GBPUSD Weekly Technical Outlook
On the monthly time frame, GBPUSD market operation is consolidating within a falling wedge (red). In August, market operation printed a bullish candlestick that peaked around the 1.34000 area, which is about 250 pips below the wedge resistance trendline, and from which a bearish engulfing candlestick was printed in September. The 1.34000/1.23000 zone (black) is the main zone for market operation on the monthly time frame. The 1.26700 area is the immediate horizontal support.
On the weekly time frame, the 1.26700 area (light green) has acted as horizontal support for quite a while. Presently, market operation is consolidating about 70 pips above it. Last week, a bullish candlestick was printed in opposition to the bearish print of similar size printed a week earlier. However, the relatively big bearish print of four weeks ago demonstrated the strong influence of bears in the market. A bearish breakdown of 1.26700 area (light green) would result in a southward drive. The 1.30420 area (magenta) is the immediate horizontal resistance.
On the daily time frame, price action has broken down the 1.30420 previous horizontal support (magenta) and it is presently retesting it for a possible role flip. This would result in a southward turnaround for a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The 1.19000 area (magenta) has served as horizontal resistance for EURUSD market operation for quite a while. On the monthly time frame, a relatively bullish candlestick printed in July peaked in the area, since then the candlestick prints have been sideways in the area. The September print was bearish and broke below the bullish August print. This indicates an increase in bearish pressure. We should also note that market operation on the monthly time frame is within a falling channel (red) and presently it is at the channel resistance trendline where a bearish print was produced in September.
Recent market operation on the weekly time frame produced an ‘M’ pattern below the 1.19000 horizontal resistance area (magenta) seen on the monthly time frame. Last week, a bullish candlestick was printed in retracement but was only able to retest the broken down previous 1.17500 horizontal support (black), which may result in a role flip for a southward continuation.
On the daily time frame, topping patterns can be seen below the 1.1900 horizontal resistance area (magenta) seen on the monthly time frame. Besides, price action is in consolidation below the 1.17500 previous horizontal support (black) seen on the weekly time frame and, technically, susceptible for a role flip upon a breakdown of the consolidation area. A significant breakdown of the inner trendline (blue) traceable to May on a daily closing basis is likely foster a bearish drive. The outer trendline (purple) may serve as support in the longer term. I am more bearish EURUSD than bullish.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market is still disposed northward. On the monthly time frame, the 1.17000/1.19600 zone (magenta) is the prevailing area for market operation. There has been sideways of market operation in the zone since August.
The most recent upward swing on the weekly time frame saw a 50 Fib retracement three weeks ago. The candlestick prints in the last two weeks restored a positive tone. However, there is a decline in bullish momentum as market operation is struggling to breach the 1.19600 horizontal resistance.
On the daily time frame, a topping pattern has been created in the 1.17000/1.19600 zone (magenta). Price action briefly broke below the zone on September 23, but bulls restored the positive disposition four days later. However, a sideways of price action mitigated the bullish intent for the next three days before another day of bullish press. The sideways that followed this bullish press gave way to another northward move on Friday last week, but the 1.18600 area, from which bears effected a southward move on September 21, is holding as resistance. Based on recent technical behaviour, we may not see much bullish momentum on the EURUSD market until, perhaps, price action significantly break out of the 1.19600 horizontal resistance area.
I may be wrong. Trade safe and prosper.
Trap
AUDUSD Weekly Technical Outlook
The AUDUSD market is still disposed positively. On the monthly time frame, the 0.70500/0.74130 zone (magenta) is the prevailing operating area. The zone has seen a sideways of market operation since August, but the interim October print is disposed positively.
On the weekly time frame, the last two weeks have seen bulls effecting a positive northward move, but they are yet to break above the high of the relatively big bearish candlestick printed three weeks ago. The 0.72900 area is the prevailing horizontal resistance and, presently, market operation is about 45 pips below it.
On the daily time frame, price action is disposed positively. Technically, a ‘W’ pattern is being played out beginning with the downward swing of September 21, and we may see its completion with an outer leg for a bullish continuation. Thereafter, we will likely see a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame produced a bearish engulfing candlestick in September. Technically, the 1.28000 (light green) is the prevailing horizontal support and, presently, market operation is located about 200 pips above it.
On the weekly time frame, last week, market operation printed a bullish candlestick that broke out of a sideways headlined by the 1.29250 area. The 1.31700 area (magenta) is the next horizontal resistance.
On the daily time frame, price action has made a 38.2 Fib retracement of the downward swing that began on September 1. The 1.31700 area (magenta) is the immediate horizontal resistance and is aligned with the 61.8 Fib level. Technically, the area is susceptible to a bearish turnaround.
