EURJPY Weekly Technical Outlook
The EURJPY market has been on a negative mode since the last week of April 2019. However, on the weekly time frame, the southward momentum has diminished in the last two weeks with he prinying of two indecision candlesticks. Presently price action is located around the 122.740 support area on the weekly time frame. The lower shadow on the bearish candlesticks printed last week indicates that bulls are still to be reckoned with.
The daily time frame shows price action ranging around the 122.740 support area. This indicates that the area is not yielding to the bearish influence that had happened before the area and we may see a pullback to an area of value, such as the 123.880 area. A descending trendline (blue) is still in play.
The H4 time frame shows bulls making a desperate attempt to take price action northward within a descending channel (blue). The most recent candlesticks have been in favour of bulls, but bears appear to be hindering any bullish momentum. We may see a brief pullback before any southward continuation. The 121.330 support area is likely to be an initial target of any southward move.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
The GBPUSD market is disposed negatively as price action broke down a horizontal channel (magenta) on the weekly time frame. The 1.28880/1.32220 range has held for several weeks after the 50 Fib retracement of the down leg from 1.43980 in the second week of March 2019. The market printed a solidly bearish candlestick last week to breach the channel southwards. However, price action is presently located at the 1.27200 minor horizontal support and we may expect some sideways or even a brief retracement to an area of value.
On the daily time frame, price action was parabolic in the last few days and we may expect a corrective northward retracement before any southward continuation.
On the H4 time frame, it is apparent that the parabolic move seen on the daily time frame is too far from the mean and we may see a pullback. A likely target of such a pullback is the 1.27930 minor horizontal resistance or a retest of the descending trendline (red) from the most recent high.
I maintain a bearish bias on GBPUSD.
I may be wrong. Trade safe and prosper.
AUDJPY Weekly Technical Outlook
Six weeks ago, price action on the AUDJPY broke below the 80.380 horizontal resistance area and has since continued a southward move on the weekly time frame. The congestion zone of 79.140/77.580 was breached southwards by sellers three weeks ago. However, the bearish drive has declined in momentum in the last two weeks even though technicals on the weekly time frame still favour sellers. Nevertheless, as price is presently located too far from an area of value and with an ambivalent candlestick printed last week, we may see a northward retracement before a bearish continuation.
Price action on the daily time frame is sideways around a support zone but a potentially flip zone (76.300/76.830) is just a few pips northward (bound by magenta coloured horizontal lines) and we may see price action retest the area before any bearish momentum sets in.
Bottoming price action is at play on the H4 time frame and we may see a northward retracement in the early part of this week; this may target the 76.830 resistance area for a role flip.
I am bearish AUDJPY.
I may be wrong. Trade safe and prosper.
AUDUSD Weekly Technical Outlook
In the last two weeks, price action on the AUDUSD has been operating near the horizontal support zone around the 0.68320 area. On the weekly time frame, the market printed a bullish pinbar-like candlestick around the area last week. Should this have a bullish follow through in the early part of this week, we may see bulls retest the 0.70300 horizontal resistance area.
The daily time frame shows price action operating in a descending channel (red). Many of the recent candlesticks printed lower wicks near the 0.68320 horizontal support, indicating a rejection of the area. We may see bulls take price action on a retracement to the broken-down former support around the 0.70035 area for a possible role flip.
Recent price action on the H4 time frame has been bullish and we can see some bottoming or rounding pattern on the H4 time fame; this indicates a likely northward retracement. But it is likely to be temporary as price action is presently located at the resistance of a minor descending channel (navy) and a minor horizontal resistance is located around 0.69720, which is the lower part of a likely retracement target or zone, 0.69720/0.70300 (bound by magenta horizontal lines). The area may see a role flip for a southward continuation.
I am bearish AUDUSD.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
The EURJPY bearish drop from the 126.520 reaction zone on the weekly time frame six weeks ago has not had much follow-through as there has been some hesitation in southward momentum. The last three weeks have seen the EURJPY market operating sideways in the main, although the technicals give sellers a little edge. Presently, price action is around the 122.770 horizontal support and the market is rather ambivalent in the area.
