I was tracking the EURJPY; in fact I have been doing this for much of this week. Now there is a good opportunity to trade southwards. Trade safe.
AUDUSD Weekly Technical Outlook
Although the long-term market direction is still southwards, the market mood is to the upside. Thus, there is likely to be a retracement to the upside before the southward move returns.
On the weekly time frame, price rejected the major descending trendline two weeks ago but last week, a bearish candlestick formed in an attempt to retest the trendline.
On the daily time frame, after a long period of consolidation, price moved below the lower chanel of the consolidation last week and immediately retraced about 23%. The technicals on the daily time frame indicate that there is a probability of further retracement to the upside. A retest of the trendline will approximate to 50.0 % Fib level. Should price breach the trendline, it may target the 61.8 Fib level or perhaps the upper channel of the consolidation range, which is proximal to the next resistance zone on the weekly time frame.
I may be wrong. Trade safe.
GBPCAD Weekly Technical Outlook
Although the long-term market direction is still southwards, the market mood is to the upside. Thus, there is likely to be a retracement to the upside before the southward move returns.
On the weekly time frame, price respects the descending trendline. However, the recent order flow sees the bulls influence a corrective move which may test trendline to the upside. A likely target of such a move is the strong weekly resistance zone around 1.74220; which is proximal to the 50.0 Fib.
The technicals on both the daily and 4H time frames support further upside move in the immediate price action.
I may be wrong. Trade safe.
EURJPY Weekly Technical Outlook
The major trend is still bearish. However, the market is currently on an upward mode. On the weekly time frame, the order flow is dominated by the bulls and the trend line is being retested. Any breach of the trendline may see price target the immediate weekly resistance zone around 122.158 before heading southwards.
I may be wrong. Trade safe.
This pair has been largely range bound this week. So I never traded it. Trade safe.
I was not able to complete my weekly analysis on Sunday owing to other exigencies but I had proposed cable and AUDJPY for bull trade and EURJPY for bear trade during the week. I have only taken the EURJPY because cable and AUDJPY had moved too far when I had the opportunity to enter the market. I trade only a few times a week and I don’t chase the price. Trade safe.
EURUSD Weekly Technical Outlook
This pair has been on a descending trend since March 2014. However, for much of 2015 the market has been on a sideways mode. A series of consolidation patterns followed; between August and November 2016, price action formed a horizontal consolidation pattern which retested the descending trendline on the weekly time frame. The resulting order flow led to a bearish push and the bears are still strongly influential. Last week, a bearish pin bar formed at a significant weekly support. This is indicative of a further bearish move with a probable target of the next weekly support around 1.03517. The order flow context on the 4H time frame is supportive of further bearish influence but the present level is very close to a monthly resistance zone last visited several years ago.
I may be wrong. Trade safe.
EURJPY Weekly Technical Outlook
Since January 2015, the pair has respected a descending trendline. As can be seen on the monthly time frame, this trendline formed after a 74.6% Fib retracement of a much larger descending trend which began in July 2007, that trend retracing about 74% between January 2013 and December 2014.
On the weekly time frame, the descending trendline is still holding. However, in the last two weeks price attempted to breach the trendline but not with success. Although the order flow context still favours the bulls, the market structure for a downward trend is not yet breached. Much likely there would be a further bullish effort to test the immediate resistance zone between 124.605 and 124.641. In regard to price waves formation on the weekly timeframe, the first downward price wave was corrected with a strong pull back, which gave rise to the second price wave – much longer and has resulted in the current corrective move, which is now heading towards the 50.0 Fib level; a level that adjoins the immediate resistance zone.
The daily time frame indicates that the descending trendline is still respected but recent price action seems towards filling the bearish gap created last Thursday and perhaps making a retest of the trendline and with an initial target of the next resistance on the daily time frame, around 123.354.
I may be wrong. Trade safe.
USDJPY Weekly Technical Outlook
The major trend on the weekly time frame is up. There was a 50 % Fib retracement between January and June 2016 and a down trend had been in play for much of 2016, however the market structure was breached to the upside and the bulls are still influential. Currently, the price action is around a strong S/R zone but the bullish influence may see at least an initial target test of the zone which spans 116.280 and 117.060. The technicals on the daily time frame support the observation on the weekly. The price has just breached the 61.8% Fib and the likely next target is the next resistance which adjoins the 74.6 Fib; if this is breached the market structure for a downward trend on the daily time frame will be much threatened.
