FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD failed to continue its bullish momentum yesterday. On h4 chart below we can see that price is now back inside my falling wedge formation indicating bullish correction scenario failure. This fact should turn the direction back to its major bearish trend targeting 1.3490 – 1.3400 area. Immediate resistance at 1.3650 area. Break above that area should lead us into no trading zone as direction would become unclear, but I prefer a bearish scenario with sell on rallies strategy.

GBPUSD Outlook

The GBPUSD attempted to push higher yesterday, slipped above 1.5800 area but closed significantly lower at 1.5670. This fact could be seen as a false breakout scenario which could trigger significant bearish momentum testing 1.5560/30 area before targeting 1.5250. Immediate resistance at 1.5700 area. Break above that area should lead us into no trading zone as direction would become unclear.

USDJPY Outlook

The USDJPY had a significant bullish momentum yesterday, topped at 91.37, closed at 91.23 but traded a little bit lower around 91.00 area at the time I wrote this comment. The bias is neutral in nearest term but I prefer a bullish scenario at this phase with potential target around 91.87 area. Immediate support at 90.75 area. Break below that area should lead us into no trading zone as direction would become unclear for me.

USDCHF Outlook

The USDCHF failed to continue its bearish correction momentum yesterday, topped at 1.0797 and closed at 1.0780. This fact should be seen as a serious threat to the bearish correction scenario especially if price able to move consistently above 1.0826/50 area, targeting 1.1000. Immediate support at 1.0750. Break below that area should lead us into no trading zone as direction would become unclear

EURJPY Outlook

The EURJPY was indecisive yesterday, formed a Doji on daily chart. On h4 chart below we can see that it was a false breakout above 124.25 area. The bias is neutral in nearest term but the false breakout should trigger further bearish pressure testing 121.50 area. Another movement back above 124.25 should lead us into no trading zone as direction would become unclear.

GBPJPY Outlook

The GBPJPY attempted to push higher yesterday, slipped above 143.00 area but closed lower at 142.97 and keep moving lower around 142.49 at the time I wrote this comment. The bias is neutral in nearest term but this fact could be considered as a false breakout which could trigger further bearish momentum testing the lower line of the bullish channel. Another movement back above 143.00 should continue the bullish scenario targeting 144.77 area.

AUDUSD Outlook

The AUDUSD failed to continue its bullish momentum yesterday, unable to break above 0.9040 resistance area. The bias is neutral in nearest term with potential range area between 0.9040 – 0.8910. Break on either side should give us clearer direction towards 0.9120 or 0.8780.

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