EURUSD Weekly Technical Outlook
The EURUSD market is in a sideways mode in the context of a longer-term bearish outlook. On the weekly time frame, the 1.10125/1.07750 zone has held as the primary channel for market operation for the past seven weeks. Last week, a bullish candlestick printed within the channel spiked to test the channel resistance line before snapping back to the middle of the channel.
On the daily time frame, last week Thursday and Friday, bears took price action southward within the operating 1.10125/1.07750 horizontal channel seen on the weekly time frame. But the wicks on both ends of the bearish candlestick prints indicate that bulls are still in contention.
On the H4 time frame, price action is within a rising channel (magenta). It is presently around the channel support area. The bullish candlestick printed in the last session on Friday has taken price action to the minor horizontal resistance around the 1.09040 area (blue). This area should be watched in the early part of this week as it is susceptible to a role flip. Nevertheless, I will not be trading this pair until there is directional clarity and momentum.
I may be wrong. Trade safe and prosper.
Trap
AUDUSD Weekly Technical Outlook
The AUDUSD market operation has returned to the 0.67000 horizontal resistance area from where it moved southward in March 2020. On the monthly time frame, two bullish candlesticks were printed in April and May to retest the high of the bearish candlestick printed in March 2020. However, even though the momentum favours bulls, the general technical outlook on the monthly time frame is still bearish.
On the weekly time frame, last week, a bullish continuation candlestick broke above the consolidation area in the 0.64340/0.65460 zone, where market operated in the previous three weeks, and nestled around the 0.67000 area. Although the momentum is presently on the side of bulls, the 0.67000 area is a congestion area and bulls will have to contend with it. Besides, the 0.67600 horizontal resistance area is close by, and it is another barrier to any bullish intent.
Price action on the daily time frame is bullish. However, the impulsive bullish waves are diminishing in size and potency, indicating a decline in bullish momentum. Price action is now around the 0.67000 area, where it is presently consolidating. We should note that the area was the origin of the strong bearish drive in March. Personally, as a swing trader, the strong bearish move in March is still part of the calculation. We should await how the market handles the area in the early part of this week. If the March-May price action pattern is a ‘W’ shape, we may see a southward turnaround at the 0.67000/0.67500 zone.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The USDJPY has been sideways for a few months. On the monthly timeframe, ambivalent candlesticks were printed in April and May, although the May print was slightly in favour of bulls.
The momentum is presently in favour of bulls on the weekly time frame. The past three weeks have seen the printing of bullish candlesticks, but a directional dominance is lacking judging from the relatively small size of the candlesticks printed.
Recent candlesticks printed on the daily time frame are primarily mixed and relatively small, indicating a consolidating market, and primarily within the 107.090/108.000 horizontal channel (blue). Although bulls have a slight edge, we should await a breakout of price action from the channel before committing to a directional trade.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Recent EURUSD market operation has been generally sideways. In May there was a bullish print, which erased the bearish print of April and took market operation to within 100 pips of the 1.12000 horizontal resistance area.
On the weekly time frame, last week, market operation printed a bullish continuation candlestick within a consolidating pattern in the form of a rising triangle (blue). It is presently located at the upper part of the triangle. Any further bullish pressure may see market operation retest the 1.12000/1.12330 zone, which was the origin of a bearish drop in March
On the daily time frame, technicals still favour bulls but the momentum is in decline. As a swing trader, I will await how the market handles the 1.12000/1.12330 zone in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD market is in a consolidation mode. On the monthly time frame, market operation printed a bearish candlestick in May to reverse the bullish print of April. However, the May print has a bottom shadow, indicating bullish pressure.
On the weekly time frame, last week, market operation printed a bullish continuation candlestick. However, it is located at the 50 Fib retracement of the downward swing from 1.31935 to 1.13940. Technically, this indicates that the bearish pressure is still intact.
