FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

As I had expected, the EURUSD had a bearish momentum after break below 1.4450, bottomed at 1.4338 and closed at 1.4379 on Friday. The bias is neutral in nearest term but I prefer a bearish scenario at this phase targeting 1.4250 area as bullish scenario failed. Immediate resistance at 1.4400 – 1.4450 area. Only break above 1.4450 area should be seen as bearish failure and lead us into no trading zone as direction would become unclear.

GBPUSD Outlook

My technical strategy to short near the trendline resistance worked perfectly on Friday as price had a bearish momentum, bottomed at 1.6213 and closed at 1.6257. Although the current bias is more to the downside, I think the bearish scenario is not confirmed yet, not until we have a convincing movement below 1.6250 area, targeting 1.6040 area. The trendline resistance area remains a good place for a short position with tight stop loss above it. Immediate resistance at 1.6330. Break above that area should trigger further bullish momentum and keep the bullish scenario intact.

USDJPY Outlook

The USDJPY had a moderate bearish momentum on Friday, bottomed at 90.59 and closed at 90.82. This fact should keep the bearish scenario targeting 90.15 remains intact and the bias remains to the downside. Immediate resistance at 91.30. Break above that area should lead us into no trading zone in nearest term but as long as price stay below 91.85 I still prefer a bearish scenario at this phase. Break below 90.15 area should continue the bearish scenario towards 88.00 area.

USDCHF Outlook

The USDCHF had a significant bullish momentum on Friday. On h4 chart below we can see that price break above 1.0213 and now struggling around 1.0280 and the upper line of the bearish channel. This fact should be seen as a serious threat to the bearish scenario especially if we have a consistent move above 1.0280 and violation to the bearish channel, targeting 1.0400 – 1.0500 area. Immediate support at 1.0213 area. Break below that area should keep the bearish scenario intact.

EURJPY Outlook

As I had expected, the EURJPY had a bearish momentum on Friday, bottomed at 130.29 and closed at 130.59. This fact should keep my bearish scenario intact but we need a clear break below 130.00 area to continue further bearish scenario targeting 129.00. Immediate resistance at 131.30. Break above that area should be a potential threat to my bearish outlook and could trigger further bullish momentum.

GBPJPY Outlook

The GBPJPY had a bearish momentum on Friday. On daily chart below we can see that price is now struggling around the lower line of the triangle indicating a critical phase. So far price still able to stay below the triangle so I prefer a bearish scenario at this phase targeting 146.70 area. Immediate resistance at 148.20 area. Break above that area should lead us into no trading zone as direction would become unclear

AUDUSD Outlook

My technical strategy to short around 0.9325 area as a top/peak was proved to be a good strategy as we had a significant bearish momentum on Friday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish scenario targeting 0.9110. Immediate resistance at 0.9240 area. Break above that area should lead us into no trading zone as direction would become unclear.

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