Forex Technical Analysis – Daily 06.07.2010
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Daily Technical Analysis
EURUSD Outlook
The EURUSD continued its bearish momentum earlier today in Asian session, hit 1.8882 level and seems comfortable moving below 1.2000 indicating potential bearish continuation targeting 1.1800 before testing 1.1600 this week. Upside risks/correction indicated by a falling wedge formation as you can see on my h4 chart below and the fact that price is in oversold area. This upside pullback scenario is valid only when price breakout above the formation, so until that happen, I am still in bearish mode for this pair. Immediate resistance at 1.2000. Break above that area could trigger further upside pullback testing 1.2150 but the main scenario remains bearish at this phase.
GBPUSD Outlook
The GBPUSD failed to continue its bullish correction on Friday. The bullish channel has been violated to the downside indicating the end of the bullish correction and price ready to continue its major bearish scenario re-testing 1.4240 before targeting 1.4000 area. Immediate resistance at 1.4550. Break above that area could lead us into no trading zone in nearest term but the main scenario remains to the downside
USDJPY Outlook
The USDJPY failed to continue its bullish scenario on Friday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view at least in nearest term testing 90.50 support area. Break below that area could trigger further bearish pressure re-testing 89.00 region.
USDCHF Outlook
The USDCHF attempted to push lower on Friday, bottomed at 1.1428 but whipsawed to the upside, closed higher at 1.1616 and keep moving higher around 1.1644 at the time I wrote this comment. Overall price still trapped in range area of 1.1695 – 1.1445 but the nearest pressure seems more to the upside testing the 1.1695 area. Consistent move above that area could trigger further bullish momentum targeting 1.1750 and confirm the bullish continuation scenario.
EURJPY Outlook
The EURJPY had a significant bearish momentum on Friday, bottomed at 109.39 after break below the rising wedge formation and continue to push lower earlier today in Asian session, moving below 108.83 area indicating potential further bearish pressure 106.00 even 104.00 area this week. Another upside pullback above 108.83 could trigger further upside correction and lead us into no trading zone in nearest term but the main scenario remains to the downside.
GBPJPY Outlook
The GBPJPY had a significant bearish momentum on Friday, bottomed at 132.14 and keep moving lower earlier today in Asian session around 131.50 at the time I wrote this comment. The nearest bias is bearish testing the lower line of the bullish channel and 128.89 area but note that as long as price still move inside the bullish channel the bullish correction scenario remains intact. Immediate resistance at 133.20. Break above that area could trigger further bullish pressure
AUDUSD Outlook
The AUDUSD continued its bearish pressure on Friday after failed to break above 0.8550 area which can be seen as nearest term top at this phase, lead us to potential bearish view testing 0.8070 even 0.8000 region. On the upside, only a movement back above 0.8275 could lead us into no trading zone as my technical study would be a mess and activate my wait and see mode.
About the Author
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