GBPUSD Weekly Technical Outlook
The GBPUSD market operation is in a bearish mode in a technically sideways market. On the monthly time frame, the bullish candlestick printed in May was mitigated by a bearish candlestick of equivalent size printed in June. In July, the bullish candlestick printed was relatively small and had wicks at both ends. Meanwhile, the interim market operation in August is bearish but it is about the same small size as the July print. Technically, we are in an ambivalent market.
The GBPUSD market operation is in a falling channel (blue) on the weekly time frame. The recent technical prints and order flow context favour bears. Two weeks ago, a relatively big bearish candlestick was printed from the channel resistance trendline and surged towards the channel support trendline, but the bullish candlestick printed last week took market operation further inside the channel. However, last week’s bullish candlestick failed to break above the high of the bearish candlestick printed two weeks ago. In fact, it went just above the middle of the bearish candlestick printed two weeks ago. As the technical impulse favours bears more than bulls, any misstep on the part of bulls in the early part of this week would see a southward turnaround.
Price action on the daily time frame is in a falling triangle (purple). Meanwhile, it is in a consolidation mode and below the 1.3800/1.38720 prevailing supply zone (magenta). Any further bullish move may retest the zone and a significant bullish breakout from it may be a northward market operation for liquidity grab. But a bearish rejection of the zone would see a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market is sideways, but market operation is bearish. On the monthly time frame, market operation tested the 1.21900/1.24800 supply zone (red) in December 2020 but yielded to a bearish rejection; it made a retest of the zone in May suffering the same fate. In July, market operation printed an indecision candlestick with a bullish tinge. However, the interim market operation in August is bearish, but it is experiencing a bullish resistance as it tackles the 1.17300/1.16280 prevailing demand zone (green).
Market operation on the weekly time frame is bearish. However, it is experiencing a bullish pullback as it tackles the 1.17300/1.16280 prevailing demand zone (green) seen on the monthly time frame. A bullish candlestick, although relatively small, was printed last week. It is, however, an inside bar to the bearish candlestick printed two weeks ago. Thus, technically, we could see further bearish dominance this week, particularly if the 1.6280 area is significantly broken down, which may lead to the formation of an extended ‘M’ pattern.
Price action on the daily time frame is in a bullish mode and this may lead to a retest of the 1.18400/1.18920 prevailing supply zone (magenta). A bearish rejection of the zone would result in a southward rotation while a significantly bullish breakout may lead to market engineering for liquidity grab at the 1.19300 area before a bearish turnaround. The technical impulse favours bears more than bulls.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD market is sideways but in a bullish mode. On the monthly time frame, the relatively small bullish candlestick printed in July was mitigated by a bearish print in August. Meanwhile, the market operation in September is in a bullish mode but it is still below the prevailing horizontal resistance around 1.39850 (purple).
On the weekly time frame, market operation is in a bullish mode having printed two bullish candlesticks in the last two weeks. Any further bullish move would attempt a breach of the 1.39850 horizontal resistance area (purple) seen on the monthly time frame. A bullish breakout from that area may see further northward liquidity engineering, but it would take much longer to breach the 1.40860/1.42110 supply zone (red). However, any bullish misstep may see a bearish reaction for a southward rotation to the 1.35710 handle (green).
Price action on the daily time frame is bullish. It broke out from a consolidation area on Thursday and there was a bullish follow-up on Friday. We may see a bullish continuation in the early part of this week, perhaps targeting a retest of the 1.39850 horizontal resistance area (purple) seen on the monthly time frame. Furthermore, technically, the price action has broken out of a falling channel (blue) and tackling a minor horizontal resistance at 1.38780 (magenta), which, if flipped as support, would see a further bullish drive. However, bears may seize upon bullish misstep to rotate price action southward to, perhaps, the 1.36030 handle (green).
I may be wrong. Trade safe and prosper.
Trap
AUDUSD Weekly Technical Outlook
AUDUSD has recently taken on a bullish technical outlook. On the monthly time frame, in August, market operation printed a long-tailed doji-like candlestick which retested the 0.71560/0.70220 demand zone (green) and rejected it. Presently, the September market operation is bullish, and has moved above the high of the August candlestick print as well as the previous horizontal resistance around the 0.73450 area (purple), which may be flipped as a horizontal support.
