Any northward rally should be seen as an opportunity for a sell trade at the right level/zone.
Trade safe and prosper.
If you are tracking the GBPUSD, note that the market on the pair is at a daily support zone at the moment but there’s little momentum for a northward push. Any northward pullback is, imo, an opportunity for a sell trade at the the right zone/level.
Trade safe and prosper.
If you are tracking the USDJPY, note that the immediate significant horizontal support on the pair is around the 108.915 area. Check the H4 time frame.
Trade safe and prosper.
XAUUSD is inching towards a resistance trendline on the D1 time frame. A bounce off the trendline or a southward set-up at the 1313/801320.45 zone will be of interest to me for a sell trading opportunity; much likely next week.
Trade safe and prosper.
Friday market there are some trader have opinion if the trend on friday will being random if already close to market closed time, because will there are many trader closed all order to avoid swap fee, some of them like to no trade because the trend often giving false signal movement,
Quite right, you can easily have false set-ups on a Friday, and also on a Monday.
Trade safe and prosper.
EURJPY Weekly Technical Outlook
Price action on the EURJPY on the monthly time frame is operating in a wedge pattern (magenta). In May 2018, the EURJPY market has continued its southward disposition after a 50 Fib retracement of the bearish move that began in February 2018. We may expect the strong bearish continuation candlestick so far printed in May to extend to the 125.820 area, near the origin of an upward rally in June 2017.
On the weekly time frame, price action has continued bearish after the 50 Fib retracement of the drop from the high of January 2018 to the low of March 2018. The bearish continuation candlestick printed last week was from the high of the indecision candlestick formed a week earlier and moved strongly southward to breach the immediate horizontal support; it was barely restrained by bulls towards the end of the session. Given the strong intent of bears, we may see them target the 125.820 area after breaching the threatened support around the 127.100 area.
On the H4 time frame, recent price action broke below a horizontal channel (between 129.470/131.300) where it has operated for the most part of May 2018. The bearish drive has been strong and this is likely to continue to the end of this week, particularly to offer MMs the opportunity to take profit or balance their books for the month. We may have a brief northward pullback but technically the bears are largely in control. An emerging descending trendline (black) may be activated to validate and give impetus to the southward drive.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The bearish disposition continues on the EURUSD market. Last week, a strong bearish continuation candlestick formed on the weekly timeframe. It was apparent that bears were targeting the horizontal support around the 1.15820 area which was last traversed northward in November 2017. As this is less than 50 pips southward, a more ambitious target for bears is likely to be the 1.14060 area but we will be having some bounces along the way. An ascending trendline (black) from the low of January 2017 is likely to act as support.
On the H4 time frame, price action retested a breached minor horizontal support around the 1.17420 area on Thursday to flip it as resistance. Besides, as its current location is close to the mean we may expect further southward move before any pullback. The next horizontal support, around the 1.15820, is handy for bears. Thereafter, we may see some sideways operation or brief pullback before impetus for a southward momentum materializes. A resistance trendline (magenta) from the high of April 19, 2018 is in play.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
The USDJPY market is still technically bearish. On the weekly time frame, price action is operating at the resistance zone of a falling channel (navy) and within a larger wedge pattern (navy). Last week, a bearish engulfing candlestick was printed which broke below a support trendline (magenta) from the low of September 2012. In actual fact, it was a retest of the trendline earlier broken in February 2018, which is apparently being flipped for a bearish continuation. If bears are able to breach the monthly pivot (108.150) southward, the horizontal support (purple) around the 105.780 may be exposed.
The H4 time frame shows that price action has breached a support trendline (red) after a 78.6 Fib retracement of the drop from the high of January 8, 2018 to the low of March 23, 2018. A resistance trendline (black) is in play and its retesting by price action may validate it for a southward momentum.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
Price action on the GBPUSD has continued bearish since two weeks ago after a sideways operation a week earlier. Last week, a strong bearish continuation candlestick was printed on the weekly time frame. However, bears will have to contend with an ascending trendline (magenta) from the low of January 15, 2017 before targeting the next major horizontal support around the 1.30440 area. Should they be successful in this, the 1.27880 handle may be exposed.
