FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD made a significant movement this morning by break above range area. This fact should be seen as bullish confirmation at least targeting 1.4600 area before aim for 1.4800 area. Immediate support at 1.4450 area. Break below that area should lead us into no trading zone as direction would become unclear for me but could be considered as a false breakout and trigger further bearish momentum re-testing 1.4250 again. I think the situation is a little bit tricky now since I do not see convincing fundamental factors in Euro zone that can support the currency significantly at this phase. So make sure only use tight money management.

GBPUSD Outlook

The GBPUSD is at critical technical phase right now. As you can see in my daily chart below, price is now testing the bearish channel. As long as the bearish channel valid, the bearish scenario should remains intact especially if we have another movement back below 1.6040/00 area again today testing 1.5832 – 1.5900 area. However, a violation to the bearish channel should be seen as bearish failure and could start a new bullish scenario testing 1.6700 area. Immediate resistance at 1.6120/50 area. Break above that area should be seen as serious threat to the bearish scenario.

USDJPY Outlook

The USDJPY is in critical technical phase now. As you can see in my daily chart below price is now testing the bullish channel after failed to break above the trendline resistance (red). A valid break below the channel should be seen as bullish failure and could trigger significant bearish momentum targeting 91.50 and 90.15 area. Immediate resistance at 93.00. Break above that area should keep the bullish scenario targeting 94.50 intact

USDCHF Outlook

The USDCHF had a significant bearish momentum on Friday after worse than expected US NFP number. Technically, price now not only break below 1.0280 area (38.2% Fibo retracement), but has move below 50% Fibo retracement. So the bearish channel now is not only indicating a correction, but a potential bearish reversal testing 1.0143 area. Break below that area should trigger further bearish momentum back towards 0.9917 area

EURJPY Outlook

The EURJPY made indecisive movement on Friday, formed a Doji on daily chart. On h4 chart below we can see that the we have another upside pressure testing 133.77 key resistance area this morning. Consistent move above that area should confirm the bullish scenario targeting 135.40 area. Immediate support at 133.00 area. Break below that area should lead us into no trading zone but as long as price stay above the trendline support (red) I still prefer a bullish scenario

GBPJPY Outlook

The GBPJPY also made indecisive movement on Friday. On h4 chart below we can see that the battle now is between the trendline support (blue) and the trendline resistance (red). I prefer a bullish scenario and expecting breakout above the trendline resistance targeting 150.69 area. However the bias is neutral in nearest term. Immediate support at 148.00 area. Break below that area should trigger further bearish momentum testing the trendline support area and could be a serious threat to the bullish outlook.

AUDUSD Outlook

The AUDUSD had a significant bullish momentum on Friday. My technical bearish strategy on shooting star candlestick pattern was fail. This fact should continue the bullish scenario targeting 0.9404 area. Immediate support at 0.9250 area. Break below that area should lead us into no trading zone but as long as price move in the bullish channel I still prefer a bullish scenario at this phase.

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