I may be wrong. Trade safe and prosper.
Trap
USDCAD Weekly Technical Outlook
The 1.33760/1.29500 zone (magenta) is the prevailing area for USDCAD market operation. On the monthly time frame, sideways operation has been maintained in the area since August. The interim October market print is southwards within the zone.
On the weekly time frame, the most recent downward swing of USDCAD market operation had a 61.8 Fib retracement three weeks ago. The last two weeks have seen bears effected a southward turnaround. The 1.29500 area is the immediate horizontal support.
On the daily time frame, on September 18, price action broke a falling trendline (blue) traceable to March. It is presently heading southwards and an outer falling trendline (red) is being respected by price action. I am more bearish USDCAD than bullish.
I may be wrong. Trade safe and prosper.
Trap
AUDUSD Weekly Technical Outlook
The AUDUSD market operation is technically within the 0.72330/0.70200 zone (magenta) on the weekly time frame. Two weeks ago, bulls took market operation toward the upper boundary of the zone. Last week bears effected a southward move from the 0.72330 area and breached the low of the bullish print of two weeks ago. However, the bearish print of last week failed to reach the 0.70200 lower boundary. Technically, the outer leg of a potential ‘M’ pattern is being created. Should that be the case, we may see further bearish move this week.
Recent price action on the daily time frame has formed a symmetrical triangle (blue). Presently, price action is at the triangle support trendline where a miniature bearish candlestick was printed on Friday. The lower shadow on the bearish candlestick print of last week Thursday is indicative of a decline in bearish momentum. The miniature bearish print of Friday was an inside bar, which further suggested a slowing down of bearish momentum. Nevertheless, as price action is presently located The location is just 64 pips from the lower boundary of the prevailing operation zone identified on the weekly time frame we cannot rule out a brief bearish move in the early part of this week, at least to retest the 0.70200 horizontal support area.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
On the monthly time frame, the EURUSD market operation is above a falling trendline (blue) with the 1.16780 area (magenta) the prevailing horizontal support. Since August, market operation has been sideways above the area and the interim candlestick print in October is ambivalent. It is apparent that the 1.16780 is a previous (broken) horizontal support area.
Recent market operation on the weekly time frame has been predominantly sideways. But a relatively big bearish candlestick printed four weeks ago is operating as a controlling or master candlestick; carving out the 1.18410/1.16040 zone (sandybrown) as the prevailing operating zone. Technically, the market operation on the weekly time frame is presently under a bearish pressure.
Topping patterns have prevailed on the daily time frame for several days since mid-August. The 1.17240 area (purple), which was a previous horizontal support was broken down on September 22 but there was no bearish follow-through. So, bulls effected a pullback that later resulted in a retest of the 1.18410 horizontal resistance seen on the weekly time frame before a southward mode. Presently, there is a sideways of price action in the 1.17240 area (purple). We should await how price action handles the area in the early part of this week.
On the H4 time frame, on October 13, price action broke down a rising channel (blue) within which it has been operating since late September. The order flow context and immediate preceding impulsive technical pattern on the H4 time frame favour bears.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The 1.30930/1.27340 zone (magenta) is technically the prevailing zone for GBPUSD market operation on the weekly time frame. In the past two weeks, market operation has been sideways at the upper region of the zone. Two weeks ago, bulls took market operation from just below the middle of the zone to near the 1.30930 upper boundary, but last week bears effected an opposing move from the upper boundary to the middle. Technically, we are in a ranging market, but bears have a slight edge, taking cognizance of the relatively big bearish impulsive move of six weeks ago.
On the daily time frame, the 1.30930 area represented a previous horizontal support area which has been breached by price action, and then been retested several times for a role flip. But there has not been any significant bearish follow-through as an area of consolidation of price action has formed just below it. Presently, the 1.29100 area is holding as a prevailing horizontal support on the daily time frame. A southward break will see bears contend with the significant 1.27340/1.27300 horizontal support area seen on the weekly time frame. Technicals on the daily time frame favour bears.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The 105.14/103.70 zone (purple) has held as horizontal support for USDJPY market operation since July 2020. The interim October print has entered the zone with a bearish tinge.
Last week, a bearish continuation candlestick was printed within the 105.14/103.70 horizontal support zone (purple) seen on the monthly time frame. Should bears maintain their influence in the market, we may see further southward move in the early part of this week.
On the daily time frame, a double inside-bar formation was printed between Wednesday and Friday last week, with the Wednesday bearish print an influencing candlestick. We may see a bearish continuation in the early part of this week. The 103.70 area is the immediate horizontal support on the daily time frame, but the 103.04 area is an extension and may be a target of bears. The 105.50 area is the prevailing horizontal resistance on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
USDCAD Weekly Technical Outlook
USDCAD market operation is at the 1.31300/1.29470 zone (purple) that has held as horizontal support since October 2018 after breaking below a rising trendline (blue) traceable to October 2012 in July.