On the daily time frame, bullish price action is entering/retesting the congestion area in the 1.23630/1.24700 zone (blue). We should await how the market handles the area in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
The XAUUSD market is still in a bullish mode but the momentum is bearish. On the weekly time frame, a relatively big bearish candlestick was printed last week from the 1742.70 horizontal resistance area. The candlestick nestled at the 1670.60 horizontal support area, an area which has largely held as support since the second week in April.
On the daily time frame, technicals still favour bears. However, we should be wary of the fact that price action is at the lower boundary of a horizontal channel spanning the 1672.30/1752.70 zone (magenta). What the market does in the area is likely to be a price action marker for the rest of the week.
On the H4 time frame, the candlesticks printed in the last two H4-sessions on Friday were bullish in nature but relatively insignificant. Nevertheless, this is an indication of emergence of bullish pressure.
I may be wrong. Trade safe and prosper.
Trap
GBPAUD Weekly Technical Outlook
The negative disposition of the GBPAUD continues. On the weekly time frame, recent market operation is largely influenced by bears. Technicals still favour bears.
Price action on the daily time frame is within a falling channel (blue). Presently, it is located at the channel support trendline and in confluence with a horizontal support around the 1.81700 area. The candlesticks printed on Wednesday to Friday last week were printed in the area and are doji-like. We may see a continuation of sideways of price action in the area, or even a pullback, in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY on the weekly time frame is disposed positive. Last week, a bullish continuation was printed on the weekly time frame. Technicals are in favour of bulls.
Technicals and price action on the daily time frame are bullish.
On the H4 time frame, price action is disposed positively. However, the increase in the number of bearish candlesticks indicates a decline in bullish momentum or the emergence of bearish pressure. We may see a pullback of price action in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
Market operation on the weekly time frame printed a relatively big bullish continuation last week. However, the candlestick printed has a wick at the upper end, indicating the emergence of bearish pressure. The 1.27700 area is the immediate horizontal resistance; this area is less than 100 pips northward of present location of market operation. We should watch how the market handles the area in the early part of this week.
On the daily time frame, price action is still bullish, but it has entered the 1.26800/1.28000 horizontal resistance zone (magenta). This area is susceptible to a role flip. Nevertheless, we should await how the market handles it in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Having shaken off the sideways two weeks ago, EURUSD market operation is still positive on the weekly time frame. However, the candlestick printed last week had a significant upper shadow, which is an indication of bearish pressure.
The price action on the daily time frame is still bullish. But last week Friday, it printed a bearish candlestick, indicating that bears are contesting market influence. The 1.15100/1.15800 area (magenta) is the immediate horizontal resistance zone. How price action handles the area this week may be crucial to the general market trend.
Recent price action on the H4 time frame shows an increase in bearish pressure. Although technicals still favour bulls, the bullish momentum is declining.
I may be wrong. Trade safe and prosper.
Trap
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XAUUSD Weekly Technical Outlook
The 1752.70/1672.30 zone (magenta) is presently the primary zone for market operation. On the monthly time frame, the bullish print of April 2020 nestled at the 1752.70 resistance boundary, while the range of the bullish candlestick in May spanned approximately the 1752.70/1672.30 zone. This month, bears effected a southward disposition from the 1752.70 horizontal resistance area and presently operating around the 1672.30 area. However, technicals and the order flow context still favour bulls.
On the weekly time frame, market operation is presently sideways at the 1752.70/1672.30 zone (magenta). But technicals still favour bulls.
The sideways of price action continues to be dominant on the daily time frame. Meanwhile, bulls are presently influencing price action. If the 1752.70/1672.30 zone (magenta) is not breached either way, trading with the prevailing momentum should be a good strategy.
On the H4 time frame, price action is disposed northward, but the momentum is declining as it nears the 1752.70 horizontal resistance boundary. Bearish candlesticks were printed in the last two H4-sessions on Friday, but the last H4-candlestick was relatively insignificant and could not breach the rising trendline (blue) from recent lows. We may see bulls continue a northward move in the early part of this week, perhaps to retest the 1752.70 horizontal resistance boundary, before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
EURGBP Weekly Technical Outlook
EURGBP market operation broke out of the 0.88900 horizontal resistance in May for a northward move. On the monthly time frame, market operation is now within the 0.90600/0.88900 zone.