On the daily time frame, price action is operating in a descending wedge (blue) and presently located around the wedge support trendline. However, the printing of ‘wicky’ candlesticks in the area indicates neither bulls nor bears have control of the order flow. We may have to wait for directional clarity. Should bulls gain control of price action in the early part of this week, they may find the 124.000 problematic as a resistance. But bears are likely to find the present location of price action, the 122.390 handle, which has held since the January 2019 flash crash difficult to break down. I expect a northward retracement of price action before bears can make a determined effort to break down the zone.
On the H4 time frame, last week Tuesday, price action punched through a descending trendline (magenta) from April 2019 high and role flip the former horizontal support around 123.700 as resistance. We may see such a price action in the early part of this week as the market is presently ambivalent. The 123.000 area may present itself as a target of northward retracement. Thereafter, we may have a southward turnaround.
I will stay on the sidelines from the EURJPY market for now.
I may be wrong. Trade safe and prosper.
GBPJPY Weekly Technical Outlook
Since breaking down the horizontal channel 146.680/143.190, two weeks ago, price action on the GBPJPY has been toned negative. A bearish pinbar was printed last week and we may expect it to have a bearish follow-through this week. Technically, we may expect a brief northward retracement to a percentage (about 38.2-50%) of the printed bearish pinbar range before such a southward continuation materializes.
The technicals on the GBPJY daily time frame favour bears. However, as price action is too far from a value area, such as the mean, we may expect a northward retracement in the early part of this week. I will be watching the 140.170/139.470 zone (bound by magenta horizontal lines) as a likely turnaround area of such a northward retracement.
I am bearish GBPJPY.
I may be wrong. Trade safe and prosper.
XAUUSD Weekly Technical Outlook
The XAUUSD price action is operating in an ascending wedge (magenta) on the weekly time frame. Presently the market is disposed positively, and we can expect further northward move to at least the 1325.80 horizontal resistance.
Technicals on the H4 time frame favour bulls but price action is getting near a minor horizontal resistance around 1310.60 and we may see a decline in bullish momentum. However, the major horizontal resistance is around 1325.80 and this may be a target of bulls should they overcome the 1310.60 area.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
In the first three weeks in May, price action on the EURJPY was sideways in the 122.300/123.820 zone. Last week, price action broke below the zone and now located around the 120.940 area. The technical on the weekly time frame are in favour of bears.
Price action on the daily time frame is respecting a falling trendline (magenta). A relatively big bearish candlestick was printed on Friday and price action is too far from the mean. Therefore, we may expect a corrective pullback in the early part of this week before a southward turnaround. The 121.800/122.300 area is likely to be a turnaround zone after the pullback.
On the H4 time frame, the 121.800 area is apparently the nearest breached horizontal support and may be a target of any bullish corrective move before a southward continuation.
I am bearish EURJPY.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
Last week, price action printed a bearish continuation candlestick on the USDJPY weekly time frame. However, price action is presently located around a horizontal support and we may not see a directional momentum until a sideways or a pullback has taken place.
On the H4 time frame, price action has moved too far from the mean and we may see a pullback to around the 109.020/109.100 area before any southward turnaround.
I may be wrong. Trade safe and prosper.
GBPJPY Weekly Technical Outlook
Since breaching the support line of the horizontal channel 147.235/143.720 four weeks ago, price action on the GBPJPY weekly time frame has disposed southwards. Last week, a relatively strong bearish candlestick was printed. Presently, price action is located around the 135.870 horizontal support.
On the daily time frame, price action is presently located around a horizontal support and we may expect sideways of price action or a northward retracement before any bearish continuation. The technicals are in favour of bears.
On the H4 time frame, the candlesticks are getting relatively smaller, an indication of a weakness in momentum. We may see some corrective price action before any directional momentum.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
Price action on the GBPUSD weekly time frame is respecting a falling trendline (magenta) and a simple wave analysis indicates that the market is in correction. Presently price action is located around a horizontal support and we may see further corrective move – sideways or a brief pullback before the market aligns with the main bearish trend.