The AUDUSD market operation on the weekly time frame is bullish. The bullish candlestick printed two weeks ago had a follow-through last week, breaking above the horizontal resistance around the 0.73450 area (purple).
Price action on the daily time frame is bullish. The candlesticks recently printed have largely been bullish. Meanwhile, price action is tackling the 0.74600 horizontal resistance area. Technically, bulls are still favoured more than bears. In the circumstance, any bearish reaction is likely to be temporary in nature unless the 0.73160/0.72790 area (Sandybrown) is significantly broken down.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Technically, the EURUSD market is sideways, but it is in a bullish operating mode. On the monthly time frame, the relatively small bullish candlestick printed in July was mitigated by a bearish print in August. Meanwhile, the market operation in September is in a bullish mode and tackling the prevailing horizontal resistance around 1.19120 (purple).
Market operation on the weekly time frame is in a bullish mode. The last two weeks have seen the printing of two bullish candlesticks, and the exposed upper wicks above the present location of market operation may magnetize bullish interest after tackling the 1.19120 horizontal resistance area (purple) seen on the monthly time frame. This may result in northward liquidity engineering towards the horizontal resistance around the 1.20240 area (blue). However, any bullish misstep may see a bearish reaction for a southward rotation. Meanwhile, the 1.21680/1.22630 zone (red) is still intact as supply.
Price action on the daily time frame is bullish. It broke out from a consolidation at the 1.17700/1.17430 area (green) on Tuesday and has maintained a bullish tone since then. Presently, bulls are still more favoured than bears, and we may see further bullish move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The USDJPY market is in consolidation. On the monthly time frame, market operation has been consolidating in a symmetrical triangle (blue) for several months. Since April, market operation has been sideways below the resistance trendline of the triangle. The 112.00 area (red) is the immediate horizontal resistance.
On the weekly time frame, market operation is consolidating in the 109.45/110.45 horizontal channel (purple) and below the resistance trendline of the symmetrical triangle (blue) seen on the monthly time frame. Market operation broke below a rising trendline (magenta) ten weeks ago, apparently a pullback, as there was no bearish follow through. Rather, it has resulted in several weeks of sideways market operation. Technically, bulls are still more favoured than bears.
The USDJPY price action on the daily time frame is in a rising wedge (black). The general technical structure on the daily time fame favours bulls more than bears. The 112.00 area (red) is the immediate horizontal resistance on the monthly time frame.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market is in a sideways mode. On the monthly time frame, the last two months saw a consolidating market operation after a bearish rejection of the 1.19230/1.22900 supply zone (red) in June. The interim market operation in September started out bullish but it is experiencing bearish pressure. The larger technical outlook shows that EURUSD market operation broke out of a falling channel (purple) in July 2020 but has not got enough bullish force to break above the technical structure around 1.25700.
EURUSD market operation is in a bearish mode on the weekly time frame. The 1.21650/1.22700 supply zone (blue), nested in the 1.19230/1.22900 supply zone (red) on the monthly time frame, still holds. The bearish order block around 1.19230 was tested two weeks ago and was rejected with a bearish follow-up last week. We may see a bearish continuation this week.
On September 3, a bullish price action retested the 1.18560/1.18950 supply zone (magenta) on the daily time frame but was rejected with a bearish follow-through on Tuesday. Subsequent attempts by bulls, on Thursday and Friday, to mitigate the area were resisted by bears. Technically, bears are more favoured than bulls.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
On the GBPUSD market, the 1.42380 area (purple) is a multi-year technical resistance barrier. Market operation made a bullish drive into the area in May, but the move was mitigated by a bearish rotation in June. Since then, on the monthly time frame, the market operation has been sideways. Presently, the interim market operation in September has a bullish tone.
Market operation on the weekly time frame is retesting the 1.38100/1.39100 previous horizontal support area (red) for a role flip as resistance. Two weeks ago, it drove into the area with a relatively big bullish candlestick. There was a bearish resistance last week, but it was feeble, resulting the printing of a doji-like candlestick. Technically, bulls are still influential in the market although bears are pressing for market control. Furthermore, market operation is within two rising trendlines—an inner one (blue) and an outer one (red)—traceable to March 2020. Should bears succeed in breaking down the outer trendline (red), we may see a southward rotation to the 1.35600 horizontal support area (green).
