FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD still trapped in range area of 1.4450 – 1.4600 yesterday. However, earlier today in Asian session price break from that range area, slipped below 1.4450 suggesting a potential bearish scenario towards 1.4250 as bullish scenario is now in serious threat. The bias is bearish in nearest term. Another movement above 1.4450 should lead us into no trading zone as direction would become unclear for me.

GBPUSD Outlook

The GBPUSD had a moderate bullish momentum yesterday, topped at 1.6346 and closed at 1.6333. Earlier today in Asian market price attempted to push higher, testing the trendline resistance (aqua) but, as you can see on my daily chart below, the trendline resistance still did a good job preventing further bullish pressure. I think the trendline resistance area is a good place to have a short position with tight stop loss above it, targeting 1.6190 area. A break above the trendline resistance should trigger further bullish scenario targeting 1.6700 area

USDJPY Outlook

The USDJPY attempted to push higher yesterday, slipped above key resistance 91.85, topped at 92.03 but whipsawed to the downside, bottomed at 90.84 and closed at 91.17. This fact should keep the bearish scenario targeting 90.15 area remains intact. Immediate resistance at 91.50. Break above that area should lead us into no trading zone as direction would become unclear.

USDCHF Outlook

The USDCHF still trapped in range area of 1.0143 – 1.0213 yesterday. This fact should keep is in no trading zone and need a clear break from the range area to see clearer direction. Break below 1.0143 should trigger further bearish momentum targeting 0.9917 while break above 1.0213 should be seen as potential threat to the bearish scenario testing 1.0280 area. Break above 1.0280 should be seen as bearish failure testing 1.0500 area.

EURJPY Outlook

The EURJPY attempted to push higher yesterday, topped at 133.62 but whipsawed to the downside, bottomed at 131.71 and closed at 132.22. This fact should keep my bearish scenario intact testing 131.30 area. Break below 131.30 should trigger further bearish momentum targeting 130.00. Immediate resistance at 132.50.

GBPJPY Outlook

The GBPJPY made indecisive movement yesterday. On daily chart below we can see that price actually still consolidating in a triangle formation. I think we are in no trading zone for now and I prefer to wait for further development. We need a break from the triangle to see clearer direction. CCI is heading down on daily chart suggesting potential downside pressure testing the lower line of the triangle. Break below the triangle should be see as bearish confirmation targeting 145.98 area. Immediate resistance at 149.50 – 150.00 area

AUDUSD Outlook

The AUDUSD continued its bullish momentum yesterday. However, as you can see on h4 chart below, price seems to have a good resistance around 0.9325 area, which is a potential top at this phase, a good place to short targeting 0.9170 with a tight stop loss above 0.9325 area. Break above 0.9325 area should trigger a significant bullish momentum targeting 0.9404 area.

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