Daily Technical Strategy On Currencies & Commodities

EURUSD Sets Up To Strengthen Further Bull Pressure

EURUSD sets up to strengthen further bull pressure following its higher close the past week. Support comes in at the 1.1300 where a violation will turn risk to the 1.1250 level. A break below here will target the 1.1200 level. Further down, support sits at the 1.1150. Conversely, on the upside, resistance resides at 1.1350 level with a break through there opening the door for further upside towards the 1.1400 level. Further up, resistance comes in at the 1.1450 level where a violation will expose the 1.1500 level. All in all, EURUSD sets up to strengthen further bull pressure on corrective recovery.

 

GBPJPY Triggers Corrective Recovery Nearer Term

GBPJPY triggers corrective recovery nearer term as we expect more gain in the days ahead. On the downside, support comes in at the 136.00 level where a violation will aim at the 135.50 level. A break below here will target the 135.00 level followed by the 134.50 level. Conversely, resistance is seen at the 137.00 level followed by the 137.50 level. A cut through that level will set the stage for a move further higher towards the 138.00 level. Further out, resistance resides at the 138.50 level. All in all, GBPJPY remains biased to the upside nearer term.

 

EURUSD Eyes Further Upside Pressure On Bull Pressure.

EURUSD eyes further upside pressure on bull pressure as we enter a new week. Support comes in at the 1.1300 where a violation will turn risk to the 1.1250 level. A break below here will target the 1.1200 level. Further down, support sits at the 1.1150. Conversely, on the upside, resistance resides at 1.1400 level with a break through there opening the door for further upside towards the 1.1.1450 level. Further up, resistance comes in at the 1.1500 level where a violation will expose the 1.1550 level. All in all, EURUSD expects more recovery in the new week.

 

GOLD Faces Pullback Threats On Price Rejection

GOLD faces pullback threats on price rejection as we enter a new week. On the downside, support comes in at the 1,510.00 level where a break will turn attention to the 1,500.00 level. Further down, a cut through here will open the door for a move lower towards the 1,490.00 level. Below here if seen could trigger further downside pressure targeting the 1,480.00 level. Conversely, resistance resides at the 1,530.00 level. Further out, resistance resides at the 1,540.00 level where a break will aim at the 1,550.00 level. A turn above there will expose the 1,560.00 level. Further out, resistance stands at the 1,570.00 level. All in all, GOLD looks to weaken further on corrective pullbacks

 

EURJPY Halts Weakness, Faces Recovery Risk

EURJPY faces risk of further move higher halting its weakness on Thursday. On the downside, support comes in at the 122.50 level where a break will turn focus towards the 122.00 level. A cut through here will see a move towards the 121.50 level and possibly lower towards the 121.00 level. On the upside, resistance resides at the 123.50 level. Further out, we envisage a possible move towards 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, EURJPY continues to face downside pressure short term but with risk of correction higher.

 

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