Technically you would do fine. Getting a good setup at a significant location is important.
Trade safe.
GBPUSD Weekly Technical Outlook
On the monthly time frame, price action has been operating in a descending channel (red) for quite a while. Presently, price action has moved to a confluence of a horizontal support (around 1.27600) and an ascending trendline (black) from January 2017.
A broadening ascending wedge (blue) can be seen on the daily time frame, with price action presently at the wedge support. Given the general technical outlook on the daily time frame, a simple wave analysis indicates that a corrective phase is in place, with three minor price waves already completed within the wedge. We may see a northward move of price action, perhaps to around the monthly pivot (1.30372), which is in confluence with the immediate horizontal resistance, before a southward turnaround.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
While price action on the monthly time frame is broadly operating in a multi-year downward sloping channel (red), recent price action has moved to a confluence of a horizontal support (around 1.13780) and an ascending trendline (black) from December 2016.
On the daily time frame, price action is basically disposed southwards. An outer trendline (blue) is likely to be important in case of a northward pullback, while an inner trendline (magenta) is presently in play as resistance. As price action is in a confluence of a horizontal support seen on the monthly time frame and an ascending trendline (black), we may see a northward correction, perhaps to the descending trendline (magenta), before a southward continuation.
Price action on the H4 time frame printed a bullish outlook in the last two sessions on Friday. We may expect a further upward move in the early part of this week before a southward turnaround. A retracement of price action to a descending micro trendline (chocolate) resulting in a bearish setup may provide an impetus for a southward momentum.
I may be wrong. Trade safe and prosper.
I am bearish EURUSD but my interest in a short position will not be piqued until a retracement to the horizontal resistance around the 1.14530/1.15210 area (bound by horizontal magenta lines) or a retest of the resistant trendline (black).
I may be wrong. Trade safe and prosper.
AUDUSD Weekly Technical Outlook
The bullish pinbar formed two weeks ago on the AUDUSD found a follow-through last week. On the weekly time frame, bulls took price action to the horizontal resistance around 0.72580 before bears checkmated their move. How price action reacts around the descending trendline (black) from recent highs in the early part of this week may be decisive. A northward breakout from the trendline will likely see bulls target the next horizontal resistance around 0.73080;while a bearish turnaround at the trendline may give confidence to bears to turn their attention to the 0.70300 handle.
On the daily time frame, price action broke out of a consolidation area on Thursday last week but there was little follow-through on Friday. Although the bearish candlestick with a doji-like feature which formed last Friday bounced off the descending trendline (black) seen on the weekly time frame, the recent price action pattern on the daily time frame indicates that we may have a retest of the trendline before we can have confidence in a bearish turnaround.
On the H4 time frame, the AUDUSD is disposed northwards. Presently, price action is located around a minor support area, around 0.71900. Yet, the significant bullish candlesticks printed recently indicate that bulls are more likely to take price action further northwards, which is likely to be a temporary move. The horizontal resistance around 0.73080 is likely to be influential. A bearish turnaround in the area is likely to give impetus for a bearish momentum, which may eventually expose the handle around 0.70300. I am disposed to looking for a southward trading opportunity on the AUDUSD market.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
We are having a sideways or consolidating phase in the GBPUSD market. On the weekly time frame, we are dealing with two influential trendlines, an ascending trendline (red) from January 2017 and a descending trendline (black) from recent highs. They may have a restraining effect on the momentum of price action. As the candlestick printed last week is significantly bullish, we may see a further northward move in the early part of next week. But bulls have a few barriers to contend with; one of them is the horizontal resistance around 1.31350.
On the daily time frame, two bottoms are distinct around the 1.26900 area. The second bottom was formed last week Thursday and a strong bullish continuation was witnessed on Friday. Technically, we may have a further bullish move, at least in the early part of this week. As my medium-term bias is bearish GBPUSD, I will wait out the Monday market; I rarely trade on Mondays. If a feasible bearish setup emerges upon the close of Monday market, particularly around an area of value, that will pique my interest.
I may be wrong. Trade safe and prosper.
1 Like
EURUSD Weekly Technical Outlook
The ambivalence we have been witnessing in the EURUSD market in recent weeks has continued. Last week, price action printed an indecision candlestick on the weekly time frame. The print is located at a significant support zone, around the 1.13900 area. The zone has held as support since July 2017 and recent attempt by bears to breach it southwards has not been fruitful. We may see a northward retracement before bears make another attempt to break the zone. The 1.14800 area is likely to act as resistance.
