GBPUSD: Vulnerable To The Downside.
GBPUSD: With a reversal of its gains off the 1.4993 level now underway, further decline is envisaged. Support lies at the 1.4800 level where a break if seen will aim at the 1.4750 level. A break of here will turn attention to the 1.4700 level. Further down, support lies at the 1.4650 level. Its daily RSI is bearish and pointing lower supporting this view. Conversely, resistance resides at the 1.4900 level with a break aiming at the 1.4950 level.…
AUDUSD: Sets Up For Price Weakness
AUDUSD: With a flat close on a rejection candle seen on Tuesday, AUDUSD faces a move lower on price weakness. While its key resistance at 0.7974/80 zone cap upside moves, our bias remains to the downside. On the upside, resistance lies at the 0.7937 level. A cut through here will turn attention to the 0.8000 level and then the 0.8050 level where a violation will set the stage for a retarget of the 0.8100 level. On the downside, support resides at the…Continue
USDCAD: Sees Further Corrective Weakness
USDCAD: The pair took back almost all of its intraday day gains to close lower on Monday and followed through lower on Tuesday. This development now leaves it targeting further downside. On the downside, support lies at the 1.2450 level followed by the 1.2400 level. Further down, support resides at the 1.2350 level and then the 1.2300 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at…Continue
GBPJPY: Faces Consolidation Risk
GBPJPY: Having halted its weakness and closed marginally higher the past week, GBPJPY now faces consolidation of that move. Its now taking back some of its Friday strength during Monday trading session. On the downside, support comes in at the 178.00 level where a violation will aim at the 177.00 level. A break below here will target the 176.00 level followed by the 175.00 level. Further down, support lies at the 174.00 level. On the upside, resistance…Continue