On the H4 time frame, the bearish momentum is weakening, and price action is likely to retrace to a value area such as the immediate breached horizontal support around 1.26770/1.27570 (bound by magenta horizontal lines).
I am bearish GBPUSD but I will await a pullback to a value area before looking for a sell trading opportunity.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
The EURJPY market printed a bearish candlestick on the monthly time frame in May 2019. This was after a sideways of price action in the 126.860/124.500 horizontal channel (magenta) for four months. Given the relatively big size of the candlestick that broke down the channel, we may see a bearish continuation this month.
The weekly time frame shows a bullish move last week. It is not impossible to see bulls attempt a retest of the broken-down horizontal channel (magenta). However, there are a couple of resistance zones ahead. The 123.750 area is one such resistance we should watch. A breach of that area to the upside is likely to give bulls confidence to pursue the 124.500 area. A bounce off the area southwards may encourage bears to take priced side action for a bearish continuation.
The 123.800 area is a broken-down horizontal support on the daily time frame. As the price action last week Monday through Friday was influenced mainly by bulls, we may see a retest of the 123.800 area in the early part of this week for a possible role flip. Should price action flip the area, bears are likely to pursue the 119.400 horizontal support as target. Notice that the price action initiated by bulls last week Monday started from the 120.800 horizontal support (black) and the area may witness a sideways of price action upon a retest by bears before any further southward move.
I may be wrong. Trade safe and prosper.
GBPJPY Weekly Technical Outlook
On the monthly time frame, the GBPJPY price action broke down the 142.660 horizontal support area in May 2019. In fact, the bearish candlestick printed on the monthly time frame also broke down the next horizontal support around the 139.900 round number. Any bearish follow through this month will likely expose the 130.430 horizontal handle. But the 139.966 monthly pivot represents a horizontal resistance that may be retested before a bearish continuation.
Price action printed a relatively small bullish candlestick around the 136.500 horizontal support last week after making a bearish drive for four weeks. Should bulls manage further northward move, the horizontal resistance around the 139.960 monthly pivot is likely to be a barrier to a bullish drive. A break below the 136.500 level may give confidence to bears to drive price action further southwards.
On the daily time frame, the last five trading sessions printed primarily bullish candlesticks after a wave of bearish price action over several days. However, the bullish candlesticks were relatively miniature compared to the preceding bearish prints. Thus, the bullish move is corrective in nature. We may see bulls take price action to a value area, such as the immediate horizontal resistance around the 139.900 area before a southward turnaround. I am bearish GBPJPY.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
The EURJPY price action on the weekly time frame has been grinding slowly within a falling channel (navy). This is indicative of a decline in bearish momentum. Presently, price action is sideways around a minor horizontal support and about 150 pips shy of the major horizontal support around the 119.710 area.
On the daily time frame, price action is heading southwards with the bearish candlestick prints on Wednesday through Friday last week after a northward retracement. We may see further bearish move in the early part of this week.
Price action has breached southwards a minor rising channel (magenta) on the H4 time frame. The last candlestick print was a small bullish candlestick and shows intention of bulls to take market activity further northwards. Should bulls succeed in their intent, we may see a retest of the broken-down channel support trendline around the 122.280 horizontal resistance. Alternatively, as presently market activity is around a minor horizontal support, we may see a sideways of price action. However, any northward retracement is likely to be temporary and we may see bears influence a southward continuation in the next few days.
I may be wrong. Trade safe and prosper.
GBPJPY Weekly Technical Outlook
Price action is sideways on the weekly time frame as the GBPJPY market reached a significant horizontal support around the 136.130/138.570 zone (blue).
Technicals on the daily time frame are in favour of bears. However, price action is around a significant horizontal support which may stall any bearish move. Should bears break down the 136.130 area, we may see further bearish continuation in the days ahead.
I may be wrong. Trade safe and prosper.
USDJPY Weekly Technical Outlook
The USDJPY market is now operating at the 108.600 horizontal support on the weekly time frame around which price action has printed ambivalent candlesticks in the last two weeks.
