I am bearish on this pair. I will wait for price action to retrace into the area between 1.18238 and 1.18668 (bound in magenta coloured lines) before looking for a sell trade. Also, should the resistance trendline (navy colour) on the H4 hold, this may provide a sell trading opportunity.
EURJPY Weekly Technical Outlook
The bearish disposition began by the pair three weeks ago continued with a bearish pinbar formed around the monthly central pivot last week. This apparently is an indication that we may expect further bearish move in the days ahead. Price action in the past three weeks has been around the 61.8 Fib zone of the drop from the high of December 2014 to the low of June 2016.
On the daily time frame, price action has broken the support trendline (navy colour) from the low of April 14, 2017. Together with a resistance trendline (chocolate colour) from the high of July 11, 2017, it was apparent that price action has been operating in a wedge for quite a while. Although the wedge is apparently breached southward, a support trendline (magenta colour) from the highs formed between July and early September 2017 is still intact and will have to be breached before we can expect momentum for a bearish continuation. Should this happen, a likely target for such a bearish move is the 129.970 area, the origin of the most recent swing high. Otherwise, we may expect price action to move sideways for a while or retest the 133.800 area.
Price action was operating in a wedge on the H4 time frame for a long while in September and October. The wedge is not yet broken, particularly considering that the wedge support (dark violet colour) on the H4 time frame is still not decisively breached even though that of the D1 time frame (navy colour) has been breached. Therefore, we may expect a retracement, perhaps to retest the wedge resistance (red colour); although the support trendline on D1 turned resistance may be an initial target of such a retest. We may expect the 133.100/350 area to be a magnet of such a retracement before a turnaround for a bearish continuation materializes. The technicals on the H4 time frame are disposed southward…
I may be wrong. Trade safe and prosper.
USDCAD Weekly Technical Outlook
The bearish tone maintained on the monthly time frame is still very much alive.
On the weekly time frame, price action has been largely ambivalent in the past two weeks. Currently, price action is in a flip zone and last week the price action formed an indecision candlestick at the 61.8 Fib of the most recent swing high, although the technicals favour the bears.
On the daily time frame, price action is operating in a descending channel (navy colour). Two major price waves have been formed within the channel, with the the second having a bullish disposition. The most recent price action is favorably under the control of bears and we may expect the third price wave to dispose southward, targeting the proximal channel line. But along the way we may see barriers around the monthy central pivot (in the 1.22530 area) and around the 1.22150 area.
On the H4 time frame, price action has been operating in an ascending channel (magenta colour) for a long while, this is apparently the second price wave in the descending channel seen on the D1 time frame. This ascending channel has been broken by price action last week Tuesday. The last session on last week Friday resulted in a bearish candlestick and is likely to be the beginning of the third leg down, to align with the major technical disposition on the monthly, weekly and daily time frames. Thus, we may expect a bearish continuation in the days ahead. Before then, we may see a retracement northward; the area between 1.25500 and 1.25900 (bound by red coloured horizontal lines) is likely to be attractive to bulls as a target. Thereafter, we are likely to see a bearish turnaround.
I may be wrong. Trade safe and prosper.
I am bearish on this pair. I will wait for a retracement to one of the significant resistance trendlines or the 133.100/350 area before looking for a sell trading opportunity. Specifically, I will look for a retracement into the zone between 133.065 and 133.345 (bound by magenta coloured horizontal lines on the H4 time frame) before looking for a sell trading opportunity.
I may be wrong. Trade safe and prosper.
Here’s how I plan to trade this pair.
I am bearish on this pair. Should price action offer a sell trading opportunity around the present location, which is a minor flip zone on the H4 time frame, I will enter a sell trade. Otherwise, I will wait for price to retrace to an area of technical value, much likely to the area between 1.25500 and 1.25900 (bound by red coloured horizontal lines on the H4 chart) before looking for a sell trading opportunity.
I may be wrong. Trade safe and prosper.
Technical Update on USDCAD
Patience is important for success in this business. Here’s an update on the USDCAD. As you can see in the attached H4 chart, price action retraced exactly into the area of value I planned to trade from based on my weekly analysis. In fact, price action formed a bearish pinbar covering that same zone I targeted. But it took quite a while for this to materialize. I never chase price. If price went further without retracement so be it.
I am not always right. Trade safe and prosper.
We can expect USDJPY to bear southward. Technically, based on the weekly time frame, the pair is on a retracement from the swing down from the high of June 2015 to the low of June 2016. In fact, a resistance trendline from the high of June 2015 is still very much intact.
I may be wrong. Trade safe and prosper.
