FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD failed to continue its bullish momentum yesterday, bottomed at 1.3640 and closed at 1.3674 after bad US TIC long term purchases number triggered risk aversion. This fact leads me to a no trading zone in nearest term as direction is unclear but the bullish reversal scenario triggered by the triple bottom formation should remain intact as long as price still move inside the bullish channel with technical bullish target at least at 1.3850. We will have ZEW economic sentiment and CPI number from the Euro zone which is expected to be the catalyst today. Good result should trigger further upside momentum and keep the bullish scenario intact while bad result should trigger significant bearish momentum and potential threat to the bullish outlook testing 1.3530 support area.

GBPUSD Outlook

The GBPUSD failed to continue its bullish momentum yesterday, bottomed at 1.5019 and closed at 1.5049. This fact should keep the major bearish scenario intact especially if price break below 1.5000 – 1.4950 today targeting 1.4873 even 1.4779 area. Immediate resistance at 1.5120. Break above that area should trigger further upside momentum testing 1.5200/50 area and re-testing the upper line of the bearish channel

USDJPY Outlook

The USDJPY didn’t make significant movement yesterday, but price fails to stay above 90.50 area indicating that bullish run starts to lose some momentum and at the same time the minor bullish channel has been violated to the upside indicating bullish failure. The bias is bearish in nearest term targeting 89.50 area. Another movement above 90.50 could lead us into no trading zone as direction would become unclear

USDCHF Outlook

The USDCHF failed to continue its bearish momentum yesterday but still manage to move below 1.0640 area. The bias is neutral in nearest term but the bearish correction scenario should remains intact with technical target at 1.0507. Another move above 1.0640 could be a serious threat to the bearish correction scenario testing 1.0720 even 1.0888 area.

EURJPY Outlook

The EURJPY failed to continue its bullish momentum yesterday, bottomed at 123.32 and closed at 123.72. The bias is bearish in nearest term but the bullish scenario should remain intact as long as price still move inside the bullish channel. A violation to the bearish channel and a break below 123.00 area should be seen as bullish failure and trigger further bearish momentum targeting 121.70 area. Immediate resistance at 124.20 area. Break above that area should trigger further upside momentum re-testing 125.15 area and keep the bullish scenario intact.

GBPJPY Outlook

The GBPJPY failed to continue its bullish momentum yesterday, bottomed at 135.80 and closed at 136.17. The bias is bearish in nearest term but as long as price move inside the bullish channel the bullish scenario remains intact. A violation to the bullish channel should be seen as bullish failure and could trigger further bearish scenario re-testing 132.50/00 area. Immediate resistance at 136.50 area. Break above that area could trigger further upside momentum testing 138.30 area and keep the bullish scenario intact.

AUDUSD Outlook

The AUDUSD attempted to push lower yesterday, bottomed at 0.9095 but closed higher at 0.9136. The bias is neutral in nearest term. The bearish correction scenario triggered by the double top formation remains intact but the major bullish outlook remains valid as long as price stay above the major trendline support (red) but we need a clear break above 0.9190 area to continue the bullish scenario targeting 0.9250 and 0.9326 area. Immediate support at 0.9100 followed by 0.9040.

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