I may be wrong. Trade safe.
USDJPY Weekly Technical Outlook
The pair has now moved further upward since last week, which was the expected direction as of last week’s technical analysis. However, on the weekly timeframe the price action has tested the trendline after breaching the 61.8% Fib retracement. The price rejected the trendline but the technicals indicate momentum for a further push to the upside. A likely target is the 78.4% Fib level which is proximal to the significant round number of 120.000. With the immediate resistance zone on the weekly time frame just above this level, there may be a spike upwards before a further move downwards. On the daily time frame, the descending trendline is still respected but the order flow context still shows the influence of the bulls for a further upward push, which may be limited or restrained around the descending trendline on the weekly time frame and the 74.6% Fib level.
I may be wrong. Trade safe.
EURJPY Weekly Technical Outlook
The pair has now moved further upward since last week, which was the expected direction as of last week’s technical analysis. However, the technicals on both the weekly and daily time frames still indicate the possibility of further upward move. A possible target is the immediate resistance zone on the weekly time frame, which spans both the 50.0 and 61.8% Fib levels. Although on the daily time frame, the price is still respecting an ascending trendline but it has not breached the major descending trendline (chocolate colour); and so the market structure for the down trend is still in place. Thus, the possibility for a push back of price action to the downside is high.
I may be wrong. Trade safe.
EURJPY Technical Update
Having being pushed further upwards yesterday and still on the upward drive, you may expect the EURJPY to track backwards to the south after hitting the weekly pivot and retesting the 4H ascending trendline which it rejected yesterday.
I may be wrong. Trade safe.
I have just completed my weekly scan and analysis of the pairs on my watch list. I will look for the auspicious time during the week to trade AUDUSD and USDJPY southwards as I have a bearish outlook on them for much of the week. Trade safe.
AUDUSD Weekly Technical Outlook
On the weekly time frame, the pair has been on a descending trend since March 2013. Since then it has made three major price waves to the downside. The pair was on a retracement to the upside for much of 2016 and consolidated for a while as it hit the 38.2 Fib level of the swing from the immediate price wave to the downside and respecting the descending trendline in the process. The order flow context on the weekly time frame shows strong bearish influence with price at a significant support zone. A break of the support zone to the downside is likely to expose the next support zone which was the swing low of the previous price wave. Otherwise, there may be a retest of the descending trendline before a further southward move.
The technicals on the 4H time frame support the momentum to the downside but further southward move will have to await a retracement of the swing to the downside that began two weeks ago.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
Price action on the pair has been in an ascending trend since November 7, 2016. However, the momentum for further bullish drive is slowing down on daily and weekly time frames, particularly with marked influence of the bears last week. The market has hit 78.6% Fib level of the previous, and much longer, descending trend on the weekly time frame. The area is adjoining a significant round number, 118.200, where the price action is also respecting a mini-descending trendline on the weekly time frame.
I may be wrong. Trade safe and prosper.
On the daily time frame, the technicals support a weakened upside momentum and the recent price action still respects the descending trendline (navy colour). Any break of the trend line to the upside is likely to be a surge to test the weekly trendline before a move southwards.
On the 4H time frame, price action has just broken an ascending trendline (magenta colour) and has made some rounding tops formation. This is a probable sign that the momentum for further upward move is threatened.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
The pair has been on an ascending trend for a long while. On the monthly time frame, the ascending trend which began in July 2012 culminated in the high of 125.848 in June 2015. This retraced downwards to just below the 50.0 Fib in June 2016. Since then, the ascending push has continued. Price action and technicals on the monthly time frame are in favour of further bullish push. On the weekly time frame, price action is still respecting the ascending trend. Although there was a bearish push in the last two weeks nothing decisive has changed. The technicals are mixed. On the daily time frame, the pair has not breached the major trendline (navy colour) and in fact it is respecting an inner trendline to the upside (saddlebrown colour). Presently, price action is operating in a channel (medium blue colour); a flag? It will be a good option to watch price action and see the outcome of its reaction at the channel trendlines. On the 4H time frame, the pair is on a consolidation mode which is in tune with the observation on the daily time frame.
I may be wrong. Trade safe and prosper.