Market operation on the weekly time frame is bearing southward after retesting a previous horizontal support zone around 1.34630/1.33800 (magenta) for a role flip. After a relatively big bearish candlestick was printed three weeks ago, the last two weeks have produced two opposing candlesticks for a sideways of market operation as it gets near to the 1.31300/1.29470 multi-year horizontal support zone (purple). However, the order flow context favours bears and, technically, we may see a southward continuation this week.
Technicals on the daily time frame favour bears. Price action has broken below a rising counter trendline (dark violet) to respect an emerging falling trendline (black).
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The 1.20160/1.18970 zone (purple) has operated as a multi-year horizontal resistance zone on the EURUSD monthly time frame since May 2018. The bullish print of August peaked at the zone while the bearish print in September ‘wicked’ within it before breaking below it. Thus, technically, market operation has rejected the zone and the 1.17820 area (magenta) is the prevailing horizontal resistance. However, the interim print in October is ambivalent. Technically, the general market operation on the monthly time frame is sideways.
On the weekly time frame, a recent sideways operation that began three weeks ago has given way to a bullish mode as a bullish continuation candlestick was printed last week. The bullish move inched towards the lower boundary of the multi-year 1.20160/1.18970 horizontal resistance zone (purple) seen on the monthly time frame. We can expect further northward move particularly as the previous candlestick prints in the zone have ‘wicky’ tops indicating some liquidity, but we may not have much distance to cover before bearish pressure sets in.
Price action is presently sideways on the daily time frame below the 1.20160/1.18970 horizontal resistance zone (purple) seen on the monthly time frame. But as the prevailing technical impulse is bullish, we may see further northward move in the early part of this week.
On the H4 time frame, on October 23, price action made a 61.8 Fib retracement of the upward swing from 1.17020. Presently, price action is located at the 1.18610 area and it is on a bullish mode after a morning star formation during the London session on Friday. The 1.18970 area is a horizontal resistance.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame has entered the 1.30400/1.33500 horizontal resistance zone (purple). The interim candlestick print in October favours bulls but we should note that bears dominated the market in September.
On the weekly time frame, the technical prints in the last six weeks indicate that bulls are becoming more influential in the market. But we should be note that market operation is presently at the 1.30400 area, which is acting as a horizontal resistance on the weekly time frame and prone to attracting bearish reaction.
On the daily time frame, on September 8, price action broke below the 1.30400 area, which was a previous horizontal support, and it is retesting it. Last week Thursday, price action printed a bearish candlestick in the area, but the Friday candlestick print was somewhat ambivalent. We should await what price action does in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
AUDUSD Weekly Technical Outlook
The AUDUSD market is disposed southward. On the monthly time frame, market operation printed a bearish continuation candlestick in October. Presently, market operation is located at the 0.70250 area. The 0.68800 area (green) is the prevailing horizontal support while the 0.73900 area (magenta) is the horizontal resistance.
On the weekly time frame, five weeks ago, a market operation printed a bullish candlestick from the 0.70250 area. This led to a 78.6 Fib retracement, four weeks ago, of the bearish impulsive drive of six weeks ago. A southward turnaround has taken market operation back to the 0.70250 area with the bearish print of last week. Technically, an ‘M’ pattern is in play and its extended downleg may target the 0.68800 horizontal support (green).
Price action on the daily time frame has retested and rejected a previous horizontal support around 0.71300 (blue) for a bearish continuation. However, the bearish momentum has declined. This is seen in the indecision candlesticks printed on Thursday and Friday last week as price action got to the 0.70250 horizontal support area.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market operation is disposed southward. On the monthly time frame, a bearish continuation candlestick was in October and broke below the 1.17800 technical area (magenta), which had acted as a horizontal support. The 1.19400 area (purple), a multi-year horizontal resistance, remains intact while the 1.15430/1.14300 (green) is the next horizontal support area.
A bearish continuation candlestick was printed last week on the weekly time frame and broke below the area of consolidation which was in place for three weeks earlier. Presently, the downleg of an ‘M’ pattern is active and we may see a bearish continuation should the 1.16100 horizontal support area (blue) on the weekly time frame be broken down. Looking left, it is apparent that during the first week in September 2020 market operation made a 78.6 Fib retracement of a downward swing from second week in April 2018 to the second week in March 2020. Market operation has just made a bearish rejection of the 61.8 Fib retracement zone last week and presently located around 1.16450. The 1.15430/1.14300 (green) potential reaction area aligns with the 50 Fib zone. Technically, we may see a bearish continuation.