On the daily time frame, presently, price action is bullish but still within the 1.38000/1.38730 supply zone (magenta). This may lead to either the confirmation of the supply zone for a bearish rotation or a further bullish attempt to seize market control. On Friday, price action printed a doji-like candlestick with a long-upper shadow, —a bearish-pinbar— in the supply area, indicating that there is bearish pressure in the area. But we should await what price action does in the early part of this week. Personally, I see any bullish breakout from the area to be temporary in nature, with the 1.39700 area (black) acting as a barrier. I am bearish GBPUSD, but I will await the daily close on Monday. The 1.35600 area (green) is a significant horizontal support on the weekly time frame and likely a target of a feasible bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
Thank you for the analysis. I am short term bearish here. Maybe to around the 1.37 mark, but mid term I agree, I think the bulls have control.
Good to see you post here. It will be helpful to others if you attach a chart showing your analysis. Maybe in any future post here or on any other thread.
Trade safe and prosper.
Trap
Hi! I missed your post. Just seeing it!!!
Stay safe, trade safe.
Trap
USDCAD Weekly Technical Outlook
The USDCAD market has a positive technical outlook. On the monthly time frame, market operation has printed bullish candlesticks since June, and the interim market operation in September is bullish. Presently, market operation is retesting the 1.27000 /1.28600 supply zone (red) but the main horizontal resistance is at the 1.29280 area (purple).
Market operation on the weekly time frame is bullish. Three weeks ago, it made a bearish retest of the 1.25800/1.24870 demand zone (green), which was restored with a bullish continuation candlestick last week. However, the bullish momentum is declining as market operation tackles the 1.2700/1.28600 consolidation area (red), which corresponds to a supply zone on the monthly time frame.
Price action on the daily time frame is bullish within a rising channel (blue) after retesting the 1.25470/1.24900 demand zone (black). It broke out of a minor consolidation area on Friday and, technically, poised for a bullish continuation. Meanwhile, it is operating in the 1.27000 /1.28600 zone (red), which corresponds to a supply zone on the monthly time frame. Besides, the 1.29280 area (purple) is a major horizontal resistance area. Thus, although technical favour bulls more than bears, bulls have a lot of barriers to contend with.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD market remains sideways, but market operation is in a bearish mode. On the weekly time frame, market operation made a bearish drop from the 1.41000 area 14 weeks ago and then went sideways for eight weeks. A bearish continuation candlestick was printed five weeks ago but a bullish corrective mode followed. Presently, market operation is tackling the 1.38800 horizontal resistance area (red) and rejecting it with bearish prints. Overall, technically, bears are still more favoured than bulls. The 1.36400/1.35400 zone (green) is the demand zone or the immediate horizontal support, while the 1.41300/142120 zone (purple) is the prevailing supply zone.
Price action on the daily time frame has rejected the 1.38800 horizontal resistance (red), flipping it for a bearish structure. Meanwhile, it is tackling the 1.34700 horizontal support area; a bearish breakdown of which may incentivize bears to expose the major horizontal support at the 1.36400/1.35400 zone (green).
On the H4 tf, price action has rejected the 1.38800 horizontal resistance (red), flipping it for a bearish structure. Presently, price action is tackling the minor horizontal support at the 1.34700 area. Although we may see some sideways of price action or a corrective bullish move in the early part of this week, the technical impulse favours bears more than bulls.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD is in a bearish operating mode. On the monthly time frame, the bearish drop from the 1.22500 horizontal resistance in June is still in play. There was a sideways of market operation for two months after the drop but the interim market operation in September has restored the bearish mode. Presently, market operation is tackling the 1.17000/1.16000 horizontal support area (green).
