FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD had a bullish momentum yesterday, topped at 1.3782 and closed at 1.3771. This fact should keep the bullish scenario targeting 1.3850 intact. The technical evidence that price is in a potential bullish momentum even reversal after touched the triple bottom formation seems stronger now especially if price able to break above 1.3850 area today targeting at least 1.4020/50 area this week. Immediate support at 1.3740 area. Break below that area should lead us back into no trading zone testing 1.3650 area but as long as price still move inside the bullish channel the bullish scenario remains intact.

GBPUSD Outlook

The GBPUSD had a significant bullish momentum yesterday, slipped above the major bearish channel indicating serious threat to the major bearish scenario and potential new bullish phase with technical target around 1.5350 area after rejection to move below the major trendline support on March 10. Immediate support at 1.5200. Break below that area an a pullback inside the bearish channel should be seen as potential false breakout scenario which could trigger significant bearish momentum re-testing 1.5000/50 area.

USDJPY Outlook

The USDJPY still indecisive yesterday. The bias is neutral in nearest term but as you can see on my h4 chart below, after violated the bullish channel price is now moving in a bearish channel indicating potential bearish view testing 89.50 area. A violation to the bearish channel could trigger further bullish momentum towards 91.50 and re-testing the major trendine resistance (blue), take us to critical technical phase with potential bullish reversal scenario.

USDCHF Outlook

The USDCHF had a bearish momentum yesterday,bottomed at 1.0577 and closed at 1.0545. This fact should keep the bearish correction scenario after rejection to move above the triple top formation around 1.0888 area intact testing 1.0507. Break below that area could trigger further bearish momentum testing 1.0420 and be a serious threat to the major bullish scenario and potential new bearish phase. Immediate resistance at 1.0600 followed by 1.0640. Break above 1.0640 should keep the major bullish scenario intact.

EURJPY Outlook

The EURJPY had a moderate bullish momentum yesterday. This fact should keep the bullish scenario intact as price still convincingly move inside the bullish channel re-testing 125.15 area. Break above that area should trigger further bullish momentum testing 126.90 area. Immediate support at 123.70 followed by 123.00. Break below 123.00 could be a serious threat to the bullish scenario back towards 121.70 area.

GBPJPY Outlook

The GBPJPY had a bullish momentum yesterday as the lower line of the bullish channel provided good support area. This fact should keep the bullish scenario intact testing 138.30 area. Break above that area should trigger further bullish momentum targeting 141.50 this week. Immediate support at 137.00. Break below that area should lead us into no trading zone but as long as price still move inside the bullish channel I still prefer a bullish scenario.

AUDUSD Outlook

The AUDUSD had a significant bullish momentum yesterday, slipped above the double top formation, topped at 0.9216 but still unable to move consistently above the double top area (0.9190) so far. The bias is bullish in nearest term but we need a consistent move above 0.9190 to continue bullish momentum targeting 0.9250 and 0.9326 region. Immediate support at 0.9140. Break below that area should trigger further bearish momentum testing 0.9040 but as long as price move above the major trendline support I still prefer a bullish scenario.

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