FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD has been consolidating in range area of 1.4450 – 1.4250 in the last two weeks. I am expecting a break on either side to see clearer direction. The bearish scenario was interrupted since the violation of the bearish channel (red channel) but the bullish momentum also still limited so far. For me, nothing is confirmed. While conservative traders may stand aside in this situation, aggressive traders still can use range trading strategy, which is to short around 1.4450 or to long around 1.4250 with only tight stop loss. Break above 1.4450 should confirm the bullish scenario at least testing 1.4600 – 1.4800 area this week while break below 1.4250 should trigger further bearish momentum re-testing 1.4170 – 1.4127 area before aim for 1.4000 area.

GBPUSD Outlook

The GBPUSD made significant technical movement by violated the bearish channel to the upside. However price retreated lower, moving near the upper line of the bearish channel. As long as price stay above the bearish channel, the bullish reversal scenario still potential. The bias is neutral in nearest term. Key resistance level at this phase is 1.6250 area. A valid break above that area should be seen as bullish confirmation targeting at least 1.6450 area this week. Bullish scenario potential will be canceled by another movement inside the bearish channel or below 1.6000 – 1.6040 area which could trigger further weakness for Sterling re-testing 1.5920 – 1.5832 area.

USDJPY Outlook

The USDJPY continued its bullish momentum on Thursday, topped and closed at 93.13. On h4 chart below we can see that price still moving convincingly inside the bullish channel indicating strong bullish momentum. The bias remains bullish in nearest term targeting 94.00/50 area. Break above that area should lead us into a new bullish phase targeting 97.75 in longer term. Immediate support at 92.50. Break below that area should lead us into no trading zone in nearest term but I am still in buy mode for this pair.

USDCHF Outlook

The USDCHF didn’t make significant movement on Thursday. On h4 chart below, we can see that after had bullish momentum since December 04 and topped at 1.0507 price has been consolidating lower, move in a bearish channel, but bearish momentum found a good support around 38.2% Fibo retracement around 1.0280 area. I think we are in no trading zone now. Do not rush jump into the market. The bearish correction will be considered over only if the bearish channel violated to the upside, targeting 1.0700 this week. On the other hand break below 1.0280 area should be seen as bullish failure and trigger further bearish momentum targeting 1.0150 area.

EURJPY Outlook

The EURJPY had a bullish momentum on Thursday, topped at 133.58 and closed at 133.49. On h4 chart below we can see that price breakout above the trendline resistance area indicating potential further bullish momentum targeting at least 134.50 area. CCI just cross the 100 line down on h4 chart so watch out for potential downside correction testing 132.15 area. Break below that area and a movement back below the trendline should be seen as bullish failure lead us into no trading zone as direction would become unclear for me

GBPJPY Outlook

The GBPJPY continued its bullish momentum on Thursday, topped at 150.68 and closed at 150.38. On h4 chart below we can see that price has convincingly break above the trendline resistance, indicating potential bullish scenario targeting 153.22 area. Immediate support at 148.95. 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 is at critical phase now. On h4 chart below we can see that the bullish momentum was able to break above the trendline resistance (red), but price retreated to the downside, slipped below the bullish channel which is also indicating limited bullish momentum. I think we are in no trading zone now. I have two scenarios. Bullish: If price able to stay above the trendline and back inside the bullish channel targeting 0.9060 area. Bearish: If price back below the trendline, targeting 0.8860 area.

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