XAUUSD Weekly Technical Outlook
XAUUSD market operation issued a relatively bullish candlestick last week to retest the 2355.75/2417.81 horizontal resistance zone (purple). Presently, market operation is at the upper boundary of the zone.
XAUUSD price action on the daily time frame is in a bullish mode. Presently, it is tackling the 2417.81 horizontal resistance area seen on the weekly time frame.
XAUUSD price action on the H4 time frame has turned sideways as it tackles the 2417.81 horizontal resistance area seen on the weekly time frame. We cannot rule out further northward movement before a bearish correction.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame turned sideways last week after retesting the 155.00 area. The market operation had made a bullish rejection of the 152.00 horizontal support area a week earlier.
USDJPY price action on the daily time frame is retesting the 155.00 horizontal resistance area after a bearish breakdown. We cannot rule out further northward move in the early part of the week.
USDJPY price action on the H4 time frame went sideways at the 155.00 horizontal resistance area after a bullish retest. Technically, we may still see a northward move for liquidity grab at an intraday area of value such as the market imbalance beyond the 156.500 area on the H4 time frame.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Last week, EURUSD market operation on the weekly time frame made a bullish retest of the 50 Fib retracement of the bearish swing traceable to May 2021. The area is in alignment with the 1.08680 horizontal resistance area.
EURUSD price action on the daily time frame went sideways after a bullish retest of the 1.08680 horizontal resistance area seen on the weekly time frame. The dominant technical structure is bearish. Nevertheless, although technically the preceding impulse is bearish, we may still see further northward move before a southward turnaround.
EURUSD price action on the H4 time frame is making a bullish retest of the 50 Fib retracement of the bearish swing traceable to May 2021. Presently, it is in a sideway mode, but we may see a northward liquidity sweep before a bearish rotation. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame has broken above the 50 Fib retracement of the bearish swing traceable to May 2021. Last week’s bullish print broke above the area of consolidation that had been in place for two weeks. This, technically, portends bullish ambition to tackle the 61.8 Fib, an area that is some pips below the 1.28590 horizontal resistance area.
GBPUSD price action on daily time frame is in a bullish mode. Further northward move may target the 1.27980 supply area, an area that aligns with the 61.8 Fib retracement of the bearish swing traceable to May 2021. The dominant technical structure is bearish.
GBPUSD price action on the H4 time frame turned sideways after a bullish breakout as it tackles the 1.27000 intraday horizontal resistance. Technical impulse favours further northward movement, which may expose the 1.28590 horizontal resistance area (purple) seen on the daily time frame. However, as the dominant technical structure is bearish, this may soon give way to a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is in a bearish mode. Last week, market operation broke down the 2355.75/2417.81 horizontal channel which had served as resistance for several weeks. There was a bullish charge towards the upper boundary of the channel two weeks ago but last week a relatively strong bearish drive broke down the channel.
XAUUSD price action on the daily time frame went sideways on Friday after a bearish breakdown of the 2355.75/2417.81 horizontal channel which had served as resistance for several weeks. Presently, price action is tackling the 2333.54 horizontal support area. The technical impulse favours bears more than bulls.
XAUUSD price action on the H4 time frame is presently sideway as it tackles the 2333.54 horizontal support area. However, as the technical impulse favours bears, we may see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
Last week, USDJPY market operation on the weekly time frame resumed a bullish mode after the sideways of two weeks ago.
The USDJPY price action on the daily time frame is presently sideways. Price action had pushed towards the 157.00 area but suffered a decline in momentum. The technical impulse is a bit ambivalent.
Although USDJPY price action on the H4 time frame is sideways as it tackles the 157.00 area, we may still see further northward move. The area was broken down on May 1, 2024.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time went sideways last week upon a retest of the 50 Fib area of the bearish swing that began in May 2021. There was a relatively strong bullish charge at the area two weeks ago, but bears effected a push back last week. However, the bearish push back was minimal.
