EURUSD Outlook
The EURUSD had a volatile but indecisive market on Friday. The pair attempted to push lower, bottomed at 1.4479 but found support at trendline support (orange), bounced to the upside, topped at 1.4646 and closed at 1.4574. The fact that the trendline support still hold should keep the bullish scenario intact. On the upside price seems to find resistance around minor trendline resistance (red). These trendlines is the key area at this phase and we need trendline break to see clearer direction. Break above the trendline resistance should trigger further bullish momentum testing 1.4720 and 1.4850 area. Break below the trendline support would have a bigger impact on longer term perspective, testing 1.4440 even 1.4280 and the bullish scenario could be in serious threat. Immediate resistance at 1.4650/70. Immediate support at 1.4575 followed by 1.4440.
GBPUSD Outlook
The GBPUSD also had indecisive movement on Friday. The pair attempted to push lower, bottomed at 1.5808 but whipsawed to the upside and closed higher at 1.5944. On h4 chart below we can see that after break below the trendline support (orange, now become resistance) and bottomed at 1.5805 price retreated higher back at the trendline. I think this is a normal movement and as long as price stay below the trendline and 1.6000 area, I prefer a downside scenario. However break above the trendline and consistent move above 1.6000 area should trigger further bullish momentum re-testing 1.6113 area. Immediate support at 1.5905. Break below that area should trigger further bearish momentum.
USDJPY Outlook
The USDJPY attempted to push lower on Friday, bottomed at 88.59 but whipsawed to the upside and closed at 89.79. At the same time, the bearish continuation failure followed by an important technical event as price slipper above the trendline resistance (blue). Although it's too early for a bullish view, it's clear that the bearish scenario is now in critical phase as bearish pressure seems to begin to lose some momentum. Consistent move above the trendline should trigger further bullish momentum targeting at least 90.40 area. However if price reject to move consistently above the trendline, the bearish scenario should remains intact. Immediate support at 89.30 followed by 88.50.
USDCHF Outlook
The USDCHF made a significant technical movement on Friday as price violated the bullish channel to the downside. The bias is bearish in nearest term targeting at least 1.0250 but market volatility lately makes my medium term outlook remains neutral. The best place to put a short position is waiting for price to retreat higher near the bullish channel lower line and we see rejection to move above 1.0380 resistance area with a tight stop loss if price go back inside the bullish channel.
EURJPY Outlook
The EURJPY failed to continue it's bearish momentum on Friday. On h4 chart below we can see that price slipped below 129.79, bottomed at 129.03 but whipsawed to the upside, closed at 130.86 and traded higher early today in Asian session around 131.37 area. This bearish failure should trigger bullish momentum re-testing the trendline resistance area (orange) but I still prefer a bearish scenario so I will stay out from the market for now. Immediate support at 130.60. Break below that area should trigger further bearish momentum back towards 129.03. Initial resistance at 131.80 - 132.00 area. Break above that area should trigger further bullish momentum challenging the trendline resistance and potentially be a serious threat to my bearish outlook.
GBPJPY Outlook
The GBPJPY attempted to push lower on Friday, break below 141.90, bottomed at 140.79 but whipsawed to the upside, closed at 143.16 and peaked at 149.93 early today in Asian session. On h4 chart below we can see that price is now struggling around the minor trendline resistance (blue). Break above that trendline should trigger further bullish momentum challenging 146.73 area. The bias is bullish in nearest term but I still prefer a bearish scenario so I will keep out from the market for now. Immediate resistance at 144.50 area. Initial support at 142.75 followed by 142.00 area
AUDUSD Outlook
The AUDUSD attempted to push lower on Friday, hit my first short target at 0.8580 but whipsawed to the upside and closed higher at 0.8647. The bias is bullish in nearest term testing 0.8787 area but I think I will stay out from the market now as I don't really see a clear direction and my risk-reward ratio looks bad a this phase. Break above 0.8787 should trigger further bullish momentum re-testing 0.8858 area. Immediate support at 0.8650. Break below that area should trigger further bearish momentum re-testing 0.8567 (Friday's low).
No comments:
Post a Comment