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Daily Strategy On Currencies & Commodities

Discussion in 'Forex Daily News & Outlook' started by FXTechstrategy Team, Sep 19, 2015.

  1. FXTechstrategy Team

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    USDCHF: Threatens Recovery On Reversal Of Losses

    USDCHF: With USDCHF reversing almost all of its past week losses to close marginally lower on Friday, risk of further move higher is likely. On the upside, resistance lies at the 0.9762 level with a breach targeting the 0.9800 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9850 level. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 0.9600 level. A turn below here will open the door for more weakness to occur towards the 0.9550 level and then the 0.9500 level. A cut through here will open the door for additional decline towards the 0.9450 level. All in all, the pair remains biased to the upside in the short term.

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  2. FXTechstrategy Team

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    EURUSD: Price Hesitation Sets In Ahead Of 1.1086 Level

    EURUSD: With EUR now seen recovering ahead of its key support at the 1.1086 level, some kind of a correction could occur. But as long as that move is capped by the 1.1259/58 zone, its short term weakness triggered from the 1.1459 level remains intact. 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 with a turn below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance is seen 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, EUR remains biased to the downside in the short term.

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  3. FXTechstrategy Team

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    GBPJPY: Looks To Build Up On Corrective Recovery

    GBPJPY: With the cross following through higher on the back of its Thursday long-tailed rejection candle formation, further bullish price build up is envisaged. This leaves risk of more recovery towards the 184.09 where a break will open the door for strength towards the 185.00 level. A violation will aim at the 186.00 level with a break below here target the 187.00 level followed by the 188.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support is seen at the 183.00 level followed by the 182.00 level. A cut through will set the stage for a move further higher towards the 181.00 level where a break will aim at the 180.00 level. A cut through here will aim at the 179.00 level. All in all, the cross’s bias remains to the upside on correction nearer term

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  4. FXTechstrategy Team

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    EURUSD: Maintains Broader Downside Bias With Eyes On 1.1086 Zone

    EURUSD: Having EUR closed lower the past week we expect more weakness to follow. But this comes with a warning that as long as it trades and holds above the 1.1086 level, we may see it headed higher in the new week. Support lies at the 1.1150 level where a violation will aim at the 1.1086 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen 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 1.1409 level. All in all, EUR remains biased to the downside in the short term.

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  5. FXTechstrategy Team

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    USDJPY: Range Trading, Looks For Direction

    USDJPY: With USDJPY seen trapped in a range, it now searches for directional moves. Until its breaks out either way, we expect its consolidation price action to continue. On the upside, resistance resides at the 120.50 level with a turn above here aiming at the 121.00 level. A break will target the 121.50 level. Further out, resistance comes in at the 122.00 level where a violation will aim at the 122.50 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the downside, support comes in at the 119.50 level where a break will target the 119.00 level. Below here if seen will aim at the 118.50 level followed by the 118.00 level. On the whole, USDJPY remains exposed to the upside but with caution

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  6. FXTechstrategy Team

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    EURUSD Loses Upside Momentum, Slides

    EURUSD: With EUR failing to maintain its upside momentum and turning lower off the 1.1280 level during Tuesday trading session, risk of more weakness is now developing. In such case, support at the 1.1150 level with a break of here opening the door for a run at the 1.1100 level. Further down, a turn below that level will target the 1.1050 level. Its daily RSI bearish and pointing lower suggesting further weakness. On the upside, resistance is seen 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 1.1450 level. All in all, EUR remains biased to the downside in the short term with more weakness likely.

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  7. FXTechstrategy Team

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    EURJPY Rejects Lower Prices, Risk Points Higher

    EURJPY: The cross continues to reject downside price leaving risk of a move higher. If more strength is seen expect additional recovery towards 135.50 level where a break will turn attention to the 136.00 level. Further out, resistance lies at the 136.50 level where a break will aim at the 137.00 level. A turn above here will target the 137.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support resides at the 134.50 level. Further out, resistance resides at the 134.00 level where a break if seen will threaten further upside towards the 133.50. Further out, resistance comes in at the 133.00 level. All in all, the cross now faces upside risk in the nearer term

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  8. FXTechstrategy Team

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    USDCAD Drops Lower On Corrective Weakness

    USDCAD: USDCAD sold off strongly on Wednesday leaving risk of further decline on the cards. With that said, we look for more weakness to occur in the days ahead. On the downside, support lies at the 1.3250 level followed by the 1.3200 level. Further down, support resides at the 1.3150 level and then the 1.3100 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Resistance resides at the 1.3350 level where a break will target the 1.3400 level. Further out, resistance comes in at the 1.3450 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.3500 level. All in all, USDCAD remains biased to the downside short term on corrective weakness.

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  9. FXTechstrategy Team

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    GBPUSD Looks To Overcome Key Support

    GBPUSD: GBP will have to break and hold below its support located at the 1.5133 level to trigger further weakness. That level continues to hold as support for almost the whole week. Support comes in at 1.5100 level with a follow-through lower seeing it targeting more weakness towards the 1.5050 level. A break if seen will aim at the 1.5000 level followed with the 1.4950 level. Further down, support lies at the 1.4900 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance stands at the 1.5200 level 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 and subsequently the 1.5350 level. On the whole, GBP faces the risk of further downside pressure.

