EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bullish. Market operation printed a bullish candlestick last week, which broke out of the 1.09770 area of consolidation that had been in place for three weeks. The bullish move shot through the 1.1580 immediate horizontal resistance. A bullish follow-up this week may target the 1.13370/1.14930 horizontal resistance area (purple). But a bearish pullback may see a retest of the 1.1580 former horizontal resistance or an area of value below it.
EURUSD price action on the daily time frame is bullish. A bullish follow-up in the early part of this week may target the 1.13370/1.14930 horizontal resistance area (purple). But we can see a bearish pullback thereafter.
EURUSD price action on the H4 time frame went sideways towards the end of last week after a bullish drive in the early part. Although we may still see further northward move to an area of value, there is a decline in bullish momentum. This could incentivize a bearish pullback.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame turned bullish last after consolidating for three weeks. Last week’s bullish candlestick closed at the upper boundary of the 1.29800/1.30870 horizontal resistance zone (purple), which is proximal to the 78.6 fib area of the dominant bearish swing.
GBPUSD price action on the daily time frame made a bullish drive into the upper boundary of the 1.29800/1.30870 horizontal resistance zone (purple). On Friday, bears made a feeble attempt to checkmate further northward push. If you look left, you will notice that there are still some areas of value northward. And we cannot rule out further northward market engineering for liquidity sweep before a southward turnaround.
GBPUSD price action on the H4 time frame has turned sideways after a bullish drive to the 1.29800/1.30870 horizontal resistance zone (purple) seen on the weekly time frame. As the technical impulse is bullish, we may still see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
For eight consecutive weeks, XAUUSD market operation on the weekly time frame failed to break above the 1927.90/1962.15 zone (green). There was a bullish charge to break above the zone last week, but bears defended the area; last week’s bullish print was small and left a top shadow. Technically, we may expect a southward rotation to retest the lower part of the zone this week.
XAUUSD price action on the daily time frame went sideways after bears resisted a bullish charge to break above the 1927.90/1962.15 zone (green) seen on the weekly time frame. Should bears regain market influence in the early part of this week, we may see a southward rotation to retest the lower part of the zone.
XAUUSD price action on the H4 time frame went sideways after bears pulled back a bullish challenge of the upper part of the 1927.90/1962.15 zone (green) seen on the weekly time frame. Technically, I expect a southward rotation to the lower part of the zone if the failed bullish breach of the zone could count for a northward liquidity sweep. Besides, there are value areas below the current location of price action.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame printed a bullish candlestick last week to challenge the bearish breakdown of the 142.200/140.550 horizontal support zone (blue) during the previous week. However, last week’s bullish print closed just below the upper part of the zone and did not break above the high of the bearish print of the previous week.
USDJPY price action on the daily time frame took on a bullish mode on Friday to retest the broken down 142.200/140.550 horizontal support zone (blue) seen on the weekly time frame. The technical pattern favours further northward market engineering.
USDJPY price action on the H4 time frame went sideways after a bullish drive to the 140.550/142.200 horizontal resistance area (blue). The technical impulse is bullish, and we may still see further northward market engineering to an area of value, such as the 144.000 psychological area.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Outlook
EURUSD market operation on the weekly time frame is consolidating in the 78.6/88.6 Fib zone of the dominant bearish swing. Last week’s bearish candlestick was a challenge to the bigger bullish move of the previous week. Presently, the market operation is near the 78.6 fib area of the zone.
After ranging for a while in the early part of the week, EURUSD price action on the daily time frame disposed southwards on Thursday. However, there was no follow-through as Friday saw a market ambivalence, leading to the printing of a doji-like candlestick. Nevertheless, we can expect further southward move in the early part of this week if price action retests recently broken (i.e., former) intra-day horizontal resistance areas.
EURUSD price action on the H4 time frame went sideways after a bearish move that began on Thursday. This is a pause in directional momentum, and we may see further southward move to an area of value such as the 1.10190/1.09780 former intra-day horizontal resistance area (blue) turned support.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame turned sideways last week after bears pushed back a bullish move that retested the 129800/1.30870 horizontal resistance zone (purple) two weeks ago; the zone was last visited in April 2022. Last week’s bearish print restored market operation to below the 78.6 Fib area of the dominant bearish swing.
GBPUSD price action on the daily time frame made a southward turnaround on Wednesday after a bullish retest of the 129800/1.30870 horizontal resistance zone (purple) that was last visited in April 2022. A bearish continuation in the early part of this week may target the 1.26070 horizontal support area (blue).
GBPUSD price action on the H4 time frame has paused a southward drive. As the preceding technical impulse is bearish, we may see a southward continuation in the early part of this week. This may expose the 1.26070 horizontal support area (blue) seen on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame continues to respect the 1962.15 area as horizontal resistance. Despite another bullish attempt to break above the area last week, bears defended the area and pushed back the bullish attack. This led to the printing of a doji-like candlestick in the area last week.