EURUSD price action retested the 1.08950 horizontal resistance on May 16 before a bearish push back. The area is in alignment with the 50 Fib area of the bearish swing that began in May 2021. Thereafter price action went sideways for a few days before further bearish move on Wednesday. On Friday, bulls challenged further southward move. Should bulls be successful in their challenge, we may see further northward move to retest an intra-day area of value before a southward rotation. The preceding technical impulse favours bears more than bulls.
Although the EURUSD price action on the H4 time frame is presently sideways, the short-term momentum favours further northward move. However, as the dominant technical structure is bearish, any northward momentum will be short lived.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time went sideways last week upon a retest of the 68 Fib area of the bearish swing that began in May 2021. There was a relatively strong bullish charge at the area two weeks ago, but further bullish move last week was curtailed by a bearish challenge.
GBPUSD price action on the daily time frame made a bullish charge at the 68 Fib area of the bearish swing that began in May 2021 on Friday but was resisted by bears, resulting in a long-tailed doji. Further bullish charge at the area occurred on Friday. Technically, we may see a further northward move in the early part f this week. But the dominant technical structure is bearish, and such northward momentum would be short lived.
Although GBPUSD price action on the H4 time frame is presently sideways. The short-term impulse favours further northward move. Nevertheless, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame continued a bullish disposition in May. However, bears put up a strong challenge to stymie the bullish drive as market operation printed another all-time high in May.
XAUUSD market on the weekly time frame went sideways last week after the bearish breakdown of the 2355.75 horizontal support area in the previous week.
XAUUSD price action on the daily time frame is presently sideways. However, recent technical patterns favour a southward liquidity sweep to a value area.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Tchnical Outlook
The USDJPY market operation on the monthly time frame retest the 157.290 horizontal resistance area in May but went sideways.
USDJPY market operation on the weekly time frame is experiencing a decline in bullish momentum. Presently, it is tackling the 157.290 horizontal resistance area.
USDJPY price action on the daily time frame went sideways as it tackles the 157.290 horizontal resistance area. Presently, price action is within a rising channel (magenta).
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation assumed a bullish disposition in May to retest the 50 Fib retracement area of the bearish swing that began in May 2021. The dominant technical structure is bearish.
EURUSD market operation on the weekly time frame went sideways last week after a bullish retest of the 50 Fib retracement area of the bearish swing traceable to May 2021. The dominant technical structure is bearish.
Last Friday, EURUSD price action on the daily time frame retest the 1.08840 horizontal resistance area (blue), which is a few pips below the 50 Fib retracement area of the bearish swing that began in May 2021. The 1.08840 area has remained as a horizontal resistance for several days. The bullish drive to the area on Friday met a bearish pushback. Should bulls fail to significantly break out of the area, we may see a southward rotation. Presently, a rising trendline (purple) is acting as a support.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame was bullish in May after breaking out of the area of consolidation created in the previous three months. The bullish candlestick of May retested the 61.8 Fib retracement area of the bearish swing that began in May 2021.
GBPUSD market operation on the weekly time frame went sideways last week after a bullish retest of the 61.8 Fib retracement area of the bearish swing that began in May 2021. The technical are presently ambivalent.
GBPUSD price action on the daily time frame is tackling the 61.8 Fib retracement area of the bearish swing that began in May 2021. There was a bullish charge at te area on Monday, but bears pushed for the next two days. A bullish retest of the rea was initiated on Friday but was challenged by bears. The area is in confluence with the 1.27630 horizontal resistance area. Should bears succeed in their challenge for market control, we may see a southward disposition which could target a an area of value such as the 1.2600 horizontal support area (blue).
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame maintained a bearish disposition last week. Presently, it is retesting the 2292.45 horizontal support area.
XAUUSD price action on the daily time frame resumed a bearish disposition on Friday after breaking down an area of consolidation created some days ago. Presently, it is retesting the 2292.45 horizontal support area. Should bears break down the 2292.45 horizontal support area, we would see further southward move in the early part of this week.
The technical impulse of XAUUSD price action on the H4 time frame is bearish. Presently, it is located at the 2292.45 horizontal support area, but a successful bearish breakdown of the area would see further southward move.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation has remained sideways at the 156.730 horizontal resistance area for the past four weeks. Technically, the market operation is within a rising channel (blue).