On the daily time frame, after a bearish mode last week Tuesday and Wednesday, bulls seized the initiative for a strong bullish drive. However, they were checkmated on Friday when a bearish counter force ended in a doji-like candlestick which nestled around a minor horizontal support, the 1.14120 area. Personally, I expect bulls to push price further northward before bears could seize the initiative. The descending trendline (red) from the high of September 24, 2018 may act as resistance. The 1.15900 area is technically an alternative resistance should bulls mitigate the descending trendline.
On the H4 time frame, recent price action is operating in a descending channel (magenta). Price action from Monday through Thursday last week headed northwards towards the channel resistance, and we may not have seen the end of a further northward move. But the channel resistance line and the descending trendline (red) seen on the daily time frame may hinder a bullish run. I expect price action to dispose southward after the present northward retracement. A southward breach of the minor ascending/counter channel or flag (black) on a daily closing basis is likely to give me a cue for a southward trade. Of course, I will see a surge of price action further northwards towards the significant horizontal resistance around 1.15900 as a good opportunity to look for a bearish setup.
I may be wrong. Trade safe and prosper.
AUDUSD Weekly Technical Outlook
The bigger technical outlook of the AUDUSD market is bearish. However, present market sentiment favours the bulls and so we may have a further northward move of price action in the early part of this week.
On the weekly time frame, price action is located around an area of congestion with the immediate horizontal resistance just a few pips northwards in the 0.73700 area. Last week, price action surged northwards as a follow-up to the bullish print of two weeks ago. However, bears stepped in to hinder the bullish move and a bullish candlestick with a long upper wick was printed. It is not a bearish pinbar in my reckoning and I expect bulls to still take price action further northwards, particularly in the early part of this week.
On the daily time frame, price action continues to operate in a descending channel (black) and presently, it is located near the channel resistance. Technically, bulls are favoured to take price further northwards but the momentum is likely to be hindered. Should price action breach the channel resistance, the horizontal resistance around the 0.73100 area may constitute a strong barrier. We may see a southward turnaround soon.
On the H4 time frame, price action is bearing southwards but the minor ascending trendline (magenta) from recent low swings is likely to act as support. And there is a minor horizontal support located around the 0.71800 area. I will be looking for a solid bearish setup should price go further northwards to an area of value or should there be a significant break of the ascending trendline (magenta).
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
The predominance of ‘wicky’ upper-tailed candlesticks around the 1.31100 area on the weekly time frame points to a bearish rejection of the area. Nevertheless, as there was a strong bullish print two weeks ago, the bearish pinbar printed last week may be followed up by a northward pullback, albeit to retest the 1.31100 area. Should there be a bearish setup on at least a daily closing basis in the area, we may see a momentum for a sustainable southward turnaround. This may expose the horizontal support around the 1.27100 area.
On the daily time frame, price action has moved to a reaction area, the 1.29500 area, where we may expect a northward pullback judging from recent technical patterns. However, such a pullback may be hindered. For one, how price action reacts to a descending trendline (magenta) from the early part of this year should be of interest. A bearish setup around it is likely to give a southward momentum.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market has been technically erratic for quite a while. However, it is important to realize that apart from the uncertainties occasioned by fundamentals, price action is at an area of significant support on both the monthly and weekly time frames. So, anything can happen.
On the weekly time frame, price action printed a bearish candlestick at a horizontal support zone last week. But this zone that has held firmly for quite a while and we may still see some struggle in the zone between bulls and bears.
On the H4 time frame, recent price action is in consolidation. But technically, bulls seem intent at taking it further northwards. However, they are likely to meet resistance around the 1.13580 area.
I will use Monday to watch further price action on this pair.
I may be wrong. Trade safe and prosper.
EURNZD Weekly Technical Outlook
The bearish bias that kicked in on the EURNZD market in October 2018 continues to have a follow-through this month. On the weekly time frame, price action printed a bearish continuation candlestick last week. Given the candlestick pattern on the monthly time frame, we may expect bears to attempt an exposure of the horizontal support around the 1.62370 area.
