FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD made another indecisive movement yesterday, trapped in a range area of 1.4450 – 1.4600 as you can see on my h4 below, indicating consolidation but the scenario is more to the upside unless we have a break below 1.4450. The bias is neutral in nearest term. We will have some important news from the Euro zone and US today. While ECB likely to keep rate at 1%, traders focus will be more on the ECB press conference. An optimistic tone should support the Euro further while a negative tone may diminish Euro rally. US retail sales data is expected to be weak. Unless we have a significant positive surprise on retail sales numbers, the Dollar should remains under pressure. Break above 1.4600 should continue the bullish scenario targeting 1.4800 area.

GBPUSD Outlook

As I had expected, the GBPUSD continued its bullish momentum yesterday, topped at 1.6302 and closed at 1.6278. The bias should remains bullish testing the major trendline resistance (aqua), which is a potential strong resistance are at this phase. Break above the trendline resistance should trigger further bullish momentum towards 1.6430 in nearest term and 1.6700 in longer term. Immediate support at 1.6250. Break below that level should diminish the bullish momentum and lead us into no trading zone with potential further bearish momentum testing 1.6040 – 1.6113 support area.

USDJPY Outlook

The USDJPY was corrected higher yesterday. My bearish scenario is in serious threat, but it’s too early for a bullish scenario. The bias is neutral in nearest term but as long as price stay below 91.85 area the bearish scenario targeting 90.15 area should remains intact. Break above 91.85 should be seen as bearish failure. Immediate support at 91.00 area. Break below that area should trigger further bearish momentum and keep the bearish scenario intact.

USDCHF Outlook

The USDCHF made indecisive movement yesterday. On h4 chart below we can see that price still trapped in range area of 1.0143 – 1.0213. The bias remains neutral in nearest term but I still prefer a bearish scenario at this phase. Clear break below 1.0143/30 area should trigger further bearish momentum targeting 0.9917 area. On the other hand, break above 1.0213 area should diminish the bearish scenario testing 1.0280 area.

EURJPY Outlook

The EURJPY was corrected higher yesterday. On h4 chart below we can see that after break below the trendline support (red) price retreated higher near the trendline, which is often happen technically. The bias is neutral in nearest term but if price move back above the trendline, the bearish scenario is in serious threat, testing 133.77 resistance area. Break above that area should trigger further bullish scenario at least testing 134.36 area. Immediate support at 132.00 area. Break below that area should keep the bearish scenario intact.

GBPJPY Outlook

The GBPJPY had a bullish momentum yesterday. On daily chart below we can see that price rejected to move below the trendline support (blue) indicating the bullish scenario remains intact targeting 150.69 area. Immediate support at 148.50 area. Break below that area should lead us into no trading zone as direction would become unclear for me

AUDUSD Outlook

The AUDUSD had a bullish momentum yesterday. On h4 chart below ( I have made some adjustment to the bullish channel) we can see that price still move inside the bullish channel indicating the bullish scenario remains intact. However we seem to have a good resistance around 0.9325 area. We need a valid break above that area to continue the bullish scenario targeting 0.9404. Immediate support at 0.9200 area. Break below that area should be seen as serious threat to the bullish outlook.

FX Instructor LLC
www.fxinstructor.com

The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results