GBPUSD Weekly Technical Outlook
GBPUSD market operation is bullish. On the weekly time frame, market operation is retesting the 1.22480/1.20080 supply zone (purple). Last week, market operation printed a bullish candlestick with a short shadow within the zone. This indicates some bearish pressure in the zone, but we can’t rule out further northward move.
GBPUSD price action on the daily time frame made a bullish retest of the 1.20080/1.22480 horizontal resistance zone (purple) and turned sideways within it. Recent technical prints favour further northward move.
GBPUSD price action on the H4 time frame is sideways, but recent technical pattern favours bulls more than bears, and we may see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation is in a bullish mode. However, on the weekly time frame, there is a decline in bullish momentum as market operation retests the 1.06170/1.04580 supply area. Nevertheless, as the more significant area of value is the nearby 1.06170/1.07790 horizontal resistance zone (purple), we may still see further northward move.
EURUSD price action on the daily time frame has turned sideways after a bullish correction of the bearish drive that broke down the 1.07790/1.06170 former horizontal support (purple), now acting as resistance. The recent ‘top-wicky’ prints may incentivize further northward market engineering before a southward turnaround.
EURUSD price action on the H4 time frame is sideways in the context of a bullish corrective move. As the short-term trading range is still bullish, we may see further northward move in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame retested the 1748.110/1796.620 horizontal resistance zone (purple) in November.
XAUUSD market operation on the weekly time frame is bullish. Last week, market operation surged to the 1748.110/1796.620 horizontal resistance zone (purple) seen on the monthly time frame and closed within it. The technical pattern favours further northward move but we cannot rule out a bearish challenge before any further bullish drive.
XAUUSD price action on the daily time frame made a bullish retest of the 1748.110/1796.620 horizontal resistance zone (purple) seen on the monthly time frame but met some bearish challenge. Although the technical impulse is still in favour of bulls, we cannot rule out another bearish challenge before further northward drive.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation is bearish. On the monthly time frame, market operation made a bearish drive towards the 135.900/132.300 demand zone (green) in November.
USDJPY market operation is bearish. On the weekly time frame, last week, market operation made a relatively strong bearish drive to retest the 135.900/132.300 horizontal support (green), which aligns with the prevailing monthly demand zone. Although we may still see further southward move, technically, we should expect some bullish challenge in the zone.
USDJPY price action on the daily time frame is bearish. However, it is experiencing bullish challenge as it tackles the 135.900/132.300 horizontal support zone (green) seen on the weekly time frame. Although we may still see further southward move, a bullish pullback is imminent.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation made a bullish push towards the 1.08100/1.05395 monthly supply zone (purple) in November.
EURUSD market operation on the weekly time frame is in a bullish mode as it attempts a retest of the 1.05395 /1.08100 horizontal resistance zone (purple). The bullish print of last week surged towards the lower boundary of the zone. Technicals favour further northward move.
EURUSD price action on the daily time frame is bullish. It is attempting a retest of the 1.05395 /1.08100 horizontal resistance zone (purple) seen on the weekly time frame. The recent technical pattern and order flow favour further northward move.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame printed a bullish candlestick in November that pushed into the lower boundary of the 1.26800/1.21250 monthly supply zone (purple).
GBPUSD market operation on the weekly time frame is bullish. Last week, market operation printed a relatively strong bullish candlestick that retested the 1.23240/1.21250 weekly supply zone, which is within the 1.26800/1.21250 monthly supply zone (purple). The technical pattern and order flow favour further northward move.
GBPUSD price action on the daily time frame is in a bullish corrective mode. It is presently within a significant horizontal resistance zone aligned with the 1.26800/1.21250 monthly supply zone (purple). Although there is apparent weakness in bullish momentum, indicated by the relatively small bullish print of last Friday, there is room for northward market engineering within the zone.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is making a bullish retest of the 1780.30/1834.43 horizontal resistance zone (purple). Two weeks ago, market operation made a bullish drive into the zone but, a bullish follow-through last week was resisted by bears, which led to the printing of an indecision candlestick in the zone.
XAUUSD price action on the daily time frame is in a bullish mode as it tackles the 1780.30/1834.43 horizontal resistance zone (purple) seen on the weekly time frame. Presently, there is weakness in bullish momentum, and we may have to await how price action handles the zone at Monday’s close.
XAUUSD price action on the H4 time frame is presently experiencing a decline in bullish momentum as it tackles the 1780.30/1834.43 horizontal resistance seen on the weekly time frame. Recent candlestick pattern indicates an imminent bearish turnaround, which may target a value area, perhaps the 1764.95/1744.40 intra-day support area (green).
