Daily Technical Analysis

EURUSD Outlook

The EURUSD made another moderate bullish momentum, topped at 1.4766 and closed at 1.4743. The bias remains bullish in nearest term with potential targets at 1.4825 (September 23 2008 high) and 1.4867 (September 22 2008 high). On h4 chart below we can see that the pair still trapped in the rising wedge area and we really have just a very little room left before the break. I think I will keep out from the market until we have a break from the rising wedge. The best place to put a long position is still around the rising wedge lower line but with only so little room left in the rising wedge, the risk-reward ratio is not too good at this phase. I know this situation really test our patient. It's clear that we are in bullish momentum and Dollar remains under pressure but I can not (and will not) ignore any potential reversal/correction signal. Immediate support at 1.4630 followed by 1.4550.

GBPUSD Outlook

The GBPUSD attempted to push higher yesterday, topped at 1.6567 but failed to break above my 1.6580 resistance area before whipsawed to the downside, bottomed at 1.6425 and closed at 1.6446. On h4 chart below we can see that the upper line of the bearish channel did a good job keeping the bearish scenario intact. The bias is bearish in nearest term targeting 1.6350 area (50% Fibo of 1.6113 - 1.6740) and the lower line of the bearish channel. CCI just cross the -100 line down on h4 chart suggesting potential further weakness for the Sterling. Immediate resistance at 1.6480 - 1.6500 area. Break above that area should lead us into no trading zone.

USDJPY Outlook

The USDJPY made another indecisive movement yesterday. However, on h1 chart below we can see that the trendline resistance (red) has been violated to the upside at the same time price is making a new bullish channel (blue channel) indicating potential further upside correction testing 91.80 key resistance area. As long as the pair stay below that area I still prefer bearish scenario, but I will stay out for now. Immediate support at 90.70. Break below that area should trigger further bearish pressure re-testing 90.20 key support area.

USDCHF Outlook

The USDCHF made another moderate bearish momentum, bottomed at 1.0275 and closed at 1.0281. Slowly but sure, the pair keep moving lower and now traded below 1.0300 area. The bias remains bearish in nearest term targeting 1.0210 area. I do not see any reversal/correction signal so far, so I am hoping further downside pressure. Immediate resistance at 1.0325 area. Break above that area should lead us into no trading zone and might go higher re-testing 1.0420 area

EURJPY Outlook

The EURJPY had a moderate bullish momentum yesterday, topped at 134.77 but closed lower at 134.25. On h4 chart below we can see that the pair can not consistently move above my 134.35 key resistance area and now struggling around that area. I still prefer a bullish scenario but we need consistent movement above 134.35 to keep us on the bullish track targeting 135.12 and 136.10 area. Immediate support at 133.50. Break below that area should be a potential threat to the bullish outlook

GBPJPY Outlook

The GBPJPY attempted to push higher yesterday, slipped above the trendline resistance (red) and topped at 151.18 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 149.77 and go back below the trendline resistance. The bias is bearish in nearest term targeting 149.02 - 148.60 key support area. Immediate resistance at 150.40. Break above that area should lead us into no trading zone.

AUDUSD Outlook

The AUDUSD bullish momentum was paused yesterday, which is normal for me as the pair seemed to consolidate after bullish momentum indicating by triangle on h1 chart below. The bias is neutral in nearest term but the bullish scenario clearly remains intact and short position is not recommended. Immediate support at 0.8674 which also a potential area to place a long position with a tight stop loss. Break below that area should lead us into no trading zone.

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