Market operation on the weekly time frame is in a bearish mode after a northward correction of the bearish swing that began 15 weeks ago. Meanwhile, there is a slowdown in bearish momentum as market operation printed an indecision candlestick at the 1.18000 minor horizontal support area last week. We may see a brief sideways or bullish operation in the area but, technically, the area is open to being role-flipped for a southward continuation, and potentially completing a large ‘M’ formation at the 1.17000/1.16000 horizontal support area (green).
On the daily time frame, the order flow context and the recent technical candlestick prints favour bears more than bulls. But a reliable southward rotation would depend on a significant breakdown of the 1.17000/1.16000 horizontal support area (green) on a daily closing basis. Technically, in the short term, bears are more favoured than bulls.
I may be wrong. Trade safe and prosper.
Trap
USDCAD Weekly Technical Outlook
The USDCAD market is bearish but presently in a sideways mode after a bullish retracement to the 1.28600/1.27000 supply zone (red) on the monthly time frame. On the monthly time frame, there was a bullish retest of the area in July with market operation failing to breach it, resulting in the printing of a bullish candlestick with long upper shadow closing below the area. The August market operation also made a bullish run into the area but failed to flip it, resulting in the printing of bullish candlestick with a long upper shadow closing below the area. The interim September market operation made a bullish surge to the area before trading below it. Technically, bears are still influential in the market.
USDCAD market operation on the weekly time frame is located at the 50/68.2 Fib zone of the most recent downward swing. The area is within the 1.28600/1.27000 supply zone (red) seen on the monthly time frame. Meanwhile, market operation is sideways in the zone. Any bullish breach of the area may find the 78.6 Fib zone challenging – a zone that is confluent to the 1.31300 horizontal resistance area (purple).
On the daily time frame, the USDCAD price action is in a bearish mode within a rising wedge (blue). Technically, bears are more favoured than bulls. Meanwhile, the price action is tackling the wedge support trendline and printed an indecision candlestick near it on Friday. How price action tackles the wedge support trendline on Monday should be of interest. A significant bearish breakdown of the wedge support trendline may lead to a southward continuation, but a bullish rejection may see another attempt to breach the 1.28600/1.27000 major horizontal resistance area (red).
I may be wrong. Trade safe and prosper.
Trap
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GBPUSD Weekly Technical Outlook
The GBPUSD market is under an increased bearish pressure. On the monthly time frame, since July market operation has been within the 1.35500/1.39700 horizontal channel (purple) after a bearish drop in June. Presently, market operation is in a bearish mode.
GBPUSD market operation on the weekly time frame is bearish. Four weeks ago, it made a bullish retest of the 1.37400/1.39700 supply zone (red) and rejected it with a bearish follow through last week. However, the area is within the 1.35500/1.39700 horizontal channel seen on the monthly time frame, which has been maintained since July. Therefore, it would take a significant breakdown of the 1.35500 area (purple) before we could have confidence in a southward turnaround.
GBPUSD price action on the daily time frame is in a falling wedge (blue). It made a bearish test of the wedge support trendline on Wednesday, but a relatively strong bullish momentum took it further within the wedge on Thursday. The candlestick printed on Friday was bearish, but it failed to break below the low of the bullish print of Thursday. The technical impulse favours bears, with the 1.38000/1.38500 supply zone (magenta) still intact, but the zone is being threatened by bulls, perhaps for a retest. Should there be a bearish rejection of the zone after any bullish retest in the early part of this week, we may see a southward continuation. Any bullish breach of the zone is likely to be temporary unless there is a significant northward breach of the 1.37000 area (red).
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market is under bearish pressure. On the monthly time frame, market operation made a southward swing from the 1.22300 multi-year horizontal resistance area in June. However, it went to a sideways for two months and presently it is in a bearish mode. The interim market operation in September is below the August bearish close. The 1.16400 area (green) is the operating horizontal support on the monthly time frame.
EURUSD market operation on the weekly time frame is bearish, but it is just about 70 pips from the 1.16400 major horizontal support area on the monthly time frame (green). So, caution is advised until the area is significantly broken down or rejected. Meanwhile, technicals favour bears more than bulls in the short term.
