Yesterday, the EURUSD pair witnessed a sixth straight bearish session and yet again finished below the daily lower Bollinger band (currently placed at 1.0734/30) at 1.0734, after notching a low at 1.0706. As of now, the daily RSI and stochastic indicators are placed near their oversold area, hinting at continued negativity in the coming session. Moreover, the 2H & 4H momentum oscillators are trading with a slight bearish tone, further affirming the above view. Key support is located at the 1.0726/25 level, followed by the 1.0708/05 and 8H lower Bollinger band (currently placed at 1.0684/80) levels. A breach below the latter might lead to further bearish pressure on the pair. However, formation of bullish divergence conditions on the daily MACD and RSI hints that the pair is likely to witness some recovery in the near term. Immediate resistance is placed at the 1.0771/75 level, followed by the crucial 1.0800 and 4H 20SMA (currently trading at 1.0826/30) levels.
   

Bearish if breaches below 1.2413/10

Following an upper Bollinger band crossover on the daily chart on Friday, the GBPUSD pair retreated in the prior session and closed at 1.2485, after moving as low as 1.2439. Currently, the daily RSI ad stochastic indicators are pointing south, suggesting at a weak technical outlook. On the hourly charts as well, momentum oscillators are trading with a bearish bias, further validating the above view. Key support is seen at the 2H 100SMA (currently trading at 1.2465), followed by the 1.2443/40 and 4H lower Bollinger band (currently placed at 1.2413/10) levels. A move back below the latter might lead to further downside momentum in the pair. On the contrary, key resistance is situated at the 2H 20SMA (currently trading at 1.2523/25), followed by the 1.2546/57 zone and 1.2585 level. A surge above the latter might trigger bullishness in the pair.

   

Weak intraday stance

After forming a bullish engulfing candlestick pattern on the daily chart on 9 November 2016, the USDCAD pair advanced for the fourth consecutive session yesterday and settled at 1.3554, following a high at 1.3588. The daily RSI and stochastic indicators are showing slight loss of upward potential, hinting at weakness in the near term. A recent signal line crossover from above by the 4H MACD coupled with the 2H & 4H stochastic indicators placed near its oversold territory, further endorses the above view. Intraday support is positioned at the 2H lower Bollinger band (currently trading at 1.3504/00), followed by the 1.3472/70 and 8H 20SMA (currently placed at 1.3452/50) levels. A breach below the latter might turn the main trend to bearish. On the bright side, key resistance is placed at the 2H upper Bollinger band (currently placed at 1.3588/90) and 8H upper Bollinger band (currently trading at 1.3616/20).

   

Bearish if breaches below 115.49/45

The EURJPY pair traded in the green in the last session and closed at 116.40, after hitting a high at 116.50. Although the daily MACD is moving north, the RSI and stochastic indicators are showing loss of upward potential, indicating at a bearish technical picture. Additionally, a possible signal line crossover from above by the 4H MACD coupled with the 8H RSI and stochastic indicators trading with negative tone, further supports the above view. Crucial support resides at the 4H 20SMA (currently placed at 116.03/00), followed by the 2H 50SMA (currently trading at 115.75) and 115.49/45 levels. A breach below the latter might lead to bearishness in the pair. However, the 2H & 4H RSI and stochastic are pointing north, suggesting at possible intraday recovery. Important technical obstacle is placed at the 2H upper Bollinger band (currently trading at 116.54/55), followed by the 116.84/85 and 117.14/15 levels.

   

Negative if breaches below 0.7465

Following three straight bearish sessions, the AUDUSD pair traded firmer in the previous session and finished at 0.7550, after making a high at 0.7565. As of now, the daily momentum oscillators are trading with a bearish showing, suggesting at the presence of negativity in the pair. A recent formation of a bearish harami candlestick pattern on the 2H chart coupled with the 2H & 4H RSI and stochastic indicators moving downwards, further affirms the above stance. Important intraday support is situated at the 2H lower Bollinger band (currently trading at 0.7527/20), followed by the 4H lower Bollinger band (currently trading at 0.7486/85) and 0.7465 levels. A clear breach bellow the latter might lead to bearish momentum in the pair. On the other hand, key technical barrier is placed at the 4H 20SMA (currently trading at 0.7575), followed by the 8H 200SMA (currently trading at 0.7605) and 0.7629/30 levels.

   

Key resistance placed at 108.54/55

The USDJPY pair recorded significant gains in the prior session and closed above the daily upper Bollinger band (currently trading at 107.83/85) at 108.41, following a high at 108.54. Currently, the daily MACD is heading higher along with the RSI and stochastic indicators tranquil near their overbought region, signals to a continuation in the uptrend in the pair. Also, the 2H & 4H RSI and stochastic indicators are trading with a bullish bias, further supporting the above view. Important resistance to be watched is located at the 108.54/55 level, followed by the 4H upper Bollinger band (currently placed at 108.75) and 109.10 levels. A break above the latter might lead to further upside momentum in the pair. However, a daily upper Bollinger band crossover suggests that the pair might witness some intraday correction. Immediate support is positioned at the psychological 108.00 level, followed by the 107.78/75 and crucial 107.50 levels.