FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD attempted to push lower yesterday, bottomed at 1.4272 but closed higher at 1.4338. The pair is still consolidating in range area. I think we are in no trading zone now as direction is not clear in nearest term. Another way to trade in this kind of market is to short around 1.4420/50 or long around 1.4250 with a tight stop loss. We need a break from the range area to see clearer direction.  Break above 1.4420/50 area should be seen as bearish failure and trigger further bullish momentum towards 1.4600 even 1.4800 area. Break below 1.4250 should trigger further bearish momentum targeting 1.4170 – 1.4130 before testing 1.4000 area.

GBPUSD Outlook

The GBPUSD had a significant bullish momentum yesterday. Price attempted to push lower, bottomed at 1.5832 but surprisingly whipsawed to the upside, topped at 1.6092 and closed at 1.6076. On h4 chart below we can see that price is now testing the upper line of the bearish channel which is a serious threat to the bearish outlook. However, as long as the bearish channel valid, the bearish scenario should remains intact and actually the upper line of the bearish channel area is a good place for a short position with a tight stop loss above the bearish channel. A good technical set up and risk-reward ratio.  A violation to the bearish channel should be seen as bearish failure and could trigger further bullish scenario towards 1.6250 area. Immediate support at 1.6020 area. Break below that area should trigger further bearish momentum towards 1.5920 area and keep the bearish scenario intact.

USDJPY Outlook

The USDJPY attempted to push higher yesterday, topped at 92.76 but closed lower at 92.41. The bias is neutral in nearest term and we need a consistent move above 92.50 area to continue bullish scenario at least testing 93.00 area. However I am still in buy mode for this pair. Immediate support at 92.30 – 91.80 area. Break below that area should lead us into no trading zone.

USDCHF Outlook

The USDCHF made indecisive movement yesterday, formed a Doji on daily chart. Well, a Doji in a range area. Surely a no trading zone for me. The best strategy at this phase is to short around 1.0450 area or to long around 1.0230 area with a tight stop loss.  We need a clear break from the range area to see clearer direction.

EURJPY Outlook

My strategy to long around 131.75 worked perfectly yesterday. Price topped at 132.77, closed at 132.51 and traded around 132.80 at the time I wrote this comment. The bias is bullish in nearest term targeting 133.50 area. Immediate support at 132.50 area. Break below that area should lead us into no trading zone as direction would become unclear for me.

GBPJPY Outlook

The GBPJPY had a significant bullish momentum after breakout from range area, as you can see on my h4 chart below, topped at 148.93 and closed at 148.56. The bias is bullish in nearest term but we seem to have a good resistance around 149.05 area. We need a clear break above that area to continue the bullish towards 150.30 area. Immediate support at 148.00 area. Break below that area should lead us into no trading zone but I still prefer a bullish scenario at this phase.

AUDUSD Outlook

The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart but had a significant bullish momentum earlier today in Asian session by break above the trendline resistance. This fact should trigger further bullish momentum targeting 0.9020. Immediate support at 0.8930 area. Break below that area should be seen as a false breakout which should trigger significant bearish momentum towards 0.8850 area and keep the bearish scenario intact.

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