On the 4H time frame, the pair is operating in an ascending channel (magenta colour) and is on an upward push possibly targeting the trendline or the 61.8 Fib, which is in confluence with the immediate resistance zone on the 4H time frame. Failure to breach the tendline to the upside may see price action pushing southwards within the channel, and may lead to a further bearish drive to target the immediate support zone around 1.68590.
I may be wrong. Trade safe and well.
[B]Just my 10 Cents[/B]
To successfully track and trap the market for consistently profitable trades, you must take cognizance of the market trend and the market mode.
There is often a big difference between the market trend (particularly the major or primary market trend) and the market mode or mood. The latter is the current disposition or mood of the market and would impact significantly the outcome of your trade if your timing is wrong even if you align yourself with the market trend.
Trade safe.
Position traders may get away with trading the major market trend regardless of the market mood, but intraday traders who neglect this would imperil their trading accounts if it becomes habitual. Trade safe.
I am about completing my weekly scan and analysis. Although the EURUSD is still range bound and tradeable it will not be a priority trade for me this week. One reason being that I already have an open position on the pair. Secondly, I can see a better prospects in USDCAD. Trade safe.
If you are looking to trading the EURUSD this week, trading it as a ranging pair is more likely to yield good dividend. Although its current disposition is bearish, the massive gap down last week begs for further testing and perhaps a refill. I may be wrong. Trade safe.
USDCAD Weekly Technical Outlook
The pair still maintains an upward disposition. On the weekly time frame, it is still operating within an ascending channel (navy colour) with the inner trendline very much respected by price action. On the daily time frame, the pair is operating at the middle area of the channel and is targeting the upper channel line. The order flow context shows that the bulls are still dominant and may be targeting the next resistance zone, between 1.36500 and 1.37210.
I may be wrong. Trade safe and well.
The technicals and order flow on the 4H time frame show alignment for further upward momentum.
I may be wrong. Trade safe and well.
GBPAUD Weekly Technical Outlook
Although the primary trend is downwards, the market mood favours an upward push or retracement. On the weekly time frame, a strong engulfing candlestick which formed last week moved the pair from an area of consolidation to breach the immediate weekly resistance with a target of the next weekly resistance zone, between 1.68162 and 1.69267. On the daily time frame, price has breached the inner trend line and heading for the next resistance zone. There is a possibility of a test of the 50.0 Fib and perhaps the 61.8 Fib. Otherwise, price may retract to below the trendline targeting the immediate support zone, which is proximal to the monthly pivot. On the 4H time frame, the order flow context indicates a strong influence by the bulls, but the technicals show a slowing down of momentum. This should not be surprising as price is at a resistance level on the 4H time frame and a sideways mode could be expected before possibly a further upward push. What happens at the next resistance, which adjoins the 50.0 Fib, could be significant to whether price moves further upwards or retracts.
I may be wrong. Trade safe.
GBPUSD Weekly Technical Outlook
Although the primary trend is downwards, the market mood favours an upward push or retracement.
On the weekly time frame, the order flow and the technical favour a further upward push perhaps with a target of the high of the bearish drop six weeks ago, which is within the immediate resistance zone. On the daily time frame, price has breached the inner trendline (navy colour) and the technical point to a further upward move – which is consonant with the observation on the weekly time frame. However, price may hit resistance around 1.28455 or may turn the area to a role flip for a further upward push with a target of the immediate weekly resistance around 1.30490. Should price fail in its upward push, it may retract to below the inner trendline with an initial target of the immediate support around 1.23970. The price action is on a bearish mode on the 4H time frame but the technicals and order flow context favour further upward move.
I may be wrong. trade safe and well.
Tomorrow is light news-wise, so imho the long-term technical outlook should supervene. [B]I may be wrong. [/B]Trade safe.
If you are tracking the cable, be aware that it is in a ranging mode at the moment. The long-term view still favours the bears. I may be wrong. Trade safe.
GBPUSD Weekly Technical Outlook
The overall trend is downwards. The pair rated ‘B+’ on my system. On the weekly time frame, after reinstating a downward trend in May 2014, the pair has completed three price waves to the downside. A fourth price wave which began in August 2016 was followed by a period of consolidation and then resulted in a play of a corrective price action which started three weeks ago. Last week a bearish candle attempted another price move to the downside. The resulting price action may be to target the low of the fourth price wave, around 1.19710 and the technicals on the weekly time frame seem aligned for this. On the daily time frame, for much of October 2016 up to mid November 2016, the pair has been operating in an ascending channel (saddle brown colour). Apparently, during the latter part of last week, the channel was breached to the downside.
I may be wrong. Trade safe.
On the 4H time frame, the order flow indicated that the bulls are still influential and the bearish momentum is apparently weak. This situation may result in a retest of the lower channel line before a further southwards move.
I may be wrong. Trade safe.
AUDUSD Weekly Technical Outlook
The overall trend is downwards. On the weekly time frame, the pair has been on a downside since March 2013 and has completed four price waves to the downside. It began a major retracement to the upside in January 2016 and peaked around 76.4 Fib level in April 2016. Between August and October 2016, the pair has been operating in a sideways mode but the down trend has been respected. Two weeks ago, a bearish engulfing candlestick made an attempt to breach the sideways mode. This was confirmed by a relatively large bearish candlestick last week. Should the downward drive hold, price action is likely to target the next support zone, which is around 0.71990. The technicals are in support of a further downward move.
On the daily time frame, the pair has been operating in a sideways in a channel (dotted lines in magenta colour) since June 2016 and formed an ascending flag (saddle brown colour) in the channel. Last week, price action broke below the ascending flag but the channel was not significantly breached.
After a long period of sideways move, price has completed three waves to the downside on the 4H time frame. The order flow context is still bearish and the market structure for bears still holds.
I may be wrong. Trade safe and well.
KP
USDCAD Weekly Technical Outlook
If you are tacking USDCAD, you may find my perspective on the pair helpful:
The overall trend is upwards. On the weekly time frame, the pair has been in an upward trend since August 2012 and has completed six price waves with consummated corrective pullbacks. The most recent pullback touched somewhere around the 123.6 Fib but the market structure was never breached. Rather the pullback resulted in the formation of an inner trendline to the upside, which is still respected by price action. On the 4H time frame, price is operating in an ascending channel with a bullish mode which is supported by the technicals. This may likely target the next resistance zone around 1.36448.
I may be wrong. Trade safe.
KP
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.
