FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD made another downside correction on Friday. On h1 chart below we can see that the pair attempted to push lower, slipped below 1.4688 support area (38.2% Fibo retracement of 1.4479 – 1.4817) but so far further downside pressure was limited . The bias is neutral in nearest term. Price is now moving in a bearish channel indicating that the bearish correction remains intact. Only a violation to the bearish channel should continue further bullish momentum re-testing 1.4850. Immediate support at 1.4688/50 area, which is my key support level for today and I will be watching any reaction around that area before make any decision. Consistent movement below that area could be a potential threat to the bullish outlook and challenging 1.4479 area. Although the bullish scenario also remains intact, note that rejection to move above 1.4850 could be an important technical even in longer term which potentially trigger a significant bearish reversal.

GBPUSD Outlook

The GBPUSD had a significant bearish momentum on Friday. On my h4 chart below we can see that we have a bearish situation indicated by bearish trendline (red). After consolidating and made some bullish correction, price now has break the minor trendline support (blue) indicating bearish view. The bias is bearish in nearest term at least targeting 1.5760 support area which is my key support level for this week. Break below that area should continue the bearish scenario towards 1.5530 even 1.5355 area. Immediate resistance at 1.5875 and the trendline area (blue, former support). Break above that area should lead us into no trading zone but long position is not recommended at this phase.

USDJPY Outlook

The USDJPY had a significant bullish momentum on Friday. On h4 chart below we can see that the trendline resistance has been convincingly broke to the upside indicating potential further bullish correction scenario at least testing 90.40 area. Break above that area should trigger further bullish momentum testing 91.50 and 92.50. Immediate support at 89.60/30 area. Break below that area should trigger further bearish momentum and diminish the bullish correction scenario.

USDCHF Outlook

The USDCHF failed to continue it’s bearish momentum on Friday. On h1 chart below we can see that the trendline resistance (orange) has violated to the upside indicating potential bullish correction while at the same time price is moving in a new minor bullish channel (blue). The nearest bullish correction target at 1.0380. Break above that area should trigger further bullish momentum re-testing 1.0527. Immediate support at 1.0300 – 1.0250 area. Break below that area should diminish the bullish correction scenario.

EURJPY Outlook

The EURJPY had a bullish momentum on Friday and made a significant technical movement, break above the trendline resistance (blue, now become support). This fact should keep the bullish correction scenario intact, challenging the major bearish trendline resistance (red). The bias is bullish in nearest term targeting 133.87 but I since still prefer a bearish scenario, I think I will stay out from the market for now and wait for further development. Immediate support at 131.80/30 area. Break below that area should diminish the bullish correction scenario.

GBPJPY Outlook

The GBPJPY made indecisive movement on Friday. On h4 chart below, the bullish correction which triggered by the double bottom formation still unable to move consistently above the trendline resistance (blue) as price still struggling around that area. For me, since I still prefer a bearish scenario but bullish correction also still intact, I think I will keep stay out for now. Immediate support at 141.80 followed by 141.00. Initial resistance at 143.09 (Friday’s high). Break above that area should trigger further bullish correction towards 144.00 area.

AUDUSD Outlook

The AUDUSD corrected lower on Friday, a normal rebound after significant bullish. We might still have further downside correction today testing 0.9000 – 0.8950 support area, which is my key support level for today. I will be watching any reactions around that area before make any decision today. A significant rejection to move below that area should continue the bullish scenario while break below that area should trigger further bearish correction and diminish the bullish scenario. On the upside, break above 0.9090 should trigger another bullish breakout scenario targeting 0.9180 area before aim for 0.9300.

FX Instructor LLC

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