EURGBP Weekly Technical Outlook
The pair has disposed northward since six months ago. Although last month there was a southward correction, the northward orientation is still very much intact. On the weekly time frame, price action is respecting a support trendline (chocolate colour) from the low of November 2015. However, current price action is operating in an ascending channel with a resistance trendline (purple colour) from the high of March 2017 and the support trendline from the low of November 2015. Two main price waves have formed in the channel and a third price wave is yet to form as the price action of the past four weeks has been in a consolidation. Besides, price action is currently at a location which has served as a significant S/R zone for a couple of times in the past. And there is a counter trendline (red colour) from the price action since August 2017. If price action respects this counter trendline next week, this may hinder further northward move. The 0.87710 area is a likely target for bears.
On the daily time frame, price action is respecting a support trendline (navy colour) from the low of September 2017. This support trendline, together with the counter trendline (red colour) seen on the weekly time frame, formed a triangle pattern for price action on the daily time frame. Notice that there was a 50 Fib retracement of the drop from the high of August 29, 2017 to the low of September 27, 2017. The short-term technicals are in support of a southward disposition of price action. This may see the bears target the immediate support around the 0.87710 area.
On the H4 time frame, price action has been operating in an ascending channel (magenta colour) since September 2017. An upper channel gave way to a lower channel last week after two price waves were formed in it. Two price waves have since formed in the lower channel. The last session on Friday resulted in a doji-like candlestick and we may have to wait for clarity of price action in the early part of next week. Price action may result in a pullback into the channel to the 0.89700 area before a southward turnaround. But, should price action break the support channel line, a likely target for bears is the major support around the 0.87710 area. However, bears may have to contend with the barrier in the 0.88830 area before this target is reached.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
The pair has been disposed northward since April 2017. On the weekly time frame, price action has moved further northward from respecting an outer support trendline (forest green colour) to respecting an inner support trendline (chocolate colour), denoting an increase in northward momentum. A descending trendline (black colour) from the high of November 2014 is acting as resistance. Price action in the past four weeks have been in consolidation but last week a relatively bullish candlestick was formed. Any follow-through will lead to the break of the resistance trendline (black colour) and may target the 136.190 area, the immediate horizontal resistance zone. This area was last visited by price action in October 2015. The technicals are in support of further northward move.
On the daily time frame, price action is respecting the ascending trendline (chocolate colour) seen on the weekly time frame. In fact, price action is operating in an ascending channel (bound by chocolate-coloured lines) and two price waves have formed in the channel; a third price wave is bearing northward. This may target the resistance trendline (black colour) seen on the weekly time frame and extend to the next horizontal resistance around the 136.190 area. However, an immediate barrier is around the 134.400 area.
Price action on the H4 time frame is disposed northward, reflecting the direction of the third price wave in the ascending channel seen on the daily time frame. However, an immediate barrier to the move is located around the 134.346 area. Should this barrier hold we may see a retracement of price action or a sideways operation turnaround at that location. This location is more than 200 pips below the resistance trendline seen on the weekly time frame but aligned with the S/R zone which was last visited by price action on September 22, 2017. Therefore, price action may be expected to go beyond that level after a period of retracement or sideways operation. But it is important to note that this location is around the 61.8 Fib retracement zone of the drop from the high of December 2014 to the low of June 2016 and is susceptible to a southward turnaround. Although a support trendline (blue colour) is still being respected by price action on the H4 time frame, a northward trade is likely to be for a limited profit until clarity in price action is seen during next week.
I may be wrong. Trade safe and prosper.
I am neutral on this pair. There is need to step aside for a while in the early part of next week for clarity of price action and market direction. However, if price action retraces to around the 0.89700 area this may offer an opportunity to look for a sell trade.
I may be wrong. Trade safe and prosper.
I will wait on the sideline until there is clarity of price action and market direction on this pair. Technically, price action is at a crossroads; not much to trade for northward, and a southward trade is not technically supported. Presently, there is little to gain by trading northward and there will need be a huge retracement before a buy trade could be taken. Any immediate southward trade is not likely to yield much and may be risky as the market structure on higher time frames (monthly and weekly) is slightly in favour of bulls. I am speaking as a swing trader.
I may be wrong. Trade safe and prosper.
NZDUSD Weekly Technical Outlook
The pair has been operating in a channel (bound by navy coloured lines) since August 2015. On the weekly time frame, price action has formed two price waves within thechannel. The channel was broken southward during the first week in October 2017. Since then, price action has been under the control of bears. Current price action is at significant S/R zone. Last week, an indecision candlestick was formed in the zone but the technical favour a bearish disposition. Should there be a bearish continuation this week, a likely targetof bears is the 0.66845 area.
