Daily Technical Analysis

EURUSD Outlook

As I had expected, the EURUSD continued it's bullish momentum yesterday, hit my long target at 1.4590, topped at 1.4599 and closed at 1.4563. On my h1 chart below we can see that the bullish momentum was driven by breakouts while price forming a bullish channel (blue). The outlook remains bullish with 1.4719 as potential bullish target, but the bias in nearest term is neutral. Watch out for downside corrections as CCI about to cross the 100 line down on h4 chart. Immediate support at 1.4530 followed by 1.4446. Initial resistance at 1.4599 (yesterday's high). Break above that area should trigger further bullish momentum targeting 1.4719 area.

GBPUSD Outlook

The GBPUSD had a moderate bullish momentum yesterday. The pair topped at 1.6591 but the bullish momentum was limited as the pair closed lower at 1.6544. On my h4 chart below we can see that after breakout above the trendline resistance (yellow, now become support), the pair has been trapped in range area between 38.2% - 50% Fibo retracement of 1.7042 - 1.6112. The bias is neutral in nearest term and we need a valid breakout from the range area to have clearer direction. We still have valid bullish channel (blue) so I prefer a breakout to the upside targeting 1.6665 and 1.6740. However, CCI just cross the 100 line down on h4 chart so watch out for potential downside rebound testing 1.6470 and trendline support area (yellow trendline, former resistance). Break below those area could be a threat to the current bullish outlook

USDJPY Outlook

The USDJPY attempted to push lower yesterday, bottomed at 91.60 but bearish scenario was limited as the pair closed higher at 91.95. On my h4 chart below, we have another bullish correction warning indicated by two bullish reversal candlestick patterns, a hammer and an inverted hammer. Looking back on September 03, we also had a hammer before some bullish correction. So, if the hammer and inverted hammer followed by bullish candle and closed at least above 92.24 (high on inverted hammer) then we should have potential bullish correction scenario testing 92.60 resistance area. Break above that level could trigger further bullish correction. Immediate support at 91.60 (yesterday's low). Break below that area could diminish the bullish reversal scenario.

USDCHF Outlook

The USDCHF continued it's bearish momentum yesterday, hit my first short target at 1.0390, bottomed at 1.0382 and closed at 1.0403. On my h4 chart below we can see that the bearish momentum was lead by breakdowns. I still prefer bearish scenario, but I think the bias is neutral in nearest term and CCI about to cross the -100 line up on h4 chart so watch out for potential upside rebound testing 1.0430 and 1.0527. Immediate support at 1.0382 (yesterday's low). Break below that area should trigger further bearish continuation targeting 1.0275 area.

EURJPY Outlook

The EURJPY had indecisive movement yesterday. The pair attempted to push higher, topped at 134.38 but further bullish momentum was rejected as the pair closed lower at 133.92. On my h4 chart below we can see that the pair is trapped in range area of 134.50 - 133.60. We still have a valid bullish channel (blue) after violation of bearish channel (red), so I still prefer a breakout to the upside and continue bullish movement towards 135.30 area. However the bias is neutral in nearest term and do not rush jump into the market. Immediate support at 133.60. Break below that area could also be considered as violation to the bullish channel and threat the current bullish outlook

GBPJPY Outlook

The GBPJPY made another indecisive movement yesterday. On h4 chart below we can see that the pair still struggling around 23.6 Fibo retracement of 163.05 - 149.02. The bias remains neutral in nearest term and I prefer to stand aside for now. We have an important technical point, where price is now testing the bullish channel. A violation to the bullish channel should be seen as potential threat to the current bullish correction and could trigger further bearish momentum at least towards 151.31 area. Immediate resistance at 153.00/30 area. Break above that area should trigger further bullish momentum targeting 154.35 area.

AUDUSD Outlook

The AUDUSD had a volatile market yesterday. On my h1 chart below we can see that the price made a false breakout to triangle 3 before made a breakdown then move higher and lower, made triangle 4. I think it's better to stand aside for now and wait for further development. I prefer a breakout from triangle 4 and continue bullish scenario since these triangle are formed inside the bullish channel so consolidations must be seen in bullish context, except the bullish channel violated to the downside. Immediate support at 0.8564 (yesterday's low). Break below that area could also be a potential violation to the bullish channel and lead us into no trading zone. Initial resistance at 0.8667 (yesterday's high). Break above that area should trigger further bullish momentum targeting 0.8730.

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