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation is making a bearish retest of the 132.300/135.900 monthly demand zone (green). On the weekly time frame, two weeks ago, market operation made a bearish drive to the zone but last week there was a northward pullback which resulted in the printing of a bullish candlestick that closed at the upper boundary of the zone. The ‘top-wick’ technical print of last week indicates that bears are still influential in the market.
USDJPY price action on the daily time frame retested the 135.900/132.300 horizontal support (green) seen on the weekly time frame, experienced a bullish pushback from the zone, and, presently, it is sideways. Although recent technical prints are ambivalent, we cannot rule out further southward move to retest the zone.
USDJPY price action on the H4 time frame is sideways. Price action made a bearish drive to the 135.900/132.300 horizontal support (green), seen on the weekly time frame, and instigated a bullish pushback before it went sideways.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation has made a bullish charge to retest the 1.06120/1.04618 weekly supply zone (purple). Two weeks ago, market operation broke out of an area of consolidation and drove into the zone, but the bullish follow-up last week was checkmated by a bearish challenge, resulting in the printing of an indecision candlestick.
EURUSD price action on the daily time frame went sideways after making a bullish retest of the 1.04618/1.06120 horizontal resistance (purple), which aligns with the prevailing weekly supply zone. We should allow smart money to show their hands before making any further directional commitment.
EURUSD price action on the H4 time frame is in consolidation within the 1.04618/1.06120 horizontal resistance area (purple) seen on the daily time frame, and we may not see much directional move until smart money show their hands.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is presently sideways. On the weekly time frame, market operation is retesting the 1.23120/1.20000 horizontal resistance zone (purple). Three weeks ago, market operation made a bullish drive to the zone followed by a significant bullish follow-up two weeks ago. However, last week, bears challenged further bullish drive, resulting in the printing of an indecision candlestick.
Although GBPUSD price action on the daily time frame lost bullish momentum after driving into the 1.20000/1.23120 horizontal resistance zone (purple) seen on the weekly time frame, we may still see further northward move in the early part of this week.
GBPUSD price action on the H4 time frame is consolidating as it tackles the 1.20000/1.23120 horizontal resistance zone (purple) seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame made a bullish drive towards the 1824.950/1873.590 horizontal resistance zone (purple) but failed to break into it. Market operation has turned sideways after the printing of indecision candlesticks in the last two weeks just below the zone.
XAUUSD price action on the daily time frame has turned sideways after a bullish drive that failed to break into the 1824.950/1873.590 horizontal resistance zone (purple} seen on the weekly time frame. The preceding technical impulse is bullish, and we may still see further northward market engineering before a southward rotation.
XAUUSD price action on the H4 time frame has turned sideways after a bullish drive towards a weekly horizontal resistance around the 1824.950 area (purple). However, we may still see further northward move at least to retest a value area.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation made a bearish retest of the 133.170/135.455 weekly demand zone (green) but met a bullish pushback. Three weeks ago, there was a bearish drive to the zone, but bulls pushed back two weeks ago. Presently, there is a decline in bullish momentum as market operation printed an indecision candlestick a few pips above the zone last week.
USDJPY price action on the daily time frame went sideways after a bullish rejection of the 133.170/135.455 weekly demand zone (green). Technically, price action is in a bearish market structure, but we may still see some northward market engineering for liquidity grab.
USDJPY price action on the H4 time frame turned sideways after the bullish pushback of a strong bearish drive to the 133.170/135.455 weekly demand zone (green). Recent technical pattern favours further bullish move and there are interesting value areas which may incentivize northward market engineering.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame retested the 1.21470/1.23120 horizontal resistance zone (purple) and met a bearish pushback. An evening star pattern has been formed in the zone and we may see a bearish follow-up this week.
GBPUSD price action on the daily time frame took on a bearish mode after a retest of the 1.21470/1.23120 horizontal resistance zone seen on the weekly time frame. Although we are seeing a decline in bearish momentum, recent technical pattern still favours bears.
GBPUSD price action on the H4 time frame is sideways under a bearish technical impulse. We may still see further southward drive before any bullish pushback.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation is tackling the 1.05420/1.07610 horizontal resistance zone (purple) on the weekly time frame. Last week, market operation made a bullish run into the zone but met some bearish challenge, resulting in the printing of a bearish pinbar in the zone. Technically, bears are exerting increased pressure and we may see further struggle between bulls and bears in the early part of the week, which may lead to further southward move.
Last week Wednesday, EURUSD price action on the daily time frame retested the 1.07610/1.06665 daily supply, which is within the 1.05420/1.07610 horizontal resistance zone (purple) seen on the weekly time frame but was met with bearish pushback. There was a bearish follow-up on Friday but as price action approaches the 1.05420 area, we may see some bullish challenge. We may not see a southward drive until a significant breakdown of the 1.05420 area on a daily closing basis.
EURUSD price action on the H4 time frame turned sideways after the bullish charge to the 1.05420/1.07610 horizontal resistance zone (purple), seen on the weekly time frame, was resisted by bears.
