EURUSD Weekly Technical Outlook
EURUSD market operation is in a bullish correction of a bearish trading structure. On the weekly time frame, market operation created a multi-year low at the 0.95290 area (green) four weeks ago. The area witnessed a strong bullish pushback that gave way to two weeks of consolidation. This was followed last week with a relatively strong bullish move, offering 50 Fib retracement of the 1.01970/0.95350 bearish swing.
EURUSD price action on the daily time frame is making a bullish correction of the 1.01970/0.95350 bearish trading range. Presently, it is retesting the 0.98610 horizontal resistance, but recent technical prints favour further northward move, perhaps for liquidity grab, before a southward turnaround.
EURUSD price action on the H4 is making a bullish correction of the 1.01970/0.95350 bearish trading range. There is more bullish significance in recent technical prints and we may see further northward move to an area of value, perhaps for liquidity grab, before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
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XAUUSD Weekly Technical Outlook
The 1635.80/1614.60 zone (green) has acted as horizontal support on the XAUUSD market for more than two years. On the weekly time frame, XAUUSD bearish market operation retested the zone a couple of times in the last six weeks but met bullish pushback. Last week’s bearish charge at the area resulted in the printing of a bearish candlestick with shadows on both ends. This indicates that bulls are still resisting a bearish attempt to break down the zone.
XAUUSD price action on the daily time frame is in a ranging mode after a bullish pushback from the 1635.80/1614.60 major horizontal support zone (green) seen on the weekly time frame. Technically, bears are more favoured than bulls, and we can expect further southward drive, but we should not rule out a northward market engineering for liquidity grab before further bearish drive.
XAUUSD price action on the H4 time frame has made a bullish correction of the bearish drive to the 1635.80/1614.60 major horizontal support zone (green) seen on the weekly time frame. Presently, it is in a sideway mode, but we may see further northward market engineering for liquidity grab at a value area, such as the 1652.880/1657.740 area of market imbalance (magenta), before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation turned bearish after creating a multi-year high at the 151.940 area two weeks ago. On the weekly time frame, there was a bearish retest of the 145.720/144.650 horizontal support zone (green) last week before bulls pushed back, resulting in market operation printing an indecision candlestick.
USDJPY price action on the daily time frame retested the 145.720/144.650 horizontal support area (green) a few times last week but met bullish resistance. Friday’s price action produced a bullish candlestick but there was limited momentum. Although price action is located at the 147.150 intra-day resistance area, should bulls follow through Friday’s intent we may see further northward move in the early part of this week.
USDJPY price action on the H4 time frame is in a bullish correction of an intra-day bearish swing. Presently, there is a pause in directional momentum, but we may still see some bullish move before further bearish drop.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation is in a bullish corrective mode. On the weekly time frame, last week, market operation made an 88.6 Fib retracement of the 1.01975/0.95350 bearish swing. As last week’s bullish candlestick has a relatively long top-shadow, we may see some bullish move, or sideways of market operation, in the early part of this week.
EURUSD price action on the daily time frame retested the 1.01980/1.00550 supply zone (purple) on Wednesday but met a bearish pushback. Presently, the price action is sideways. As the technical structure is bearish, any northward move would be corrective in nature. I am medium-term bearish EURUSD.
EURUSD price action on the H4 time frame is in a bullish corrective mode but within a bearish technical structure. Although we may still see some northward market engineering, bears are favoured to regain market influence.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame retested the broken down 1.16420/1.14760 major horizontal support (purple) last week after creating a multi-year low at the 1.03340 area five weeks ago. Last week’s bullish candlestick has a relatively moderate bottom tail, indicating a fairly strong bullish momentum.
GBPUSD price action on the daily time frame took on a bullish mode after creating a multi-year low at the 1.03340 area. Meanwhile, it is retesting the 1.16420/1.14760 broken-down, former major horizontal support zone (purple) and operating within it. Although bulls are struggling to breach the zone, we may still see further northward move before a southward rotation. I am short-term bullish GBPUSD but medium tern bearish.
GBPUSD price action on the H4 time frame is in a bullish mode but the dominant technical structure is bearish. Therefore, we would soon see a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
In September, XAUUSD market operation broke down the 1698.620 former horizontal support area (green). There was a bullish retest of the area in October, but bears pushed back, resulting in the printing of a bearish pinbar.
On the weekly time frame, after XAUUSD market operation retested the broken-down 1698.620 former horizontal support area (green), it turned sideways. But there was a bullish tone last week, and we may see further northward move before a southward rotation.
Although XAUUSD price action on the daily time frame is in a bearish technical environment, presently it is in a bullish mode. Should bulls maintain their present market influence, we may see a bullish retest of the 1730.240/1698.620 supply zone (purple) before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
In October, USDJPY market operation on the monthly time frame broke above the 144.650/146.825 former multi-year horizontal resistance zone (green) turning it to support.
Four weeks ago, USDJPY market operation broke above the 144.650/146.825 former multi-year horizontal resistance zone (green). It met some bearish push back and went sideways. Although the technical structure is bullish, we may still see further southward move before a bullish drive.