XAUUSD price action on the daily time frame is sideways at the upper part of the 1927.90/1962.15 value area (green). The 1962.15 area has survived several bullish attacks but there has not been a consequential breakout. This may result in a bearish turnaround, which may see a retest of value areas southward on intra-day time frames.
The recent ‘M’ pattern of XAUUSD price action on the H4 time frame saw a retest of the mid-point on Friday. This technically would open the way for a southward liquidity sweep, and the ‘top-wicky’ prints favour bears. This area aligns with the 1962.15 area, a significant horizontal resistance area on the weekly time frame.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The bullish momentum of USDJPY market operation on the weekly time frame that was restored two weeks ago met a bearish challenge last week. This, however, resulted in the printing of a bullish pin bar last week. Technically, we can expect bullish continuation this week.
USDJPY price action on the daily time frame is retesting the 140.550/142.200 horizontal resistance area (blue). Recent candlestick prints favour bullish technical impulse, and we may see further northward momentum in the early part of this week.
Recent USDJPY price action on the H4 time frame shows a southward liquidity clearing or sweep. This potentially leaves open a probable northward liquidity grab. Although price action is retesting the 140.550/142.200 horizontal resistance area (blue), seen on the daily time frame, the technical impulse favours bulls.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is disposed southwards. Presently, market operation is tackling the 1.10000 horizontal support area (blue), and we may still see further southward move in the early part of this week. But what happens at the 1.08900 area should be watched; the area is a technical value area that would be of interest to both bulls and bears.
EURUSD price action on the daily time frame met with a bullish challenge on Friday after a bearish drive to the 1.10000 horizontal support area (blue) on Thursday. Although the technical impulse favours bears, we should watch what price action does at the 1.08900 area; the area is a technical value area that would be of interest to both bulls and bears.
EURUSD price action on the H4 time frame made a bearish surge to the 1.10000 horizontal support area (blue) on Thursday. There was a bullish pushback in the early part of Friday, but a bearish reaction in the latter part of the day was inconsequential. Nevertheless, we may still see further bearish attempts to regain market influence in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is sideways. Last week, bulls challenged the bearish drive of two weeks ago, but the challenge was inconsequential as bears resisted the challenge. Should bears regain market influence, we may see them target the 1.2600 value area.
GBPUSD price action on the daily time frame turned sideways on Friday after bulls resisted the bearish surge to the 1.27800 minor horizontal support area. As the technical impulse favours bears more than bulls, we may see a southward continuation in the early part of this week.
On Friday, GBPUSD price action on the H4 time frame saw a bullish correction of Thursday’s bearish technical drive. However, as the technical impulse favours bears more than bulls we may see a southward turnaround in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame continues to tackle the 1926.70/1989.70 significant horizontal resistance zone (purple). In July, bears resisted a bullish drive to break out of the zone, resulting in the printing of a top-shadow bullish candlestick in the zone.
XAUUSD market operation on the weekly time frame broke below a mini area of consolidation last week. A bearish follow-up this week may see a southward drive to the next significant value area around 1901.50 (blue). However, the fact that the bearish candlestick printed last week had both a tail and a shadow means that bears are not in control of the market, and they will still have to contend with a bullish challenge.
XAUUSD price action on the daily time frame made a bullish correction on Friday, challenging the bearish attack on the 1926.70 horizontal support area. But as price action is presently at a mini horizontal resistance area, we may still see some struggle between bulls and bears for market dominance. What price action does in the early part of the week should be watched.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the monthly time frame printed a bullish pin bar after bears drove southward to retest the 139.180/136.360 horizontal support zone (green). Technically, a bullish follow-through is favored, but this may come after a southward market manipulation.
Last week, USDJPY market operation on the weekly time frame went sideways after bulls challenged the bearish surge into the 139.180/136.360 monthly horizontal support zone (green) two weeks ago. The bullish candlestick printed last week has a relatively long shadow, which technically indicates that bears are exerting southward pressure.
USDJPY price action on the daily time frame came under bearish pressure after a bullish retest of the 143.00/143.900 horizontal resistance (blue). Although the recent technical patterns of price action on the daily time frame favour bulls, we may still see further bearish pressure, perhaps for liquidity sweep, before a bullish turnaround.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame went sideways last month as bears resisted the bullish drive to break above the 50 Fib retracement area of the 1.22535/0.95350 bearish swing. The area remained a significant resistance area on the monthly time frame since April 2023.
EURUSD weekly time frame on the weekly time frame went sideways last week after printing a doji-like candlestick. Technically, this represents a pause in bearish drive after bears drove back the bullish charge at the 61.8 fib retracement area of the 1.22535/0.95350 bearish swing three weeks ago. Presently, market operation is at the 50-fib retracement area of the recent bearish swing.