On the H4 time frame, the market is bearing southward and the order flow context favours bears. A descending trendline (black) is in play, acting as resistance. We may expect price action to move further southward before a northward correction.
I may be wrong. Trade safe and prosper.
If you are tracking the EURGBP, note that price action on the pair is now operating at the resistance of a descending channel on the D1 time frame; a bearish set-up on at least a one-hour closing basis is likely to offer a reasonable R:R sell trade.
I may be wrong. Trade safe and prosper.
I am tracking the XAUUSD for a sell trading opportunity. I will be looking for a bearish set-up around the 61.8 Fib retracement of the recent downward swing on the daily time frame. This is around the 1308.53/1312.28 area (bound in magenta coloured horizontal lines in the attached H4 chart).
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
Last week, on the weekly time frame, price action on the EURUSD market broke below an inner ascending trendline (chocolate) from the low of January 2017. However an outer ascending trendline (black) from the low of January 2017 is still intact. Bears tested the outer trendline (black) but bulls stepped in to retrace the price action. This led to the printing of a bullish pinbar off the outer ascending trendline (black) which spanned a few pips above the inner trendline (chocolate). Thus, technically the EURUSD market is in a northward mode. Possibly bulls are poised to take price action further northward in the days ahead. However, as the bigger technical outlook is southward, such a northward move is likely to be temporary and corective in nature. A likely target of bulls is around the monthly pivot (around 1.17610), or by extension the next minor horizontal resistance around the 1.18580 area.
On the daily time frame, the bullish pinbar formed last week Thursday had a follow-through of bullish price action on Friday. We may expect bulls to retest the top of the bearish candlestick printed on Thursday June 14, 2018, which marked the high of two weeks’ ago. This high is around the 1.18580 area.
On the H4 time frame, a descending trendline (red) from the high of May 2018 may be a magnet for a bullish drive as the price action is presently disposed northward. A minor horizontal resistance is around the 1.18580 area, an area which was the origin of a strong bearish drive two weeks ago, and may be flipped once again as resistance. A breach of the area northward on a daily closing basis is likely to see further bullish move to around the 1.19900 area.
I will hold a bullish bias on this market on a short term basis.
I may be wrong. Trade safe and prosper.
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In my humble opinion, the current northward disposition on the GBPUSD market is a temporary one. The bigger technical picture favours the bears. You may see a bearish reaction or sideways operation around the 1.33320 area if price action successfully breaches northward the descending trendline from the high of April 2018.
Trade safe and prosper.
USDCAD Weekly Technical Outlook
The USDCAD market is largely disposed northward. An ascending trendline from the low of February 2018 on the monthly time frame is in play and acting as support. In June 2018, the market moved to a horizontal resistance around the 1.33920 area and bounced back leading to the formation of a bullish candlestick with a long upper wick and a shorter lower wick; which, technically, is an indication that bears fiercely contested a bullish dominance of the market and a southward disposition is likely.
On the weekly time frame, a bearish candlestick with a long upper wick was formed last week. This apparently was a follow-through of the bearish pinbar formed two weeks ago. The fact that last week’s candlestick engulfed the previous candlestick technically points to the likelihood of a southward continuation in the days ahead. However, we may not expect much southward move as bears will have to contend with the horizontal support around the 1.30410 area. Besides, a minor ascending trendline (black) from recent swing lows is in play and could act as support. Should bears breach these support zones southward, they are likely to target an outer ascending trendline (chocolate) or the next horizontal support around the 1.28510 area.