USDJPY price action on the daily time frame has broken above a former multi-year horizontal resistance located at the 144.650/146.825 zone (green) but it is presently ranging. Recent technical prints are ‘wicky’ within the 144.650/146.825 former multi-year horizontal resistance zone (green), and we may see a southward market engineering for liquidity grab before further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation made a bullish retest of the 1.00933/0.99515 broken-down multi-year horizontal support (purple) in October but met strong bearish pushback. On the monthly time frame, the October market operation printed a relatively medium-size bullish candlestick with shadows on both ends. This indicates that, although the technical structure is bearish, bulls and bears are still struggling for market influence.
EURUSD market operation on the weekly time frame is making a bullish retest of the 1.00933/0.99515 broken-down former multi-year horizontal support (purple). Two weeks ago, bullish market operation drove into the zone but was pushed back by bears, resulting in the printing of a long shadow within the zone. Last week, bears made further southward move, but bulls resisted, although there was no significant northward drive. The result was the printing of an indecision candlestick last week. Technically, bears are still intent on restoring their market influence.
Last Friday, bullish price action on the daily time frame made a strong move to retest the 1.00933/0.99515 supply zone (purple), which was also a broken-down former multi-year horizontal support zone on the monthly time frame. Although the dominant technical structure is bearish, we can’t out further northward move in the early part of this week before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
In October, GBPUSD bullish market operation retested the broken-down horizontal support at the 1.16420/1.14720 zone (purple) but was pushed back by bears, leaving a shadow in the area. Technically, we can expect to see further struggle for market influence between bulls and bears.
GBPUSD market operation on the weekly time frame turned sideways after a bullish retest of the 1.16420/1.14720 broken-down horizontal support (purple) seen on the monthly time frame. The technical structure favours bears more than bulls. Thus, any bullish misstep would incentivize a southward rotation.
GBPUSD price action on the daily time frame was in in a bullish correction but turned sideways after retesting the 1.16420/1.14720 broken-down horizontal support (purple) seen on the monthly time frame. Although we may still see some northward move to a value area, such as the 1.16420/1.14720 zone (purple) or an area of market imbalance near it, a southward rotation is technically imminent.
I may be wrong. Trade safe and prosper.
Trap
Just Musing
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XAUUSD Weekly Technical Outlook
XAUUSD market operation is bullish. On the weekly time frame, last week, market operation printed a relatively big bullish candlestick that drove to the 1808.250/1767.620 horizontal resistance zone (purple) but failed to penetrate it.
XAUUSD price action on the daily time frame is in a bullish mode. It is tackling the 1808.250/1767.620 horizontal resistance zone (purple) seen on the weekly time frame. Although the technical structure is bearish, the order flow context favours further northward move before a southward rotation.
XAUUSD price action on the H4 time frame is bullish. Although it is losing bullish momentum as it tackles the 1808.250/1767.620 horizontal resistance zone (purple) seen on the weekly time frame, we may still see further northward move within the relatively wide zone.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation is bearish. On the weekly time frame, last week’s market operation printed a relatively big bearish candlestick that drove to the 138.970/136.660 horizontal support zone (green) but failed to penetrate it. We may still see further southward move.
USDJPY price action on the daily time frame is making a bearish retest of the 138.970/136.660 horizontal support zone (green). Although the technical structure is still bullish, recent order flow supports further southward move.
USDJPY price action on the H4 time frame is bearish and recent technical prints support further southward move. Besides, as price action is at the upper boundary of a significant horizontal support zone (green) on the weekly time frame, there is still room for further bearish maneuver.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
Although GBPUSD technical market structure is bearish, market operation is in a bullish mode. On the weekly time frame, last week, there was a relatively strong bullish retest of the 1.6370/1.18210 horizontal resistance zone (purple), with the bullish candlestick closing at the upper boundary of the zone.
GBPUSD price action on the daily time frame is bullish. On Thursday, price action made a strong bullish charge into the 1.6370/1.18210 horizontal resistance zone (purple). It followed this up on Friday with a relatively small bullish candlestick closing at the upper boundary of the zone, and we may see further northward move in the early part of this week.
GBPUSD price action on the H4 time frame is bullish. Recent technical prints favour further bullish move, at least in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
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EURUSD Weekly Technical Outlook
EURUSD market operation is in a bullish mode. On the weekly time frame, last week, market operation made a bullish retest of the 1.06170/1.03500 broken-down former horizontal support (purple). It remains to be seen if this would lead to further bullish drive within the zone or weaken for a bearish rotation.
EURUSD price action on the daily time frame is bullish. Presently, it is retesting the 1.06170/1.03500 horizontal resistance zone (purple). Although we may see further bullish move within the zone, the 1.04350/1.08353 area (magenta) would be an initial barrier to bullish drive.
Recent price action on the H4 time frame is bullish. But as it has been parabolic, we may soon see a bearish pullback.