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  10. FXTechstrategy Team

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    USDCHF Fails To Follow Through On Strength, Weakens

    USDCHF: The pair failed to follow through higher on the back of its previous week strength to close lower on Friday. This leaves risk of more weakness on the cards in the new week. On the downside, support comes in at the 0.9644 level. A turn below here will open the door for more weakness to occur towards the 0.9600 level and then the 0.9600 level. A cut through here will open the door for More decline towards the 0.9550 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. But, on the upside, resistance lies at the 0.9815 level where a breach will target the 0.9850 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9900 level. All in all, the pair remains biased to the downside in the short term.

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  11. FXTechstrategy Team

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    EURUSD: Vulnerable Below The 1.1295/1.1318 Zone

    EURUSD: Having EUR taken back almost all of its past week gains to close slightly lower, risk of a follow through to the downside is now developing. While the 1.1295/80 zone holds as overhead resistance, we look for weakness to occur. Support lies at the 1.1150 level where a violation will aim at the 1.1086 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.0950 level. Its weekly RSI is bearish and pointing lower suggesting further downside pressure. Conversely, resistance is seen 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 1.1409 level. All in all, EUR remains biased to the downside in the short term.

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  12. FXTechstrategy Team

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    GBPUSD Sees Bear Threats, Targets The 1.5166/33 Zone

    GBPUSD: GBP faces downside pressure following its rejection candle print on Friday. This was formed after unsustained rally and the pair looks to weaken further having given away most of its intra day gains during Monday trading session. It looks to take out the 1.5166/33 zone, its strong support. If this occurs, further weakness is likely towards the 1.5100 level. A break of here 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 weekly RSI is bearish and pointing lower supporting this view. Conversely, resistance stands at the 1.5250 level with a turn above here allowing more strength to build up towards the 1.5300 level. Further out, resistance resides at the 1.5350 level followed by the 1.5400 level. On the whole, GBP faces the risk of further downside medium term

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  13. FXTechstrategy Team

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    EURUSD: Broader Outlook Lower Below The 1.1288/1.1318 Zone

    EURUSD: With EUR taking back all of its intra day gains to close lower on Monday, further weakness is now envisaged. Despite its current price hesitation, its broader outlook remains lower as long as it holds below the 1.1288/1.1318 zone. On the downside, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will turn risk to the 1.1000 level with a move below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen 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. All in all, EUR remains biased to the downside towards its key support.

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  14. FXTechstrategy Team

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    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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  15. FXTechstrategy Team

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    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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  16. FXTechstrategy Team

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    EURUSD: Threats Builds Up Pressure On The 1.1459 Zone


    EURUSD: Having EUR closed strongly higher the past week, it now looks to extend that strength towards its key support zone at 1.1459. We may see price hesitation at this level or even a pullback. 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 1.1000 level with a turn below that level targeting the 1.1250 level. Conversely, resistance is seen at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EUR remains biased to the upside on recovery but should turn lower at or ahead of the 1.1459 level on price failure.

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  17. FXTechstrategy Team

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    AUDUSD Climbs Above The 0.7279 Zone, Looks For More Gain

    AUDUSD: AUDUSD closed strongly higher the past week leaving risk of further strength in the new week. While it can trade and hold above its broken resistance turned support at 0.7279 level, we think more gain should occur. On the upside, resistance lies at the 0.7400 level. A cut through here will turn attention to the 0.7450 level and then the 0.7500 level where a violation will set the stage for a retarget of the 0.7550 level. On the downside, support resides at the 0.7300 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the whole, AUDUSD continues to retain its short term upside pressure.

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  18. FXTechstrategy Team

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    EURJPY Falters, Backs Off Ahead Of The 137.04/44 Area

    EURJPY: The cross may remain biased to the upside following its recent strength but it was seen backing off ahead of its key overhead resistance zone at the at 137.44/04 region during the Monday trading session. If this price action continues it could see EURJPY targeting further downside pressure towards its psycho level at 136.00 level. Below here will turn attention to the 135.50 level where a break will aim at the 135.o0 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. On the other hand, resistance lies at the 137.00 level. Further out, resistance comes in at the 137.50 level where a break if seen will threaten further upside towards the 138.00. A violation of that level shifting interest to the 138.50 level. All in all, the cross now faces downside pressure on price pullback as long as the 137.04/44 zone remains unbroken

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  19. FXTechstrategy Team

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    GBPJPY: Turns Down, Sets Up For 182.49 Level

    GBPJPY: With the cross printing back to back long-tailed candles on Friday and Monday to trigger bear pressure during early Asia session, we look for weakness to occur. The cross to target its Oct 07 2015 low at 182.49 level. On upside, 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. On the other hand, support comes in at the 183.00 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 bearish and pointing lower suggesting further weakness. All in all, the cross remains biased to the downside on price weakness

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  20. FXTechstrategy Team

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    GBPUSD Takes Back Losses, Sets Up For More Strength

    GBPUSD: GBP has revered its Tuesday losses and looks to resume its short term uptrend. On continued upside offensive it should target its nearby resistance at the 1.5400 level. On the upside, resistance resides at the 1.5450 level. Further out, resistance resides at the 1.5500 level followed by the 1.5550 level. A cut through here should open the door for more strength towards the 1.5600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5300 level with a break of here turning attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. On the whole, GBP faces the risk of further upside and possible short term trend resumption

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