FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD continued its bullish correction yesterday. On h1 chart below we can see that price is ready to test the minor trendline resistance indicating critical technical point at this phase. A break above the trendline and consistent move above 1.2150 resistance area could trigger further recovery testing 1.2325 region. On the bearish side, we have a rising wedge formation indicating potential bearish view especially if the formation violated to the downside testing 1.2000 and the lower line of the bullish channel. Note that we still need a violation to the bullish channel to end this upside correction phase.

GBPUSD Outlook

The GBPUSD had a significant bullish momentum after violated the bearish channel yesterday. The bias is bullish in nearest term testing 1.4769 area. Consistent move above that area could trigger further bullish momentum testing 1.4850 before testing 1.5000 region. However note that overall the main scenario remains bearish both in medium and long term point of view. Immediate support at 1.4640/50 region. Break below that area could trigger further bearish pressure testing 1.4550 region

USDJPY Outlook

The USDJPY didn’t make significant movement yesterday. The bias remains neutral in nearest term. The descending triangle scenario failed, so it’s time to look for another technical view. On h4 chart below we can see that price is moving in a big triangle formation indicating consolidation. Expected range at 92.07 – 90.83. I will stay away from this pair from now as direction is unclear.

USDCHF Outlook

The USDCHF continued its bearish pressure yesterday. On h4 chart below we can see that price still struggling around 1.1445 but so far looks like the bearish pressure still in control in nearest term at least testing 1.1300 area. Although the bullish scenario surely in a serious threat, another consistent movement above 1.1445 should keep the major bullish scenario intact testing 1.1695 region

EURJPY Outlook

The EURJPY had a bullish momentum after violated the minor trendline resistance yesterday, as you can see on my h4 chart below. This fact could trigger further upside recovery testing 113.36 region in nearest term but note that the major scenario remains bearish. On the downside, consistent move back below 110.60 could wane the bullish correction momentum testing 109.00 – 108.00 region.

GBPJPY Outlook

The GBPJPY continued its bullish correction yesterday, topped at 134.41 and keep moving higher around 134.60 at the time I wrote this comment. The bias is bullish in nearest term testing 136.24 region but note that this upside movement is just a normal correction from longer term of view. Immediate support at 133.20 area. Break below that area could trigger further bearish pressure testing the lower line of the bullish channel.

AUDUSD Outlook

The AUDUSD continued its bullish momentum yesterday after able to move consistently above 0.8275 region. The bias is bullish in nearest term testing 0.8550. Break above that area could trigger further bullish momentum targeting 0.8650 before testing 0.8790 region. Immediate support at 0.8400. Break below that area could trigger further bearish pressure testing 0.8275 region.