On the daily time frame, price action broke down an ascending trendline (black) from the low of February 2017. It is now respecting a descending trendline (red) from recent highs. As price action has moved far from the descending trendline and the mean value area, we are likely to see a northward pullback before any further bearish momentum. A likely area for such a pullback is the horizontal resistance around 1.68770.
I may be wrong. Trade safe and prosper.
NZDUSD Weekly Technical Outlook
The Kiwi is looking very strong and the NZDUSD appears to have more room to head further northward. We may see bulls attempt the 0.70430/0.72000 resistance area in the weeks ahead.
On the weekly time frame, price action continues to bear northwards after bulls seized control in October 2018. Technically, there is little barrier to the bulls’ northward drive until the 0.70430 area provided they are able to navigate the current location, the 0.68650 area, which is a horizontal S/R zone.
On the daily time frame, price action breached a descending trendline (red) on November 1, 2018 and is now respecting an ascending trendlne (black) from recent lows. As long as the trendline holds, we may see bulls continue their control of the market. However, as price action is presently located at a horizontal S/R area, we may see some sideways or a brief retracement to a value area before a bullish continuation.
On the H4 time frame, price action is respecting an inner ascending trendline (magenta), a sign of an increase in bullish momentum. A pullback to retest the trendline and perhaps a bounce off it, or a retracement to the 0.68200 area, the immediate horizontal support zone, is likely to kick in a bullish continuation.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
Price action on the GBPUSD market continues to operate in a descending channel (black) on the weekly time frame. The market ambivalence has resulted in recent price action trading in a consolidating, descending triangle (red). And we may see further sideways operation in the early part of this week.
On the daily time frame, price action is rejecting the support line of the triangle (red) seen on the weekly time frame. The 1.30330 area is the immediate horizontal resistance. Should bulls control price action to successfully handle that area, we may see them target the triangle resistance or the horizontal resistance around 1.32580.
The H4 time frame shows the market in consolidation and bulls may retest the recent high around the 1.30720 area. That area witnessed a strong drop on Wednesday last week. However, the area around the monthly pivot, 1.29000/1.29450, is likely to act as the immediate barrier for bulls to contend with. At any rate, I am not buying GBPUSD under the current market condition. I will step aside and look for a sell trading opportunity at an area of value after a temporary northward retracement or rally.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market continues to amaze, no thanks to Brexit and the various issues affecting prominent countries in Europe. Operating in a long-term descending channel (black), price action on the monthly time frame continues to be ambivalent. The bearish tone of October 2018 is being check mated. Price action is now located at a horizontal support and near an ascending trendline (red) from the low of December 2016. We may see a further northward move this week, and the immediate horizontal resistance around the 1.16000 area is suspect. A southward break of the ascending trendline (red) is lkely to give impetus to a bearish momentum. Of course, a retest of an alternative ascending trendline (yellowgreen) and its rejection is also likely to lead to a similar outcome.
On the weekly time frame, price action is struggling near a congestion zone. The market mode is still ambivalent. The bearish candlestick printed two weeks ago has been countered by the print of a bullish candlestick last week. And we may see bulls making a retest of the broken down (former) horizontal support around 1.15900/1.16150. However, we may expect price action to struggle around the congestion area of 1.15000.
On the daily time frame, price action is respecting a descending trendline (gold) from recent highs. Recent price action is under the control of bulls and we may see a northward move to retest the trendline. In fact, we may see a northward break of the trendline before a southward turnaround.
I will not be taking a northward trade; I will be looking for a high-probability and good reward:risk bearish setup in this market. I will be watching how price action reacts at the immediate horizontal resistance around 1.16580/1.17940 (bound by magenta horizontal lines). A bearish setup in the area will pique my interest.
I may be wrong. Trade safe and prosper.
EURNZD Weekly Technical Outlook
The EURNZD market has experienced a downward price action for some weeks. Last week, bulls pushed price action northward but there was little momentum, so an insider bar was formed. Price action is located at an S/R reaction zone and we may still have a sideways of price action in the early part of this week.
On the daily time frame, price action has turned southward, respecting a descending trendline (red) from recent highs. Recent price action is within a horizontal support zone and operating sideways. It is important to wait for clarity of price action in this area before committing to a trade.
On the H4 time frame, price action is operating in an ascending triangle (black), which seems to be a corrective phase of a predominantly downward trend. A breakdown of the triangle support is likely to result in a southward continuation.
I may be wrong. Trade safe and prosper.