On the H4 time frame, bears are taking the market southward. However, from the small bearish candlestick printed in the last session of Friday, it is apparent that bears were losing their influence. So, we may see bulls give them a struggle in the early part of this week before a southward continuation materializes. Besides, we may expect the market to pull back northward for a retest of the broken previous horizontal support zone around 1.32050/1.32280, possibly for a role flip. We may have to also note the descending trendline (magenta), which may need be retested with a northward retracement by price action to confirm it as an active support before a southward continuation. Overall, the short term technical disposition on the USDCAD is bearish and we may see bears target the support around 1.29090 area.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
On the weekly time frame, GBPUSD printed rejection candlesticks at an S/R zone that was last crossed northward in November 2017. This zone, 1.30800/1.33180, is also in confluence with the 50 Fib retracement zone of the northward move since January 2017. Besides, the lower tail of the pinbar formed last week pierced an ascending trendline (black) from the low of January 2017 and bounced off it. Very much likely we may see bulls take the market further northward this week. An initial target area is the 1.34440 area; which is in confluence with the 38.2 Fib retracement of the northward move since January 2017. The 1.36180 area, a major resistance zone (purple), may be attractive for a bullish follow through. However, that is still very much beyond the reach of bulls at the moment.
The rejection candlestick formed around a support zone last week Thursday was followed up by a bullish drive on Friday. The candlestick printed on Friday covered more than 150 pips and took price action to the next minor resistance around the 1.32260 area. It will not be a surprise if bulls take control of price action this week to drive the market to the 1.34230 area, the origin of a recent major downward move on the daily time frame. It is significant to note that a descending trendline (blue) from the high of May 17, 2018 has been breached northward last Friday. However, as the candlestick formed on a Friday, we may have to wait till Monday this week for a bullish confirmation on a daily closing basis. I normally don’t trade on Monday, so I will wait for clarity of price action.
On the H4 time frame, the GBPUSD market is disposed northward. A minor ascending trendline (magenta) is emerging. A successful testing of the trendline by price action is likely to give me confidence for a bullish bias. This is more so as a descending trendline (red) from the high of April 17, 2018 is in play as resistance and the the most recent price action stopped around it. Besides, there is a minor horizontal resistance, around 1.32260, acting as a confluence. So, we may see a southward retracement first.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
Last month, an indecision candlestick was printed in the EURUSD market. It is noteworthy to observe that the low (1.15091) of this indecision candlestick is very close to the low (1.15071) of the lower-wick candlestick printed in May 2018; which is indicative of the likelihood of a northward follow through this month.
Last week a bullish pinbar was formed at a support zone on the weekly time frame. The zone has witnessed four rejections by weekly candlesticks in the past six weeks. This indicates a higher probability of a northward turnaround or disposition this week. Should bulls succeed in taking price action northward, we may see them target the 1.20440 area in the days ahead. Furthermore, an ascending trendline (red) from the low of December 2016 is still in play as support.
EURUSD has been in congestion at a support zone on the daily time frame for several days. Last week Friday, a relatively big bullish candlestick threatened the resistance around the 1.1700 area. But there is still an attractive area northward, the 1.18500 area, which is around the high of the bearish candlestick printed on June 14 and may be an initial target of bulls. The 1.18500 area is also in confluence with the immediate horizontal resistance. Once the bulls are able to take the 1.18500 zone, the 1.19600 area may be exposed. The 1.19600 area is equivalent to the 50 Fib retracement of the drop from the high of April 2018 to the most recent low in June 2018.
On the H4 time frame, price action is now located around a descending trendline (black) and close to the horizontal resistance around the 1.1700 area. The order flow context is in favour of bulls. However, they will have to breach both the descending trendline and the horizontal resistance northward for any bullish momentum to be sustainable. We may see a retracement southward or a sideways operation before this happens.
I may be wrong. Trade safe and prosper.
Technically, the EURUSD market is still bearish in the medium to long term. But on a short term basis, I am holding a bullish bias on the market. I will wait for a southward pullback or a consolidation on the H4 time frame before looking for a northward market entry.
Trade safe and prosper.
I am holding a bullish bias on the GBPUSD market on a short term basis. But, I will wait for price action to retrace southward for a retest of the minor asscending trendline (magenta) on the H4 time frame before looking for a buy trading opportunity. Of course, a sideways operation of price action around the 1.32260 area in the early part of this week will also pique my interest and I will look for a bullish setup after the consolidation.
Trade safe and prosper.
If you are tracking the EURUSD, realize that the market is a bit disposed to the north but retracing southward at the moment. The northward move may have some impetus after the retracement. A likely northward target is the immediate resistance around 1.17200.
I may be wrong. Trade safe and prosper.