 1,300.00 level. Further down, a cut through here will open the door for a move lower towards the 1,290.00 level. Below here if seen could trigger further downside pressure targeting the 1,1280.00 level. Conversely, resistance resides at the 1,340.00 level where a break will aim at the 1,350.00 level. A turn above there will expose the 1,360.00 level. Further out, resistance stands at the 1,370.00 level. All in all, GOLD looks to weaken further on correction

AUDUSD Rejects Higher Prices, Vulnerable

AUDUSD. The pair saw a rejection of upside pressure during Wednesday trading leaving risk of dmore weakness on the cards. On the downside, support resides at the 0.7400 level where a breach will aim at the 0.7350 level. Below that level will set the stage for a run at the 0.7300 level with a cut through here targeting further downside pressure towards the 0.7250 level. On the upside, resistance lies at the 0.7500 level. A cut through here will turn attention to the 0.7550 level and then the 0.7600 level where a violation will set the stage for a retarget of the 0.7650 level. On the whole, AUDUSD remains biased to the downside medium term.

EURUSD Puts In Temporary Bottom, Bullish

EURUSD: With the pair halting its weakness to close higher the past week, we look for more strength to build up in the days ahead. Support lies at the 1.1100 level. Further down, support comes in at the 1.1050 level where a violation will aim at the 1.1000 level. A break of here will target the 1.0950 level. Conversely, on the upside, resistance comes in at 1.1200 level with a cut through here opening the door for more upside towards the 1.1150 level. Further up, resistance lies at the 1.1200 level where a break will expose the 1.1250 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EURUSD remains biased to the downside in the medium term.

USDJPY Remains Vulnerable But With Warning

USDJPY: The pair remains vulnerable to the downside despite price hesitation seen on Monday. While the 102 .65 level remains unbroken, our bias remains lower. On the downside, support comes in at the 101.00 level where a break if seen will aim at the 100.50 level. A cut through here will turn focus to the 100.00 level and possibly lower towards the 99.50 level. On the upside, resistance resides at the 101.50 level. Further out, we envisage a possible move towards the 102.00 level. Further out, resistance resides at the 102.50 level with a turn above here aiming at the 103.00 level. On the whole, USDJPY looks to weaken further.

EURUSD: Maintains Its Bullish Offensive Short Term

EURUSD: Having taken out its key resistance at 1.1233 level on Tuesday, more strength is likely in the days ahead. Support lies at the 1.1200 level. Further down, support comes in at the 1.1150 level where a violation will aim at the 1.1100 level. A break of here will target the 1.1050 level. Conversely, on the upside, resistance comes in 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 remains biased to the upside on bull pressure.

EURUSD Targets More Upside On Bull Pressure

EURUSD: Having rallied on a follow through higher the past week, further bullishness is likely. Support lies at the 1.1250 level. Further down, support comes in at the 1.1200 level where a violation will aim at the 1.1200 level. A break of here will target the 1.1150 level. Conversely, on the upside, 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. All in all, EURUSD remains biased to the upside on bull pressure.

EURUSD Declines Further On Sell Off

EURUSD: The pair continues to face downside pressure following its sell off on Tuesday. This development has taken the pair out of its trading range and left risk lower in the days ahead. Support lies at the 1.1050 level. Further down, support lies at the 1.1000 level where a violation will aim at the 1.0950 level. A break of here will aim at the 1.0900 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, on the upside, resistance comes in 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. All in all, EURUSD faces further downside pressure.

GOLD Looks To Extend Weakness On Bear Threats

GOLD: The commodity continues to face downside pressure on pullbacks. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could trigger further downside pressure targeting the 1,210.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 1,260.00 level where a break will aim at the 1,270.00 level. A turn above there will expose the 1,280.00 level. Further out, resistance stands at the 1,290.00 level. All in all, GOLD looks to weaken further.

USDJPY: Sets Up To Correct Lower On Price Rejection

USDJPY: After the pair rejected higher prices to close lower on Thursday, it faces the risk of a move lower. On the downside, support comes in at the 103.00 level where a break if seen will aim at the 102.50 level. A cut through here will turn focus to the 102.00 level and possibly lower towards the 101.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 104.00 level. Further out, we envisage a possible move towards the 104.50 level. Further out, resistance resides at the 105.00 level with a turn above here aiming at the 105.50 level. On the whole, USDJPY looks to pullback further.