Price action on the daily time frame recently printed some miniature candlesticks around the 108.000 horizontal support area. But the order flow context favours bears and we may see a bearish drive thereafter. A first potential bearish target is the 107.300 area. Should bears manage to break down the 107.300 area, they may escalate their ambition to the 105.600 round number; but we are going to see some northward pullbacks along the way.
I may be wrong. Trade safe and prosper.
GBPUSD Weekly Technical Outlook
On the weekly time frame, the GBPUSD market has been ranging for the past four weeks. Price action is presently located at the 1.25890 horizontal support area. Last week, the market printed a relatively big bearish candlestick and we may see bears target a drive towards the next horizontal support around the 1.23700 area.
On the daily time frame, price action printed a bearish candlestick last week Friday that broke below the 1.26650 support line of the horizontal range which has seen much of the activities in the early part of the week. Apparently, bears are poised to take price action further southwards and may expose the 1.24300 handle.
I may be wrong. Trade safe and prosper.
EURJPY Weekly Technical Outlook
Price action is still below a falling trendline (red) on the monthly time frame.
On the weekly time frame, the falling trendline (red) seen on the monthly time frame is still in play. Price action broke below a pivotal support zone around the 123.430 area six weeks ago. But there has been some sideways in the last four weeks when bears attempted a test of the immediate support around the 120.400 area. Last week, the market printed a small bullish candlestick in reaction to the bearish print of two weeks ago. And we may see bulls attempt a follow through this week. A likely target is the breached 123.430 former horizontal support for a possible role flip.
On the daily time frame, bulls took over market initiative on Friday with a strong candlestick print that erased the bearish gains of the previous four days. Price action is presently located around an inner falling trendline (blue) congruent to the monthly pivot (122.358) and a breached horizontal support zone. A bullish breach of the zone is likely to see bulls target the broken down 123.430 former horizontal support.
In the short-term we are likely going to see a bullish retracement to an area of value. Thereafter, we will see a southward turnaround.
I may be wrong. Trade safe and prosper.
GBPJPY Weekly Technical Outlook
The GBPJPY market is operating within a falling channel (red) on the weekly time frame. Last week, price action entered a horizontal support zone around the 137.160 area and printed a doji-like candlestick. This may result in a northward pullback to the 140.000 broken-down horizontal support for a role flip. The area is congruent to the monthly pivot. But that is still a long way to go and we may see bullish price action contend with the immediate horizontal resistance around the 138.700 area. However, should bulls fail in their attempt to take price action above the 137.160 area in the early part of this week, we may see a bearish move towards the channel support trendline.
On the daily time frame, price action has broken below the falling channel (red) seen on the weekly time frame. A morning star has formed below the channel support trendline, but the market has been sideways thereafter. The bullish candlestick printed on Friday failed to breach the top of the bearish candlestick printed on Thursday. Therefore, we may have to wait for further price action to see if bulls could make a follow-up for a northward retracement. The 138.430 area is an initial target of a northward pullback.
Price action has breached a falling trendline (blue) on the H4 time frame. However, the market structure of the preceding descending trend is still intact until a significant breach of the 138.400 area.
I may be wrong. Trade safe and prosper.
XAUUSD Weekly Technical Outlook
The XAUUSD price action has extended its bullish operation far from an outer rising trendline (red), but it is yet to retest an emerging inner trendline (blue). It is presently located almost 280 pips below the next significant horizontal resistance in the 1426 area after breaching a multi-year horizontal resistance around the 1380 area. We may see a retracement of price action this week.
Price action is respecting a minor rising trendline (magenta) on the daily time frame. But it is too far from the mean and a pullback is due.
The topping formation of price action on the H4 time frame suggests a weakening of bullish momentum and we may see price action make a southward pullback this week. A likely target of such a pullback is the 1355 area, which is congruent to the 38.2 retracement of the up leg from the low of May 30, 2019 to the high of June 21, 2019.
I may be wrong. Trade safe and prosper.
