FOREX TRADING

The EURUSD had a moderate bullish momentum yesterday, topped at 1.3260 and closed a little bit lower at 1.3229. On daily chart below we have another bullish technical evidence where price break above the trendline resistance. The bias is neutral in nearest term but overall we are still in strong bullish phase. We are going to have the NFP on Friday and usually market could become a little bit more unpredictable especially in nearest term. Immediate support at 1.3200 followed by 1.3150. On the upside, a break above 1.3260 could trigger further upside pressure testing 1.3340.

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The EURUSD had a significant bullish momentum yesterday, break above the rising wedge formation as you can see on my daily chart below. This fact confirms the bullish continuation scenario which is started after price break above the falling wedge on June 14 targeting 1.3340. Immediate support at 1.3115 area. Break below that area could lead us into neutral zone in nearest term but overall we are still in strong bullish phase

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The EURUSD made another indecisive movement yesterday, formed another Doji on daily chart. Price still unable to consistently move above 1.3000 and we know that it is a very strong resistance, which could produce bullish exhaustion and downside consolidation unless price able to break above 1.3045 area, targeting 1.3120 before testing 1.3270 – 1.3340 region. The bias remains neutral in nearest term but overall we are still in bullish phase. Immediate support at 1.2900 – 1.2880 area. Break below that area could trigger further bearish momentum testing 1.2735 key support area.

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The EURUSD attempted to push higher yesterday, topped at 1.3045 but again, failed to consistently move above 1.3000 so far. The bias is neutral in nearest term but I believe we are still in strong upside phase unless price break below 1.2735 region. Immediate support at 1.2950 followed by 1.2880. On the upside, 1.3120 remains the nearest bullish target.

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The EURUSD touched 1.3000 area yesterday but still unable to move consistently above that psychological/key level so far. On h4 chart below we can see that we may have a triple top formation around 1.3000. Consistent move above 1.3000 could trigger further bullish pressure testing 1.3120 even higher. On the other hand, break below 1.2735 confirms the triple top scenario and could be a serious threat to the current bullish outlook. Immediate support at 1.2950 (23.6% Fibo retracement of 1.2793 – 1.3005). Break below that area could trigger further bearish pullback testing 1.2875 (61.5% Fibo retracement of 1.2793 – 1.3005).

GBPUSD Outlook

The GBPUSD slipped above 1.5470 resistance area indicating potential further upside pressure at least targeting 1.5573 (February 23 high) before testing 1.5685 region (February 18 high). Another move below 1.5470 could lead us into neutral zone in nearest term testing 1.5400 but overall we are still in strong bullish phase and I prefer buy the dips strategy at this phase.

USDJPY Outlook

The USDJPY failed to continue its bullish correction yesterday and now back below 87.00. My short term technical study is a a little bit mess for this pair but overall the major scenario remains to the downside with nearest bearish target around 86.25 – 85.86 before re-testing 84.80 area. Immediate resistance at 87.50 followed by 88.23.

USDCHF Outlook

As you can see on my h4 below, the USDCHF is moving inside a rectangle area indicating consolidation after significant bearish momentum. We need a break from the range area to see clearer direction. Break above 1.0560 could trigger further bullish pullback testing 1.0650/70 while a break below 1.0399 could continue the major bearish scenario targeting 1.0320 and 1.0220 region.

EURJPY Outlook

The EURJPY was indecisive yesterday. Price so far unable to stay consistently above 113.50 area indicating limited upside pressure. Overall price still trapped in range area of 113.50 – 108.07. We need a consistent move above 113.50 to continue the bullish correction testing 115.50. Immediate support at 112.25 followed by 111.50/60 region

GBPJPY Outlook

The GBPJPY attempted to push higher yesterday, topped at 135.60 but closed lower at 134.64. Overall we are still in range area of 136.30 – 130.50 and I will keep stay away from this pair for now. On h1 chart below we have a descending triangle formation indicating potential downside pressure especially if price break below the triangle testing 133.70/20 support area. On the upside, we need a clear break above 136.30 resistance area to confirm the bullish scenario testing 139.38 region.

AUDUSD Outlook

The AUDUSD had a moderate bullish momentum yesterday. The main scenario remains bullish but the rising wedge bearish scenario warning is still there and we need price to violate the formation with strong momentum to continue the bullish scenario targeting 0.9140 before testing 0.9380 in longer term. On the downside, only a break below 0.8858 and the rising wedge formation could be considered as potential bullish failure.

The EURUSD had a significant bullish momentum yesterday after failed to move below 1.2735 support area, topped at 1.2929 and closed at 1.2891. The bias is bullish in nearest term re-testing 1.3000 area especially if price break above the flag formation as you can see on my h1 chart below. Immediate support at 1.2840/50 area. Break below that area could lead us into neutral zone in nearest term re-testing 1.2735 but overall we are still in upside correction phase now.

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The EURUSD had a significant bearish momentum, slipped below the minor trendline support (red) as you can see on my h4 chart below indicating potential bearish view in nearest term testing 1.2670 – 1.2600 region. However note that overall we are still in upside correction phase and only a movement below the major bullish channel and 1.2465 support area could be considered as potential bullish failure. I will keep stand aside for now. Immediate resistance at 1.2800. Consistent move above that area could trigger further upside pressure testing 1.2880 – 1.2900 area.