USDJPY price action on the daily time frame is operating in a rising channel (blue) and retesting the 156.730 horizontal resistance area. A successful bullish breakout of price action from the area would see further northward drive.
USDJPY price action on the H4 time went sideways in the latter part of Friday after a bullish drive to the 156.700 horizontal resistance. Recent technical pattern favours a northward liquidity sweep.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time remains sideways for three weeks at the 50 Fib retracement area of the bearish swing that began in May 2021. There was a bullish charge at the area four weeks ago, but bears resisted the bullish drive. However, there has not been a bearish follow-through since. The area is in confluence with the 1.08840 horizontal resistance (blue)
EURUSD price action on the daily time frame disposed bearish on Friday after breaking down a mini area of consolidation that was in place for the three previous days. Presently, it is tackling the 1.08000 intra-day horizontal support. Recent technical patterns favour further southward move. Successful bearish continuation may eventually target the 38.2 Fib area of the bearish swing that began in May 2021 or the nearby 1.05500 horizontal support area (green).
EURUSD price action on the H4 time frame is bearish. However, there is a decline in bearish momentum as price action tackles the 1.08000 intra-day horizontal support. However, we cannot rule out further southward drive 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 remains sideways for three weeks at the 61.8 Fib retracement area of the bearish swing that began in May 2021. There was a bullish charge at the area four weeks ago. The area is in confluence with the 1.27500 horizontal resistance.
GBPUSD price action on the daily time frame became bearish on Friday after breaking down a mini area of consolidation that had been in place since Tuesday. Presently, price action is tackling the 1.27150 intra-day horizontal support. Recent technical patterns favour further southward move. Successful bearish continuation may see price action exposing the 1.24800 horizontal support area (Sandybrown).
GBPUSD price action on the H4 time frame disposed bearish earlier on Friday before going sideways as it tackles the 1.27150 intra-day horizontal support. However, we cannot rule out further southward drive 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 weekly time frame went sideways after a bearish rejection of the 2417.81/2355.75 horizontal resistance zone (purple). Last week’s bullish pullback is restricted to the 2332.28 horizontal resistance.
XAUUSD price action on the daily time frame went sideways on Friday as it retested the 2332.28 horizontal resistance. The preceding technical impulse is bearish, but we may still see further northward move to an area of value before a southward drive.
XAUUSD price action on the H4 time frame went sideways in the latter part of Friday after a bullish retest of the 2332.28 horizontal resistance. Although we may still see a northward charge towards an area of value, the technical impulse is bearish.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is presently sideways. Market operation is in a rising channel (blue).
USDJPY price action on the daily time frame went sideways as it tackles the 157.300 horizontal resistance area. Meanwhile, price action is still within a rising channel (blue).
USDJPY price action on the H4 time frame is consolidating within a rising channel (blue). Presently, it is tacking a horizontal resistance at the 157.300 area but we cannot rule out further northward movement in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bearish, but the momentum is weak. Market operation is tackling the 1.07000 horizontal support within the 50/38.2 Fib retracement zone of the bearish swing that began in May 2021.
EURUSD price action on the daily time frame took on a bearish tone on Friday after breaking below the area of consolidation that has been in place since Monday. However, there was no southward follow-through as bulls pushed back. Presently, price action is located at the 1.07000 horizontal support. The technical impulse favours bears more than bulls.
EURUSD price action on the H4 time frame was turned sideways in the latter part of Friday after bulls pushed back a bearish move that began on Thursday. However, the technical impulse favours bears more than bulls.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is sideways. Presently, it is at the 61.8 Fib retracement area of the bearish swing that began in May 2021.
GBPUSD price action on the daily time frame is consolidating within the 1.28000/1.26670 horizontal channel (magenta). The area adjoins the 61.8 Fib retracement of the bearish swing that began in May 2021. Presently, there is a lack of directional technical impulse.
GBPUSD price action on the H4 time frame went sideways in the latter part of Friday after a brief bearish drive during the earlier sessions. Presently, price action is at the lower boundary of the 1.28000/1.26670 horizontal channel (magenta). The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