EURUSD price action on the daily time frame is presently sideways. Bulls lost the technical impulse a few days ago when bears resisted the northward push to breach the 1.12335 horizontal resistance area, an area that aligns with the 61.8 fib retracement of the 1.22535/0.95350 bearish swing seen on the monthly time frame. Although there was a bullish drive on Friday, the fact that the bullish candlestick printed has a relatively long shadow indicates that we may still see further bearish challenge.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
In July, GBPUSD market operation on the monthly time frame made a bullish charge at the 1.28630 horizontal resistance area but bears hindered the surge above the area. The result left the July bullish candlestick with a top shadow.
GBPUSD market operation on the weekly time frame saw a pause in southward drive. Presently, market operation is tackling the 78.6 fib retracement area of the most recent bearish swing on the weekly time frame.
GBPUSD price action on the daily time frame went sideways on Friday after bulls challenged the bearish drive below the 78.6 fib retracement area of the most recent bearish swing seen on the weekly time frame. Technically, there is a morning star pattern in play but what price action does on Monday should be watched. If there is no bullish follow-up, we may see a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation continued its southward mode last week as it printed a bearish candlestick. A break below the 1901.50 area (blue) would incentivize further southward drive.
Although XAUUSD price action on the daily time frame is presently sideways, the technical impulse favours bears more than bulls. Technically we would see further southward move, significantly breaking below the 1901.50 area (blue), and could target an intra-day demand area or area of market imbalance.
Although XAUUSD price action on the H4 time frame turned sideways during the latter part of Friday, the dominant technical impulse is bearish. Technically, this favours a southward continuation after price action in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is in a bullish mode. Last week, the market operation printed a bullish candlestick that broke above the area of consolidation that has been in place for three weeks.
USDJPY price action on the daily time frame is bullish. As it is presently near the 145.600/146.600 supply area (red), we may see bulls incentivized for further northward liquidity engineering, which may even target a higher-level supply area before a bearish correction. The dominant trend is bullish.
The immediate technical impulse of USDJPY on the H4 time frame is bullish. Nevertheless, we cannot rule out a southward liquidity sweep to shake out weak hands before a northward continuation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURSD market operation on the weekly time frame is retesting the 1.10000/1.0830 demand zone (green). The zone was retested last week, the third time in three weeks. Last week’s candlestick closed lower than the previous two weeks’ prints, and we may see further southward push in the early part of this week. The zone aligns with the 50-fib retracement of the recent bearish swing.
EURUSD price action on the daily time frame is ranging at the upper part of the 1.10000/1.0830 demand zone (green) seen on the weekly time frame. The bearish print of Friday could herald a bearish follow-through to the bearish pinbar printed on Thursday. Should this be the case we may see southward drive to the lower part of the zone. Technically, the zone aligns with the 50-fib retracement of the recent bearish swing on the weekly time frame.
The recent technical pattern of EURUSD price action on the H4 time frame apparently made a northward liquidity sweep in the latter part of last week. This would prepare the ground for a southward market engineering to an area of value, particularly as the dominant trend is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The southward push of GBPUSD market engineering on the weekly time frame was limited last week as bulls resisted such move, leading to the printing of an indecision candlestick. However, we may still see further bearish attempts to drive below the 1.26930 mini horizontal support.
Recent candlestick prints of GBPUSD on the daily time frame, with relatively pronounced top wicks, favour further southward move. Should this happen, we may see a retest of the 1.25500/1.24800 demand zone (green).
The technical impulse of GBPUSD price action on the H4 time frame is favorably bearish. Thus, although price action is presently sideways, we would see a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bearish. The bearish candlestick printed last week broke below the 1901.50 horizontal support area (blue) which had been in place for eight weeks. Although this technically favours bears, we may still have some bullish corrective move before a significant bearish drive.
XAUUSD price action on the daily time frame turned sideways after a bearish breakdown of the 1901.50 horizontal support area (blue) which had been in place for eight weeks. Although we may still have a bullish correction, the technical structure favours bears.
Although XAUUSD price action on the H4 time frame turned sideways on Friday, the technical impulse and order flow context favour bears. Thus, any northward move would be corrective, giving way to a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is still bullish. However, last week, as it tackled the 145.600/146.600 horizontal resistance zone (red), bears resisted further bullish drive leading to the printing of a doji-like candlestick.
Last week Wednesday, USDJPY price action on the daily time frame retested the 145.600/146.600 horizontal resistance zone (red). However on Thursday and Friday bears stepped in for a southward pushback. Although the technical structure is bullish, we may still see further southward move, perhaps retesting the 144.250. horizontal support area.
USDJPY price action on the H4 time frame turned sideways in the latter part of last week after bears pushed back a bullish surge to the 145.600/146.600 horizontal resistance zone (red) seen on the weekly time frame. As the dominant technical structure is bullish, any further southward move would soon give way to a northward turnaround.
I may be wrong. Trade safe and prosper.
Trap
