FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD made indecisive movement yesterday. Price attempted to push lower, bottomed at 1.4029 but closed higher at 1.4085. Overall sentiment remains negative for the Euro but 1.4000 area could be a strong technical support at this phase. The bias is neutral in nearest term but I still prefer a bearish scenario with sell on rallies strategy. Immediate resistance at 1.4150. Break above that level could trigger further upside correction testing 1.4200 – 1.4250 area. Initial support at 1.4000. Break below that area should trigger further bearish scenario towards 1.3750.

GBPUSD Outlook

The GBPUSD had a bearish momentum yesterday, bottomed at 1.6125 but closed higher at 1.6193. I believe that the false breakout from the trendline resistance as you can see on daily chart below should keep the Sterling under pressure targeting 1.6040 area. Immediate resistance at 1.6250 and the trendline resistance area. Break above that area should lead us into no trading zone as direction would become unclear.

USDJPY Outlook

My Strategy to short around 91.85 worked perfectly yesterday. Price topped at 91.87 before whipsawed to the downside, bottomed at 90.11 and closed at 90.42. Earlier today in Asian session price keep moving lower below 90.15 support area indicating potential further bearish momentum targeting 88.00 area. The bias is bearish in nearest term. Immediate resistance at 90.30/50 area. Break above that area should lead us into no trading zone as price may trapped in choppy market again.

USDCHF Outlook

The USDCHF made indecisive movement yesterday. Although the pressure should remains to the upside, as you can see on my daily chart below, we seem to have a good resistance (top) 1.0507 area as price show rejection to move above that area, moving lower and potentially testing 1.0430 – 1.0350 support area. Break below that area should be seen as potential threat to the bullish outlook, lead us into no trading zone in nearest term. On the other hand, break above 1.0507 area should trigger further bullish momentum at least towards 1.0600.

EURJPY Outlook

The EURJPY had a significant technical movement yesterday by break below the trendline support, bottomed at 127.04, closed at 127.36 and touched 126.51 level earlier today in Asian session before corrected higher around 127.33 at the time I wrote this comment. This fact should trigger further bearish scenario but we need a consistent move below 126.89 area to continue bearish towards 124.40/50 area. The bias is neutral in nearest term but I prefer a bearish scenario at this phase. Immediate resistance at 127.60 – 128.00 area.

GBPJPY Outlook

The GBPJPY finally made a significant technical movement yesterday. Price break below the triangle, indicating potential bearish outlook testing 139.29 area in longer term of view. The bias is bearish in nearest targeting 144.50 but we need a consistent move below 145.50 support area to continue the bearish scenario. Immediate resistance at 147.00. Break above that area should lead us into no trading zone but I prefer a bearish scenario at this phase.

AUDUSD Outlook

The AUDUSD continued its bearish momentum yesterday, bottomed at 0.8996 and closed at 0.8998 but can not stay consistently below 0.9015 so far. The pressure should remains to the downside but we need a consistent move below 0.9015 to continue the bearish scenario targeting 0.8910 area. Immediate resistance at 0.9090. Break above that area should lead us into no trading zone.

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