On the weekly time frame, last week, market operation printed a bullish candlestick which spanned almost the same range as the bearish candlestick printed two weeks ago. However, technicals give a slight edge to bulls.
Technicals on the daily time frame favour bulls. A rising trendline (magenta) traceable to February 19, 2020 is still intact, but there is a decline in bullish momentum. The immediate horizontal resistance, the 0.90600 area, is less than 90 pips away from present location of price action.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The 1.07250/1.14840 zone has been the operating channel for EURUSD market operation since June 2019. On the monthly time frame, a long-tailed doji-like candlestick printed in March spanned the zone. The April bearish candlestick print nestled at the 1.07250 support boundary before a bullish print in May which took market operation further northward within the channel. Bulls effected a follow-up in the early part of June taking market operation towards the 1.14840 resistance boundary before bearish pressure set in.
On the weekly time frame, bulls have been dominant of market operation since mid-May and the bullish print of two weeks ago teased the upper boundary of the 1.07250/1.14840 horizontal channel. But last week, bears stepped in to effect a southward pullback, leading to the printing of a top-tailed bearish candlestick. Nevertheless, the candlestick printed is relatively small and has a lower shadow, indicating that bears are not fully in control of the market.
On the daily time frame, recent candlesticks have formed a topping pattern near the 1.13700 horizontal resistance area and an ‘M’ formation is also emerging; both of which portend a bearish pressure. However, a rising trendline (magenta) traceable to May 15, 2020 is likely to be a factor regarding how far the bearish pressure can go. The 1.11500 area is the next horizontal support.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
Within the context of a generally bearish GBPUSD market, recent market operation has been sideways. On the monthly time frame, after the strong bearish dive for an all-time low in March 2020, a bullish candlestick was printed in April at an area far above the low of the March bearish candlestick print. But it has relatively small range, indicating a lack of bullish force. The candlestick print of May was bearish and similar in range to the April bullish print. This month, bulls took market operation further northward to the 1.28600 area, but a bearish pressure has been effected and market operation is presently located around the 1.25400 area.
On the weekly time frame, bulls have been dominant of market operation since mid-May and the bullish print of two weeks ago took market operation towards the 1.28600 but failed to reach it. Last week, bears effected a southward pullback from around the 1.28600 area, but the relatively long-range candlestick has shadow on both ends, indicating that bears are not fully in control of the market. While the 1.28600 area is a significant horizontal resistance, the major horizontal support is around the 1.20600 area.
On the daily time frame, bulls have been dominant recently but the bearish prints last week Thursday and Friday indicate the emergence of bearish pressure. Nevertheless, we should be aware of the rising trendline (magenta) traceable to March 20, 2020 which can be influential as resistance. Besides, price action is presently located at a horizontal support zone around 1.24700/1.23700 (SandyBrown). How the market handles the area in the early part of this week should be watched.
On the H4 time frame, recent price action has broken down a rising trendline (blue) traceable to May 26, 2020. However, price action printed a bullish candlestick in the last H4-session on Friday. This may result in a retesting of the broken down trendline (blue) for a potential role flip. The 1.26400 area (magenta) is a minor horizontal resistance.
I may be wrong. Trade safe and prosper.
Trap
GBPCAD Weekly Technical Outlook
GBPCAD market operation on the monthly time frame is within a horizontal channel spanning the 1.65560/1.75600 zone. Presently it is dominated by bears and about 230 pips from the lower boundary of the channel.
Market operation is ranging on the weekly time frame. Last week, a bearish continuation candlestick was printed from about the middle of the 1.65560/1.75600 channel-range after a bullish retracement of the bearish swing from the 1.75600 area seven weeks ago. Technically, we can expect bears to be more influential in the market this week.
On the H4 time frame, price action is presently disposed southwards after it broke below a rising trendline (blue) traceable to early June. Technicals favour bears but the momentum is weakening.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
The XAUUSD market is still disposed positively. On the monthly time frame, technicals and the order flow context still favour bulls.
