Daily Technical Strategy On Currencies & Commodities

CRUDE OIL Broader Upside Bias Remains Valid

CRUDE OIL looks to strengthen further as it looks to resume its broader uptrend. Support lies at the 40.50 level where a break will turn attention to the 40.00 level. A push through here will set the stage for a run at the 39.50 level. Further down, support comes in at the 39.00. Its daily RSI is bullish and pointing higher suggesting more gain. On the upside, resistance resides at the 41.50 levels. Further out, resistance comes in at the 42.00 level. A break above here will aim at the 42.50 level and then the 43.50 level followed by the 44.00 level. All in all, CRUDE OIL remains biased to the upside medium term.

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.