Price action on the daily time frame is bearish. However, it is experiencing some bullish resistance as it tackles the 1.16400 horizontal support (green), which has held as support since September 28, 2020. As the area is just about 70 pips from present location of price action, we may see a sideways of price action or bullish pushback in the earlier part of the week. Technically, the bearish mode is not sustainable unless the 1.16400 horizontal support area (green), is significantly broken down on a daily closing basis. Furthermore, price action is operating in a falling wedge (blue). A bullish pullback of price action may retest the wedge resistance trendline or the previous 1.18000/1.18500 horizontal support area (magenta) turned resistance. A significant bearish turnaround after a northward corrective mode, would target the wedge support trendline and, in the longer term, may threaten the 1.14300 area (purple), which is a significant horizontal support on the weekly time frame.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation is bullish. On the monthly time frame, the bullish print in September closed above the bullish candlestick printed in August. Market operation has broken above a falling trendline (blue) and presently tackling a horizontal resistance around 111.050. Any bullish break out from the 111.050 area would test the 112.820/114.125 supply zone (red).
On the weekly time frame, market operation is bullish after breaking out of a falling trendline (blue). The last two weeks have seen a bullish continuation after market operation broke out from the 110.300 area (purple), the upper boundary of a consolidation which was in place for seven weeks. Presently, market operation is tackling the 111.600/112.200 horizontal resistance zone (magenta), and respecting a rising trendline (red). Any further bullish drive may retest the 112.820/114.125 supply zone (red) seen on the monthly time frame.
Price action on the daily time frame broke above the 110.300/109.140 horizontal channel (purple). It is presently making a bearish retracement to retest the area, a bullish rejection of which would lead to a northward continuation. Any bearish momentum would not be reliable unless it significantly breaks down the 109.140/109.420 demand zone. Technically, bulls are more favoured than bears.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market operation is bearish. On the monthly time frame, the bearish candlestick printed in September has broken, and closed, below an area of consolidation which was in place between July and August. The September bearish candlestick broke down the previous technical structure, completing an ‘M’ pattern, and making the 1.17530/1.19120 zone (red) the operating monthly supply zone. Technically, a southward continuation would more likely be sustained if a northward retest of the zone, or an area of value near it, results in a bearish rejection. Of course, technicians would be expecting a northward retracement after the completion of the ‘M’ pattern.
EURUSD is bearish on the weekly time frame, but market operation is tackling the 1.15700 horizontal support area (green). This is happening after the completion of an ‘M’ pattern in the area, a pattern that started with an upward move from the area in the first week of November 2020. Technically, we may see a northward pullback to an area of value, such as the midline around 1.17530. Personally, I would see a northward pullback as corrective. But we should not rule out a southward market engineering for liquidity grab at the area of imbalance below the 1.15700 area before a corrective northward pullback.
Price action on the daily time frame is in a falling wedge (blue) and at the wedge support trendline. It is tackling an area, which is a confluence of the wedge support trendline and the 1.15700 horizontal support (green) seen on the weekly time frame. Such an area is susceptible to a bullish pullback or a sideways operation. Two indecision candlesticks were printed in the area on Thursday and Friday. Technically, I expect a bullish pullback to an area of value before a southward continuation. But as a swing trader, I will await how price action handles the area in the early part of this week, at least after the Monday daily close.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is still bearish. On the monthly time frame, the September bearish candlestick closed below the August bearish candlestick. The 1.33000 area (green) is the prevailing horizontal support.
On the weekly time, market operation is bearish within a falling wedge (blue). However, the bearish continuation move of the last three weeks is being challenged at the 1.35300 horizontal support area (light green). Last week, a bearish market operation broke below the area, but was resisted, leading to the printing of a bearish candlestick that closed in the area but which formed a long lower shadow below it. Technically, any further bearish move would see a retest of the 1.34120/1.31300 demand zone (green). A bullish pullback may see market operation attempt a retest of the wedge resistance trendline or the 1.37470/1.39000 supply zone (red). Meanwhile, the technical impulse favours bears more than bulls.
On the daily time frame, price action is in a falling wedge (blue). Presently, it is in a bullish correction of a bearish drop from a daily supply zone, and we may see a southward turnaround after a northward pullback to an area of value, such as the 1.37000 daily supply area. The technical impulse and order flow favour bears.
I may be wrong. Trade safe and prosper.
Trap
