Daily Technical Analysis

EURUSD Outlook

As you can see on h4 chart below, after trapped in range area for two weeks, the EURUSD finally breakout from the range area, topped at 1.4534 (the highest level in 2009) and closed at 1.4493 yesterday. For me this is nothing but a bullish confirmation targeting 1.4719 (December 18 high) in longer term. The bias is bullish in nearest term targeting 1.4590 area. However, CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.4446 support area (former resistance). Break below that area should lead us into no trading zone as the direction would become unclear

GBPUSD Outlook

The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that the pair break convincingly above the trendline resistance (yellow, now become support), topped at 1.6586 but closed lower at 1.6500. The new bullish channel (blue) indicating a bullish scenario. The bias is bullish in nearest term targeting 1.6640 area. However CCI in overbought area and heading down on h4 chart so watch out for potential downside pullback testing 1.6480/30 area. Break below that area should lead us into no trading zone.

USDJPY Outlook

The USDJPY bullish correction was stopped yesterday as the pair hit daily low at 92.02 and closed at 92.28. The inverse H&S failed to make further bullish correction and we are now seem to ready to continue the bearish scenario. However, we have a good support around 91.80 area. Break below that area should trigger further weakness for the Dollar testing 90.70 area. Immediate resistance is seen at 92.40/60 area. Break above that area should lead us into no trading zone.

USDCHF Outlook

Finally we have a break from the range area. As you can see on h1 chart below, the pair break below support 1.0527, bottomed at 1.0431 and closed at 1.0464. This breakdown should lead us to further bearish scenario at least targeting 1.0390 and 1.0325 in nearest term. However, CCI just cross the -100 line up on h1 chart so watch out for potential upside rebound testing 1.0490 - 1.0527 resistance area. Break above that area should lead us into no trading zone.

EURJPY Outlook

The EURJPY had a moderate bullish momentum yesterday. On h4 chart below we can see that the bearish channel (red) has been violated to the upside indicating bearish failure while the bullish channel (blue) give us a bullish view. The bias is bullish in nearest term targeting 134.50 and 135.30 but we seem to have good resistance around 133.85 area. Break above that area should trigger further bullish momentum. Immediate support is seen at 133.40. Break below that area should lead us into no trading zone as the direction would become unclear.

GBPJPY Outlook

The GBPJPY made indecisive movement yesterday. The pair attempted to push lower, bottomed at 151.32 but closed higher at 152.27. A look at h4 chart below reveals that the pair is actually in bullish correction phase, making a new bullish channel, struggling around 23.6 Fibo retracement of 163.05 - 149.02. As long as the bullish channel hold, expect further bullish correction towards 154.35 (38.2% Fibo retracement of 163.05 - 149.02). The bias is neutral in nearest term. Immediate support is seen at 151.15

AUDUSD Outlook

The AUDUSD continue it's bullish momentum yesterday, topped at 0.8657 and closed at 0.8617. On h1 chart below we can see how triangles formation can be very useful to spot a bullish momentum every time the triangle made a breakout. We are no in triangle number 3, moving in bullish channel indicating potential bullish momentum if we have another triangle breakout targeting 0.8730 area. Immediate support at 0.8600 - 0.8570. Break below that area should lead us into no trading zone.

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