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The EURUSD was volatile but showed unclear direction yesterday. On h1 chart below we can see price is forming a broadening formation where price makes new highs and lows without clear direction. The upside scenario remains intact but the appearance of the broadening formation activates my wait and see mode. Note that price also reject to move consistently above 1.3000 since Friday, which may indicate potential bullish exhaustion. Immediate resistance at 1.2920 area. Consistent move above that area could trigger further upside pressure towards 1.3000 region again before testing 1.3120. Initial support at 1.2750.

GBPUSD Outlook

The GBPUSD attempted to push lower yesterday, bottomed at 1.5153 but closed higher at 1.5260. This fact keeps the bullish outlook intact testing 1.5350 in nearest term but need a clear break above 1.5470 to confirm bullish continuation scenario in longer term. On the downside, the lower line of the bullish channel and 1.5150 area is the key support area. A break below that area could be a serious threat to the bullish outlook

USDJPY Outlook

The USDJPY had a bullish momentum yesterday and now seems comfortable stay above 87.00 indicating potential further upside correction testing 88.00 area. The main scenario remains bearish, but we have a falling wedge formation on daily chart below indicating potential upside reversal warning especially if price break above the formation. Immediate support at 87.00 and 86.50 area.

USDCHF Outlook

The USDCHF attempted to push lower yesterday, bottomed at 1.0452 but closed higher at 1.0524. On h1 chart below we can see price is moving inside a new minor bullish channel indicating upside correction phase but the major bearish scenario remains intact as long as price move inside the major bearish channel. Immediate resistance at 1.0630. Consistent move above that area and violation to the major bearish channel could be a serious threat to the bearish scenario testing 1.0750. On the downside we need a break below 1.0399 to continue the bearish scenario testing 1.0220.

EURJPY Outlook

The EURJPY still trapped in range area of 113.50 – 110.85 in a volatile but unclear movement. I think I will keep stand aside for now and need a break on either side to see clearer direction. Break above 113.50 could trigger further bullish pressure testing 115.50 area while break below 110.85 could end the bullish correction at least testing 109.00 region. Aggressive traders may short around 113.50 or long around 110.85 with tight stop loss.

GBPJPY Outlook

The GBPJPY had a bullish momentum yesterday, topped at 133.74 and closed at 133.52. The bias is bullish in nearest term testing 134.50 area. However, we have a broadening formation inside the range area (0f 136.30 – 130.50) which is actually confirm unclear direction and should keep us out from the market for now.

AUDUSD Outlook

The AUDUSD had a bullish momentum yesterday and now seems ready to test 0.8858 key resistance area. Consistent move above that area confirms the bullish continuation scenario at least testing 0.8980 – 0.9000 area. Immediate support at 0.8790. Break below that area could lead us into neutral zone in nearest term testing 0.8730 but the main scenario remains to the upside.

The EURUSD didn’t make significant movement yesterday. The bullish momentum so far unable to make a break above 1.3000 resistance area but the bullish phase remains intact. The bias remains neutral in nearest term. As you can see on my h4 chart below we have a flag formation indicating potential bullish scenario especially if price break above the flag and 1.3000 area targeting 1.3120. Immediate support at 1.2900. Consistent move below that area could trigger further bearish pressure testing 1.2750 region.

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The EURUSD attempted to push higher on Friday but found good resistance around 1.3000 psychological/key level, closed lower at 1.2926 and hit 1.2882 earlier today in Asian session. The bias is neutral in nearest term but overall we are still in upside correction phase. Immediate resistance at 1.2950 area.  Consistent move above that area could trigger further upside momentum re-testing 1.3000 before testing 1.3120 region. On the downside, initial support at 1.2840. Break below that area could trigger further bearish pressure testing 1.2750.

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The EURUSD continued its bullish momentum yesterday, topped at 1.2953 and closed at 1.2946. The bias remains bullish in nearest term targeting 1.3000 and 1.3125 region. Immediate support at 1.2850. Break below that area could lead us into neutral zone in nearest term but the we are still in a strong bullish phase now and only a movement below the minor bullish channel (red channel) and 1.2750 area could diminish the current strong bullish momentum testing 1.2650 area.

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The EURUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but we are still in upside correction scenario testing 1.2850 – 1.2900 area.  Immediate support at 1.2650. Break below that area could trigger further bearish pressure testing the minor trendline support (red) and 1.2550 area but as long as price move inside the bullish channel we are still in upside correction phase.

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The EURUSD continued its bearish pressure yesterday, bottomed at 1.2550 but closed higher at 1.2596. The bias is neutral in nearest term but the potential downside scenario by the rising wedge formation remains intact especially if price able to move consistently below 1.2550 today targeting 1.2465/80 support area. On the upside, consistent move above 1.2650 resistance area could be a serious threat to the bearish scenario testing 1.2720/50 region.

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The EURUSD break below the rising wedge formation earlier today in Asian session as you can see on h1 chart below. This fact could trigger further downside pressure testing 1.2550 and 1.2465/80 region. However note that we are still in upside correction phase. Immediate resistance at 1.2650 region. Consistent move above that area could diminish the bearish bias, lead us into neutral zone in nearest term testing 1.2750 area and keep the upside correction scenario remains strong.

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