FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bearish momentum on Friday, bottomed at 1.4585 and closed at 1.4613. I am still in short mode for this pair with target at least 1.4450 even 1.4250 this week. The bias is neutral in nearest term and we might see some upside correction after significant bearish last week. CCI just cross the -100 line up on h1 chart suggesting potential upside correction testing 1.4680 – 1.4715 resistance area today. Break above that area could trigger further bullish pressure testing the trendline resistance area (aqua). Break above the trendline should lead us into no trading zone but could be a potential threat to my bearish outlook testing 1.4820/00 area.

GBPUSD Outlook

The GBPUSD made another indecisive movement on Friday, formed another Doji on daily chart indicating consolidation phase since Wednesday. The bias is neutral in nearest term. However, on h4 chart below price has break below triangle formation indicating the pressure is more to the downside with technical target remains at 1.6113. Immediate resistance at 1.6270 followed by 1.6340 area. For me, only break above 1.6400 could be seen as potential threat to the bearish outlook. Below that level, I still prefer a bearish scenario for this pair

USDJPY Outlook

The false breakdown from the major trendline support (red) gave us a valid bullish signal on Friday as price topped at 89.80 but closed a little bit lower at 89.10. The bias is neutral in nearest term but overall the bullish scenario should remains intact. As you can see on my h4 chart below, price is now testing the trendline support (blue, 1). Break below that trendline should be a serious threat to the bullish outlook at least targeting 87.35. Bullish continuation will be confirmed only if bullish pressure able to break above trendline resistance (blue, 2) targeting 90.70 area.

USDCHF Outlook

The USDCHF continued its bullish momentum on Friday, topped at 1.0366 and closed at 1.0343. The bias is neutral in nearest term but overall I am in buy mode for this pair at this phase with nearest bullish target around 1.0450 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside pullback testing 1.0230 support area. Break below that area should lead us into no trading zone and could be a potential threat to the bullish outlook testing 1.0120 – 1.0160 area.

EURJPY Outlook

The EURJPY attempted to push higher on Friday, topped at 131.57 but further upside momentum was rejected as the pair closed much lower at 130.21. On h4 chart below we can see that price is now testing the trendline support (blue). Break below the trendline support should trigger further significant bearish momentum. The bias is bearish in nearest term targeting 129.00, but medium bias remains neutral and only consistent move below 129.00 could change my medium outlook into a bearish view. Immediate resistance at 131.00 followed by 131.75 area.

GBPJPY Outlook

The GBPJPY had a moderate bullish momentum on Friday, topped at 145.64 but closed lower at 144.87 and continue moving lower around 143.58 area at the time I wrote this comment. On h4 chart below we can see that this was a case of false breakout above 144.85 which is potentially trigger further bearish momentum, especially if price break below the trendline (blue) towards 141.99 area. Immediate resistance at 144.85.

AUDUSD Outlook

The AUDUSD had a significant bearish momentum after a false breakout above 0.9180 and the trendline resistance area and now traded around 0.9063 at the time I wrote this comment. The bias is bearish in nearest term targeting 0.9030 area. Break below that area should trigger further bearish scenario towards 0.8915 area. Immediate resistance at 0.9180. As long as price stay below that area I still prefer a bearish scenario at this phase

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