Bearish on Several Currency Pairs - TheStreet

Bearish on Several Currency Pairs

We maintain our short-term bearish bias on the EUR-USD and EUR-JPY and see other major pairs struggling.
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A move higher on its hammer print on the daily chart continues to stall as EUR-USD is slightly offered after testing a recovery high of 1.4194 today. We maintain our short-term bearish bias on the pair; the the 1.4216/92 levels should cap recovery.

GBP-USD

may be strengthening after failing to continue lower on its past week gains, but as long as those gains currently seen hold below the 1.6234/39 levels and its short-term declining trend line presently at the 1.6412 level, we expect the pair to weaken and retarget the 1.5892/30 levels in the days ahead.

EUR-JPY

continues to maintain its short-term bearish structure following its failure at the 134.36 level and its subsequent declines. It has been hesitating after failing at the 128.12 level during today's trading session. Overall risk remains lower.

EUR-GBP

is currently backing off higher prices, having failed to continue its corrective recovery initiated at the 0.8650 level last week. Threats are now seen for a decline toward that level and possibly lower.

AUD-USD

remains vulnerable to the downside and looks to head further lower toward its key supports located at the 0.8936 and 0.8733 levels. It will have to break and hold above the 0.9173 level to avert its current weakness.

USD-CAD

continues to maintain its recovery triggered off the 1.0219 level as it looks to move further higher toward the 1.0743 level.

Our outlook on

USD-JPY

remains the same, as we expect weakness to extend toward the 88.30 level and beyond.

Crude oil

, though strengthening marginally, is still biased to the downside as it eyes a test of its long-term rising trend line currently located at the 72.90 level.

Gold

also remains susceptible to the downside as it targets its minor support at the 1,084 level ahead of the 1,074 level.

Though

silver

is struggling to initiate a recovery higher, we still see risk to the downside nearer term, following its weakness triggered off the 19.45 level. The next support lies at the 16.74 level.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces

The Professional Suite

for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.