GBPAUD Weekly Technical Outlook
On the weekly time frame, price action is operating around the channel support of an ascending channel (red) traceable to 2017. Two weeks ago, a bearish candlestick took price action southward to retest the channel support. But last week, bulls took price action further northward from the channel support; though being with limited traction resulted in the printing of an insider candlestick. Technically, bears are still favoured to be more influential in the market, particularly if they are able to breakdown the channel support.
On the daily time frame, price action is operating in a descending channel (black) with recent price action in consolidation and located near the channel resistance. The 1.77700/1.79000 zone (bound by horizontal magenta lines) is operating as a broken down support and we may see a retracement to it before a further southward continuation. The zone is also the 50/61.8 Fib retracement zone of the most recent swing down.
It is apparent from the H4 time frame that the 1.78600 area is a broken down minor support and it is in congruence with the 61.8 Fib retracement level. A mini ascending channel (blue) is seen on the H4 time frame and the consolidating mode in the channel may extend to a retest of the 1.77700/1.79000 area (bound by horizontal magenta lines) or the resistance of a major descending channel (black) seen on the daily time frame. Nevertheless, a breakdown of the mini ascending channel (blue) is likely to provide impetus for a southward momentum.
I am bearish GBPAUD.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
On the weekly time frame, the GBPUSD has broken down an ascending channel (black) from 2016 and is now in consolidation within a descending wedge (red). We may have a temporary northward move to, perhaps, the wedge resistance before a southward turnaround. Overall, the simple wave pattern on the W1 time frame points to a likely southward continuation.
On the H4 time frame, price action is operating in a mini descending wedge (blue) but recent operation points to a consolidation mode. This may extend to a retest of the minor resistance around the 1.29270/1.29630 zone (bound by magenta horizontal lines) before a southward turnaround.
I may be wrong. Trade safe and prosper.
EURUSD Weekly Technical Outlook
The EURUSD market continues to be sideways. On the weekly time frame, the bullish pinbar formed two weeks ago was countered by the printing of a bearish, pinbar-like candlestick last week. If bears seize control of price action they are likely to expose the low of the bullish pinbar printed two weeks ago, which is around the 1.12075 area.
On the H4 time frame, last week Friday, price action broke down an ascending trendline (magenta). However, the southward momentum appears to be weak and we may see a retracement this week before a likely southward turnaround.
I may be wrong. Trade safe and prosper.
1 Like
NZDUSD Weekly Technical Outlook
In early November 2018, price action on NZDUSD broke northwards of a descending channel (blue) within which it has been operating for several months. It is now respecting a mini ascending trendline (red) on the daily time frame formed by recent lows and located around a horizontal resistance in the 0.68900 area. Attempts by bulls to take price action beyond the high created on November 16, 2018 have not met with much success and we may see a southward retracement, perhaps to the mini support around 0.67190. This may also extend to the 0.66600 area.
On the H4 time frame, recent price action has a top ‘wicky’ formation at a horizontal resistance area; which is indicative of a weakening of a bullish push through the area. Price action has failed to close above the high of November 16, 2018 in spite of several attempts by bulls. We can see a mini consolidation channel, a wedge pattern (magenta) formed around the present location of price action. A southward breakdown of the wedge is apparently imminent.
I may be wrong. Trade safe and prosper.
USDCAD Weekly Technical Outlook
The USDCAD is operating a complex correction of a multi-year ascending trendline (red) on the weekly time frame traceable to 2012. An increase in bullish tone took price action above the trendline for much of 2018 to respect an inner ascending trendline (black), which was broken southwards in mid-August 2018. Price action is now heading northwards but apparently the momentum is waning and we may soon see a southward turnaround, somewhat of a temporary correction, which may retest the major ascending trendline (red) before a northward continuation. The 1.33860 area is a horizontal resistance and a significant horizontal support is around the 1.27890 area.
On the H4 time frame, price action is consolidating along an ascending channel (magenta). Last week Thursday, price action moved northwards into a horizontal resistance area around 1.33315/1.33860, which has held since June 2018, but was restrained by bears. Technically, we can expect another attempt at the zone by bulls and a sideways operation may be seen in the zone in the early part of this week. As I hold a bullish sentiment on this market, I will wait for a southward pullback to an area of value and look for a significant bullish setup on a daily time frame before entering the market.
I may be wrong. Trade safe and prosper.