On the weekly time frame, the 1677.80/1745.50 zone (magenta) has been the primary channel within which the market has been operating in the past 10 weeks. Last week, market operation printed a small bullish candlestick which nestled at the 1745.50 upper boundary. We should await how the market handles the area in the early part of this week.
On the daily time frame, price action has been sideways. Presently, it is at the 1745.50 area, which has resisted several bullish attempts to break out.
Technicals on the H4 time frame favour bulls but price action is located at the 1745.50 horizontal resistance area. We should await how price action handles the area in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD market is in consolidation within a generally downward trend. On the monthly time frame, market operation is still respecting a falling trendline (blue) traceable to July 2015. Presently, it is mainly within the 1.2800/1.21400 zone.
Technicals on the weekly time frame favour bears. However, market operation is at a horizontal support around the 1.23450 area, and we should watch how the area is handled by price action in the early part of this week.
On the H4 time frame, technicals and recent order flow context favour bears. After price action broke down a rising trendline (magenta) traceable to May 25, 2020, there was a 61.8 Fib retracement of the downward swing from 1.28130 to 1.24550; this was followed by a bearish continuation. I am more bearish than bullish GBPUSD.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market is disposing southward after three weeks of bullish drive that started five weeks ago. On the weekly time frame, two weeks ago, market operation printed a small bearish pinbar from the 1.14170 horizontal resistance area. This was followed up last week with another small bearish pinbar. This indicates that bears are increasing their influence in the market.
On the daily time frame, price action has broken below the 1.12200 horizontal support. But this is not yet a significant breakdown of the area. We may have to await a retest of the area, followed by a bearish rejection, before we can have confidence in a bearish follow-through.
From the H4 time frame, we can see that the bearish breakdown of the 1.12200 area is not significant. A further downleg with a deep pullback will be required.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
The XAUUSD market has continued its bullish outlook which began in June 2019. On the monthly time frame, the bullish market operation is within a rising channel (red). Presently, market operation in June 2020 is at a multi-year horizontal resistance zone around 1771.20.
On the weekly time frame, the 1739.30/1679.70 zone, has operated as a horizontal channel (blue) for the market for several weeks before it was broken northwards last week to nestle at the resistance trendline of the rising channel (red) seen on the monthly time frame.
On the daily time frame, price action has broken above a rising channel (red) seen on the monthly time frame as well as a horizontal channel (blue) within which it has been operating since April 14, 2020. However, presently, it has been in a sideways mode since last week Tuesday as it entered the multi-year horizontal resistance area around 1771.20. We should await how price action handles the area in the early part of this week.
Technicals on the H4 time frame still favour bulls but there is a bearish pressure.
I may be wrong. Trade safe and prosper.
Trap
EURAUD Weekly Technical Outlook
After months of positive outlook that ended with a strong bullish spike in March 2020, the EURAUD market has disposed negatively. On the monthly time frame, a southward turnaround which began in April has seen further bearish follow-through in May and June. So far, the bearish move in June broke below an inner rising trendline (blue) before snapping back, while an outer rising trendline (magenta) could be influential in the longer term.
On the weekly time frame, recent market operation is sideways. Four weeks ago, it broke below the inner rising trendline (blue) seen on the monthly time frame and three weeks ago printed a bullish candlestick that rose above it. The last two weeks have seen the printing of doj-like candlesticks around it. How market operation handles the area in the early part of this week should be watched.
On the daily time frame, presently price action is sideways. But technicals and order flow give a slight edge to bears. The 1.59600 area is the next significant horizontal support.
On the H4 time frame, presently, price action is in a sideways mode. However, the general technical outlook sees two falling trendlines (blue and black) nutmegging recent candlesticks for a falling wedge and bears are likely to have the edge. Meanwhile, the 1.64700/1.62000 zone is the operating channel (magenta) for price action.
I may be wrong. Trade safe and prosper.
Trap
