Daily Technical Analysis

EURUSD Outlook

The EURUSD slipped above the range are of 1.4850 - 1.4950 yesterday, topped at 1.4980. The bias is bullish in nearest term targeting 1.5080 and 1.5140 but we need a consistent move above 1.4950 to confirm the bullish scenario. Like I said yesterday, the market has been quite volatile lately produced some false break so be careful and execute stop losses without any doubt. Any movement back below 1.4930 area should lead us back into no trading zone, re-testing 1.4850/30, but the mode remains bullish and short position is not recommended. Buy on dips but do not short on rallies

GBPUSD Outlook

The GBPUSD continued it's bullish momentum on yesterday, topped 1.6433 and closed at 1.6422. On my daily chart below we can see that price is now testing the upper line of the bearish channel, which is the final resistance of my bearish outlook. I think we have a nice place around that area to place a short position targeting at least 1.6300 area. The risk-reward ratio also looks good with tight stop loss above the bearish channel. A violation to the bearish channel should be seen as the end of the bearish scenario and the beginning of bullish phase back towards 1.7042 area in longer time frame.

USDJPY Outlook

The USDJPY continued the downside consolidation yesterday. On h4 chart below we can see that after violated the bearish channel (red) the pair has been moving a new bullish channel (blue) but the price now is challenging the lower line of the bullish channel and 90.40 area. As long as the pair stay above 90.40 and the bullish channel remains valid, I still prefer a bullish scenario targeting 91.50 and 92.50 area. Break below 90.40 and violation to the bullish channel should lead us into no trading zone as direction would become unclear.

USDCHF Outlook

The USDCHF had a bearish momentum yesterday. On h4 chart below we can see two false breakout followed by a significant bearish momentum. The bias is bearish in nearest term and still targeting 1.0000 area. Immediate resistance at 1.0166. Break above that area should lead us into no trading zone but long position is not recommended at this phase.

EURJPY Outlook

The EURJPY didn't make a significant movement yesterday, indicating that the pair is still consolidate. I still prefer a bullish scenario with 136.88 and 138.67 area as potential bullish targets. Immediate support around 134.70/50 area. Break below that area should lead us into no trading zone but short position is not recommended.

GBPJPY Outlook

We have volatile market yesterday. Price break below my support level 148.00, bottomed at 147.07 but closed higher at 148.88, a case of a false breakdown, which usually trigger significant bullish momentum. The bias is neutral in nearest term and I don't like high volatile market since for me volatile market indicating unclear direction, so I think I will stay out for now and wait for further development today. I still prefer bullish scenario and short position is not recommended at this phase. Immediate support at 148.00 followed 147.07. Initial resistance (potential target) at 150.35.

AUDUSD Outlook

The AUDUSD had a significant bullish momentum yesterday. On h4 chart below we can see that the pair has made a breakout above range area indicating potential bullish continuation. The bias is bullish in nearest term targeting 0.9350 before aim for 0.9540 area. Immediate support at 0.9270. Break below that area should lead us into no trading zone but short position is nor recommended and the mode remains strongly bullish

FX Instructor LLC
www.fxinstructor.com