Price action on the daily time frame is disposed southward. Presently it is located a few pips above the 1.16100 horizontal support area (blue). A significant bearish breakdown of the area on a daily closing basis will likely lead to an increase in bearish momentum. I am more bearish EURUSD than bullish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly timeframe attempted a breakdown of the prevailing horizontal support around the 1.30400 area (purple) with a doji-like print in October. This is an inside-bar formation with the relatively big bearish print in September. Until that area is effectively broken down and flipped, the 1.33500 area (magenta) remains the prevailing horizontal resistance.
Market operation is sideways on the weekly time frame and just below the 1.30400 technical area (purple). Notice also that the market operation is within a rising channel (blue). A bearish breakdown of the channel may encourage bears to target the 1.24900 handle (green) while a bullish drive may lead to a retest of the 1.33500 horizontal resistance area (magenta) seen on the monthly time frame.
Price action on the H4 time frame is bearing southward within a descending channel (black). It is presently below the 1.30400 horizontal support seen on the monthly time frame. A bearish continuation is likely to target the support trendline (blue) of the rising channel seen on the weekly time frame. I am more bearish GBPUSD than bullish.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The USDJPY is disposed southward after breaking below the 104.40 technical reaction area (magenta), which has served as horizontal support for several months. On the weekly time frame, the area was broken down by the relatively big bearish candlestick printed last week. Market operation is presently a few pips above the 103.00 technical area (purple).
On the daily time frame, the 104.40 area (magenta) is the prevailing horizontal resistance while the 103.00 area (purple) is the prevailing horizontal support. Presently, price action is sideways a few pips above the 103.00 horizonal support area where an indecision candlestick was printed on Friday. How price action handles the 103.00 area in the early part of this week will likely signpost the directional momentum for the week. A significant breakdown of the 103.00 area may see bears target the 102.00 handle (light green), which was the origin of a strong bullish move on March 10, 2020. Alternatively, a bullish turnaround is likely to meet a technical challenge at the 104.40 area (magenta).
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD has been largely sideways for a while. But last week, a relatively big bullish candlestick print broke out of the sideways-channel and nestled at the 1.31800 horizontal resistance area (magenta). The 1.28500 area (green) is the prevailing horizontal support.
On the daily time frame, price action is operating within the 1.28500/1.31800 zone. Presently, it is located around the 1.31800 horizontal resistance, where it printed an indecision candlestick last Friday. Personally, as a swing trader, I will not be looking to trade this pair until there is a momentum candlestick print on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
In the past three months, EURUSD market operation has been within the 1.16100/1.19400 zone. Presently, the interim print in November is bullish and about 100 pips to the 1.19400 horizontal resistance area (magenta). The area has held as resistance since June 2018. The 1.16100 area (blue) is the prevailing horizontal support on the monthly time frame.
The 1.16100/1.19400 zone has seen a sideways of market operation on the weekly time frame since the last week of July. Last week, a bullish engulfing candlestick originated from the 1.16100 horizontal support area (blue) and surged towards the 1.19400 technical resistance area (magenta). We may see a brief bullish surge to the 1.19400 area, or even possibly the 1.20100 handle, before a southward turnaround. This is indicated by the ‘wicky’-bearish rejection candlesticks of the past several weeks in the 1.19400/1.20100 area. Furthermore, technically, the 1.20100 area aligns with the 78.6 Fib of the downward swing that began in the second week of April.
Price action on the daily time frame is bullish but it is at an area of potential technical reaction which accommodates previous ’topping’ patterns. Besides, the 1.19400/1.20100 area has held as horizontal resistance for quite a long while and susceptible to a bearish turnaround. Although, technically, I am more bearish EURUSD than bullish, I will await how price action handles the 1.19400/1.20100 area in the early part of this week – much likely after the daily close on Monday.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation has been sideways for a while. On the weekly time frame, the 1952.90 area (magenta) is technically the prevailing horizontal resistance while the 1855.00 area (purple) is technically the prevailing horizontal support. Two weeks ago, a bullish print spanned the horizontal support and the horizontal resistance. But last week a bearish print did the opposite. However, the prominent bottom-wick on the bearish print of last week indicated that bulls were still influential.
On the daily time frame, the relatively big bearish print of last week Monday failed to break down the 1855.00 horizontal support area (purple). The price action went sideways for the next three days a few pips above the 1855.00 horizontal support areas. But on Friday, a bullish print took price action a few pips above the consolidation. Should there be a bullish follow-through in the early par of this week, the 1906.05 minor horizontal resistance (black) is technically a first target. Presently, price action is about 160 pips away from it.
I may be wrong. Trade safe and prosper.
Trap