I may be wrong. Trade safe and prosper.
Trap
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XAUUSD Weekly Technical Outlook
XAUUSD market operation has been in a bullish mode for a while. On the weekly time frame, two weeks ago, market operation retested the 1808.250/1770.870 supply zone (purple) but met with bearish challenge. Last week, market operation printed a top-wick bearish candlestick at the zone. Nevertheless, we may still see some bullish effort to regroup and make another thrust towards the zone.
XAUUSD price action on the daily time frame assumed a bearish disposition after a bullish retest of the 1808.250/1770.870 weekly supply zone (purple). However, as the recent bearish prints are insignificant in size and ‘wicky’ at both ends, we may still see some northward market engineering before a southward rotation. But any bullish missteps may incentivize bears to push further southward.
XAUUSD price action on the H4 time frame disposed southward after a bullish retest of the 1784.090/1770.870 horizontal resistance (magenta). Presently, price action is sideways as the last H4-session on Friday witnessed some bullish pushback.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation made a bearish retest of the 138.300/136.910 horizontal support zone (green). On the weekly time frame, two weeks ago a relatively big bearish candlestick drove towards the zone but met with a bullish pushback. Last week, the bullish print made by market operation left a bottom-tail at the zone, which indicates the likelihood of a bullish follow-up.
USDJPY price action on the daily time frame went sideways after a bearish charge towards the 138.300/136.910 horizontal support zone (green) seen on the weekly time frame. There was an increase in bullish price action towards the end of last week and, should bulls sustain their pressure in the market, we may see further northward move in the early part of this week. Besides, recent market imbalance in the 142.525/145.170 zone (magenta) may incentivize bulls.
USDJPY price action on the H4 time frame turned sideways after failing to break down the 138.300 horizontal support area (green). We may see a northward market engineering to an area of value before further southward drive.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation is within a technically bearish structure. However, on the weekly time frame, last week, market operation made a bullish retest of the 1.06110/1.04640 supply zone (purple) and met a relatively strong bearish challenge. As bulls failed to overcome the bearish challenge at the zone, the result was the printing of an indecision candlestick. Although there may be another bullish attempt to penetrate the zone, technically, a southward rotation is in the offing.
On the EURUSD daily time frame, bears are resisting a bullish retest of the 1.04890/1.03820 supply (magenta). As this is proximal to the 1.06110/1.04640 weekly supply, we may see another bullish charge, but a southward rotation is imminent.
EURUSD price action on the H4 time frame made a bullish retest of the 1.04890/1.03820 daily supply (magenta) but met a relatively strong bearish challenge. Presently, price action lacks directional momentum. Although we may still see further northward move, the dominant technical market structure is bearish, and a southward turnaround is imminent.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is in a bullish corrective mode. On the weekly time frame, last week, market operation made a bullish retest of the 1.22420/1.19812 supply zone (purple) but failed to close within it, printing a top-shadow at the lower part of the zone. Although we may see another bullish attempt to penetrate the zone, a southward rotation seems to be imminent.
GBPUSD price action on the daily time frame is in a bullish corrective mode. Bullish price action tested the 1.22420/1.19812 weekly supply (purple) on Tuesday but failed to close within it. Although presently the price action is sideways, we may see a further northward move before a southward turnaround.
GBPUSD price action on the H4 time frame is in a sideway mode in the context of a bullish retracement as it retests the 1.22420/1.19812 weekly supply (purple). Although we may see further northward move, a southward turnaround appears to be imminent.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation turned sideways after a bullish drive to a weekly supply zone. On the weekly time frame, three weeks ago, there was a relatively strong bullish drive to the 1805.430/1767.740 supply zone (purple). One week later, bears made a relatively insignificant pushback from the zone but, last week, bulls made a feeble pullback towards the zone.
XAUUSD price action on the daily time frame made a bullish push to retest the 1805.430/1767.740 horizontal resistance zone (purple) but a bearish challenge pushed price action about 280 pips below the zone. Presently, price action is sideways after another bullish move. However, technical pattern and recent order flow favour further bullish move, perhaps, before any significant bearish turnaround.
XAUUSD price action on the H4 time frame is presently sideways but the technical impulse favours bulls more than bears. We may see further northward move as price action attempts a re-test of the 1805.430/1767.740 horizontal resistance zone (purple) seen on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation is bearish. However, presently, it is in a sideway mode on the weekly time frame. There was a bearish drive towards the 139.030/132.140 horizontal support zone (purple), which is aligned with a monthly demand zone. Technically, we may see further southward market operation within the zone before any significant northward rotation.
USDJPY price action on the daily time frame is sideways but the order flow context and recent technical pattern favour further southward move as price action retests the 139.030/132.140 monthly demand zone (purple). However, the 137.380/135.370 horizontal support area (green) may present a strong bullish challenge to bearish drive.
Although USDJPY price action on the H4 time frame is presently sideways, the short-term technical structure and order flow favour further bearish move.
I may be wrong. Trade safe and prosper.
Trap
