FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD still trapped in range area of 1.4450 – 1.4250 yesterday. I think the best strategy remains to short around 1.4450 or to long around 1.4250 with tight stop loss. Bullish scenario will be confirmed by a close above 1.4450 today targeting 1.4600 – 1.4800 this week while bearish confirmation will be confirmed by a close below 1.4250 targeting 1.4127 – 1.4000 area this week.

GBPUSD Outlook

The GBPUSD attempted to push higher yesterday, topped at 1.6239 but further upside momentum was rejected as price closed significantly lower at 1.6088. On h4 chart below we can see that price is trapped in range area of 1.6250 – 1.6040 indicating consolidation. We need a break from that range area to see clearer direction. I prefer a bearish scenario but I will let the market decide then just react accordingly. Break above 1.6250 should trigger further bullish momentum towards 1.6450 while break below 1.6040 should trigger further bearish momentum towards 1.5920 – 1.5832.

USDJPY Outlook

The USDJPY was corrected lower yesterday, bottomed at 92.18 and closed at 92.50. I think this is a normal correction and I still prefer a bullish scenario with technical target remains around 94.00/50 area. Only a movement below 91.90 area or violation to the bullish channel can be seen as serious threat to my bullish outlook and trigger further bearish momentum.

USDCHF Outlook

The USDCHF didn’t make significant movement yesterday. Price unable to consistently move above the bearish channel to continue bullish scenario. On the other hand, support area at 38.2% Fibo retracement around 1.0280 area still did a good job preventing further bearish pressure. I still prefer a bullish scenario as I still consider the bearish movement as correction. So I think 1.0280 area is a good place to long but with only tight stop loss below it targeting 1.0400 – 1.0450 area. Consistent move below 1.0280 area should be seen as a serious threat to the bullish outlook.

EURJPY Outlook

The EURJPY made indecisive movement yesterday, formed a Doji on daily chart indicating consolidation. Price attempted to push lower, but the lower line of the bullish channel did a good job preventing further bearish attack, keep the bullish scenario intact with technical target remains around 134.50 area. Immediate support at 132.80 area. Break below that area a violation to the bullish channel should be seen as potential bullish failure and could trigger significant bearish momentum testing 132.15 support area.

GBPJPY Outlook

The GBPJPY was corrected lower yesterday, bottomed at 148.64 and closed at 148.81. This fact should lead us into no trading zone but the nearest bias is bearish targeting 147.15 area. On h4 chart below we have a rising wedge formation, which is a bearish pattern especially if price break below the lower line of the rising wedge. Immediate resistance at 149.30 area. Break above that area should trigger further bullish momentum testing the upper line of the rising wedge. Break above the upper line of the rising wedge should be seen as bearish scenario failure thus trigger further bullish scenario towards 153.22 area

AUDUSD Outlook

The AUDUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price is now moving inside the bullish channel indicating bullish view remains intact. The bias is bullish in nearest term targeting 0.9230. However CCI in overbought area and heading down on h4 chart suggesting potential downside pressure testing 0.9075 support area. I will be watching any reaction around that area before make any decision today. Break below 0.9075 area could trigger further bearish momentum re-testing the lower line of the bullish channel once again.

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