FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD had a moderate bearish momentum yesterday, bottomed at 1.3325 and closed at 1.3342. The fact that price so far able to stay below 1.3350 should continue the bearish outlook towards 1.3267 area before aim for 1.3100. Another movement back above 1.3350 could lead us into no trading zone in nearest term, leaves the door open for another upside correction testing 1.3400 – 1.3450 but the main bias should remain to the downside.

GBPUSD Outlook

The GBPUSD made another attempt to the downside, bottomed at 1.5137 but closed higher at 1.5239. Looks like the 1.5135/28 area is a strong and key level at this phase. As long as price able to move above that level, the bullish scenario remains intact. But if price break below that level, the bullish scenario maybe in a serious threat at least testing 1.5000 area. Immediate resistance at 1.5280. Break above that area could trigger further bullish momentum testing 1.5380 key resistance area.

USDJPY Outlook

The USDJPY continued its bearish correction yesterday and now consistently move below 93.75 area indicating potential further bearish correction. The bias is bearish in nearest term targeting 92.50/00 area. However note that from longer term point of view, the current bearish movement is just a normal correction as the main outlook remains bullish. Another movement back above 93.75 could potentially end the bearish correction phase targeting 95.50 area.

USDCHF Outlook

The USDCHF continued it bullish momentum yesterday. So far, price is able to move convincingly above the bearish channel indicating bullish momentum has started to gain power targeting 1.0888 before aim for 1.1000. Immediate support at 1.0700. Break below that area could be a serious threat to the bullish outlook testing 1.0640 – 1.0583 area

EURJPY Outlook

The EURJPY continued its bearish correction yesterday, bottomed at 124.47 and closed at 124.53. This fact should trigger further bearish correction testing 124.00 area and change my mode into a neutral zone in medium term. Consistent move below 124.00 area could trigger further bearish momentum targeting 122.75 and the lower line of the bullish channel and surely will be a serious threat to the bullish scenario. Immediate resistance at 125.15. Break above that area should keep the bullish scenario intact.

GBPJPY Outlook

The GBPJPY failed to keep its bullish momentum yesterday. On daily chart below we can see that price is now back below the trendline indicating potential false breakout scenario which could trigger further bearish momentum targeting 140.85/50 area and keep the long term bearish outlook intact. Immediate resistance at 143.00.

AUDUSD Outlook

The AUDUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but the main outlook remains bullish with technical target remains at 0.9326 – 0.9404 except price go back inside the broadening formation, which could produce a false breakout scenario and trigger significant bearish momentum towards 0.9090/40 region

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