I may be wrong. Trade safe and prosper.
Trap
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XAUUSD Weekly Technical Outlook
For four weeks, XAUUSD market operation on the weekly time frame has been making some bullish charge towards the 1824.95/1873.59 horizontal resistance zone (purple) but has failed to penetrate it. Are we going to see another bullish charge, or will there be a bearish rotation?
XAUUSD price action on the daily time frame turned sideways as the bullish drive towards the 1824.95/1873.59 horizontal resistance zone (purple), seen on the weekly time frame, loses impetus. Presently, the market lacks directional momentum. What price action does by Tuesday close may be a pointer.
XAUUSD price action on the H4 time frame is consolidating, and the market lacks directional momentum.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY bearish market operation is still flirting with the 135.455/132.500 horizontal support zone (green) on the weekly time frame. There was a bearish drive into the zone four weeks ago which saw a bullish challenge and then followed by a feeble bearish reaction. Last week’s bearish drive punched through the zone but could not close below it, leaving a bottom tail below it. Technically, bulls are still resisting a bearish breakdown of the zone.
Although presently USDJPY price action on the daily time frame is sideways, the technical impulse is bearish. And we may still see further southward drive, perhaps to retest the 130.300 handle.
USDJPY price action on the H4 time frame is in a bullish corrective mode. But as the prevailing technical impulse is bearish, we may soon see a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is in a bearish mode. For several weeks, GBPUSD market operation made a bullish push towards the 1.26650/1.24480 weekly supply zone (purple), but there was a relatively strong bearish challenge when market operation hit the lower boundary of the zone two weeks ago. And the market operation printed a bearish follow-up candlestick last week.
GBPUSD price action on the daily time frame turned sideways after a bearish challenge to a bullish drive that threatened the 1.26650/1.24480 weekly supply zone (purple). Although recent technical impulse favours bears more than bulls, we cannot rule out a northward market engineering for liquidity grab before a southward turnaround.
GBPUSD price action on the H4 time frame is bearish but the recent break of an intra-day rising trendline (red) left some ‘wicky’ tops and an area of market imbalance which may incentivize a northward market engineering for liquidity grab before a southward continuation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
There is a decline in bullish momentum on the EURUSD market. On the weekly time frame, EURUSD market operation made a bullish retest of the 1.05420/1.08020 horizontal resistance zone (purple) but failed to follow through. Two weeks ago, the bullish print in the zone had a long upper shadow, indicating a relatively strong bearish challenge. Besides, last week’s bullish candlestick was miniature in size and was limited to the lower part of the zone. Apparently, market operation is finding it difficult to navigate further northward within the zone, which technically may incentivize a southward turnaround.
EURUSD price action met bearish rejection after making a bullish retest of the 1.07480/1.06670 supply (red) on the daily time frame, which is nestled in the 1.05420/1.08020 horizontal resistance zone (purple) seen on the weekly time frame. Presently, price action is sideways below the daily supply but within the lower part of the horizontal resistance zone seen on the weekly time. Technically, such a zone would imminently witness further bearish pushback, and this may lead to a southward turnaround.
EURUSD price action on the H4 time frame has turned sideways after a bearish pushback as it navigates a confluence of daily and weekly resistance areas, and we may soon see a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation is in a bullish mode. In December, market operation printed a bullish corrective candlestick that pierced the lower boundary of the 1825.160/1885.100 horizontal resistance zone (purple).
XAUUSD market operation is in a bullish corrective mode on the weekly time frame. Last week, market operation printed a bullish candlestick that closed at the 129.430 area. Any further northward move may retest the 1876.850/1848.450 weekly supply (red), which is nestled in the 1825.160/1885.100 horizontal resistance zone (purple) seen on the monthly time frame.
XAUUSD price action on the daily time is making a grinding bullish corrective move towards a confluence of resistance zones. Presently it is at the lower boundary of a monthly horizontal resistance zone, and the technical pattern supports the possibility of further northward move. Such a move may retest the 1876.850/1848.450 daily supply area (red), which is confluence with the prevailing weekly supply. Nevertheless, we should not rule out bearish challenge as there are still some minor barriers to northward progression.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation has continued to dispose southward since November 2022. On the monthly time frame, in December, market operation printed a bearish candlestick that pierced the upper boundary of the 125.890/131.520 demand zone (green).
USDJPY market operation on the weekly time frame is bearish. It is presently tackling the 125.890/131.520 demand zone (green) seen on the monthly time frame. The technical pattern and order flow context favour bears.
USDJPY price action on the daily time frame is bearish. The technical pattern and order flow context favour further southward move. We may see a bearish drive to retest the 129.430/130.220 untested order block (red).
I may be wrong. Trade safe and prosper.
Trap
