Daily Technical Analysis – 06.30.2010
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EURUSD Outlook
The EURUSD continued its bearish momentum yesterday. On h4 chart below we can see that price not only break below the trendline support but also slipped below the major bullish channel indicating a serious threat to the bullish correction scenario and technically price is now ready to resume its major bearish scenario especially if able to break below 1.2150/40 region targeting 1.2000 area. The bias is bearish in nearest term but CCI in oversold area and heading up on h4 chart indicating potential upside rebound. Another upside pullback inside the bullish channel could lead us into neutral zone in nearest term and keep the bullish correction scenario intact. Immediate resistance at 1.2250 followed by 1.2300 region.
GBPUSD Outlook
The GBPUSD bullish momentum was paused yesterday, but so far price still able to stay above 1.5000 region. The bias remains neutral in nearest term but overall we are still in upside correction phase. Break below 1.5000 could trigger further bearish pressure testing 1.4900 area. On the upside, consistent move above 1.5080 – 1.5100 area and the major trendline resistance (blue) could trigger further upside pressure testing 1.5200 region before targeting 1.5400 – 1.5500 area.
USDJPY Outlook
The USDJPY had a significant bearish momentum yesterday, after break below the descending triangle as you can see on my h1 chart below. The bias is bearish in nearest term but we need a break below 88.23 region to continue the bearish pressure towards 87.35 area before testing 84.82 region in longer term. Immediate resistance at 88.70. Break above that area could lead us into neutral zone in nearest term but the main scenario remains to the downside at this phase.
USDCHF Outlook
The USDCHF had a moderate bearish momentum yesterday. The main scenario remains to the downside targeting 1.0750. Bullish view indicated by CCI divergence as you can see on my h4 chart below. Immediate resistance at 1.0900/50 region and the minor trendline resistance (white). Break above that area could lead us into neutral zone in nearest term but as long as price move inside the major bearish channel the bearish scenario remains intact.
EURJPY Outlook
The EURJPY had a significant bearish momentum yesterday, break below the triangle as you can see on my daily chart below indicating potential bearish view testing 106.75 region. Immediate resistance at 108.50 region. Break above that area could lead us into neutral zone in nearest term testing 109.50 area but the main scenario remains to the downside at this phase.
GBPJPY Outlook
The GBPJPY had a bearish momentum yesterday, slipped below the bullish channel indicating serious threat to the upside correction scenario especially if price able to move below 132.90 region today targeting 131.00 area. On the upside, another movement back inside the bullish channel could produce a false breakdown scenario which could trigger significant bullish momentum testing 134.50 – 135.12 area and keep the bullish correction scenario intact
AUDUSD Outlook
The AUDUSD had a significant bearish momentum yesterday, break below 0.8550 indicating bullish failure. The bias is bearish in nearest term testing 0.8350 region but the medium outlook is neutral. Another movement back above 0.8550 could lead us into neutral zone in nearest term as direction would become unclear testing 0.8650 area
About the Author
The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person’s reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results
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