On the daily time frame, a resistance trendline from the high of September 21, 2017 is still intact. However, price action has moved too far from an area of value and we may expect a pullback to the upside before the bearish mood is continued. Last week Friday, price action on the daily time frame resulted in a bullish candlestick. This may result in a pullback to an area of value before a southward continuation. I will be watching any pullback to the area between 0.69437 and 0.70415 for opportunity of a sell trade. This area is bound by magenta coloured horizontal lines on the attached daily chart.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The pair has been operating in an ascending channel since March 2017. On the weekly time frame, the channel was breached southward by price action during the third week of September 2017. A period of sideways operation followed for three weeks before a bearish move was begun last week. The technicals are disposed for a bearish continuation. The 1.14205/1.15040 zone is the immediate support and may be a magnet for bears.
On the H4 timeframe, price action has been ranging (area bound by magenta coloured horizontal lines) since late September 2017. Last week Thursday, price action broke the range southward. But the last session on Friday saw the bulls pushing price back northward. If the bulls succeed in this move in the early part of this week, we may see price action retesting the range before any southward turnaround. I will be interested in a retracement to the 50/61.8 Fib zone of the most recent swing down; from where I will look for a sell trading opportunity.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
After the drop of price from the high of May 2014, on the weekly time frame, price action on this pair since February 2015 to December 2016 has been consolidating. A retracement of price action to the 50 Fib level of the drop from the high of May 2014 to the low of December 2016 was seen on this pair in September 2017. Thereafter, price action has turned southward respecting a resistance trendlne (chocolate colour) from the high of September 2017. A trendline line from the low of January 2017 (navy colour) is in play. The most recent price action has been bearish and has breached the monthly central pivot. The technicals on the weekly time frame support a southward move.
On the daily time frame, a head-and-shoulder pattern has emerged from the price action of July 27 to October 26, 2017. After a break of the neckline (magenta colour), the most recent price action has been consolidating and a further southward move can be expected to follow. The natural target for such southward move is the 1.13210 area, which is around the immediate major support but this may not be smooth sailing as a lot of barriers are on the way.
On the H4 time frame, price action which has been operating in an ascending channel since March 2017 started bearing southward in a descending channel in September 2017. Last week, the most recent price action consolidated against the impulsive southward move and can be expected to give way to a bearish continuation. The technicals on the H4 time frame favour further southward move. A break of the channel support is likely to target the 1.13210 area.
I may be wrong. Trade safe and prosper.
GBPCAD Weekly Technical Outlook
After a drop from the high of January 2016 to the low of January 2017, the pair retraced to the 38.2 Fib zone in April 2017 and consolidated in that area for a while before it bore southward. A resistance trendline on the monthly time frame (red colour) from the high of January 2016 is still very much respected.
On the daily time frame, price action has moved further downward and below the resistance trendline (red colour) seen on the monthly timeframe. It is now respecting an inner resistance trendline (chocolate colour) from the high of May 25, 2016. A trendline (navy colour) from the low of September 6, 2017 is acting as support. This support trendline has held after two attempts by price action to break it. A third attempt to break the support trendline was made last week Friday but the bulls managed to hinder such attempt. Should price action break the support trendline, a likely target is the 1.62220 area. Otherwise, price action may retrace upward to retest the 1.71185 area, the origin of the most recent swing down. This may expose the 1.72960 area, the immediate resistance zone.
It is apparent on the H4 time frame that price action on this pair is operating in an ascending channel. Two price waves have been formed within the channel and a third is bearing southward. Given that the impulsive move on the daily time frame is southward, we may expect a southward continuation to be the outcome of a break of the channel. The technicals on the H4 time frame are in favour of bears. An immediate target for bears is the 1.63740 area, the immediate minor horizontal support on the H4 time frame. This may expose the 1.62360 area, which is a major support zone. However, should price action fail to breakout of the channel southward, we may expect price action to retrace towards the channel resistance, with an initial target around 1.68430 area; which may extend to the 1.69220 area.
I may be wrong. Trade safe and prosper.
I am bearish on this pair. I will wait for price action to break out of the channel support on the H4 time frame before looking for a sell trading opportunity. However, should price action retrace upward, I will wait for price action to reject an area of value around the immediate resistance before looking for a sell trading opportunity. I will not look to taking a buy trading opportunity because the bigger picture disposes southward.
Trade safe and prosper.
I am bearish on this pair. I will wait for price action to break out of the channel support on the H4 time frame before looking for a sell trading opportunity. However, should price action retrace upward, I will wait for price action to reject an area of value around the immediate resistance before looking for a sell trading opportunity. I will not look to taking a buy trading opportunity because the bigger picture disposes southward.
Trade safe and prosper.
Please bear in mind that 5% of teh population cannot tell the difference between a Red / Green / Chocolate line on a chart - so WHoosht - Over the head ! 
PS - I AM one of those x
What more can I say? What is important is to read and understand the price action and how it can guide your trading towards success.
Trade safe and prosper.
