GBPUSD Weekly Technical Outlook
GBPUSD market operation made a bullish retest of the 1.22140/1.26650 horizontal resistance zone (purple) in December. However, the bullish move met a bearish challenge, ending up printing an indecision candlestick that left a top-shadow at the lower part of the zone.
GBPUSD market operation on the weekly time frame turned sideways after a bullish retest of the 1.26650/1.24410 weekly supply (zone) met bearish pushback three weeks ago. The zone is nestled in the 1.22140/1.26650 horizontal resistance zone (purple) seen on the monthly time frame. Technically, northward market operation would find it difficult breaking out of such a zone. This may mean further sideways of market operation or increased bearish pushback.
GBPUSD price action on the daily time frame is consolidating. It made a bullish retest of the 1.23250/1.25000 horizontal resistance area (red) some days back and met a bearish rejection. Although we may still see a northward market engineering to a value area for liquidity grab, as the area is nestled in the 1.26650/1.24410 weekly supply zone, any bullish move would soon give way to a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market operation made a bullish print in December. On the monthly time frame, the bullish market operation in December retested the 1.05310/1.08900 horizontal resistance zone (purple).
EURUSD market operation on the weekly time frame is in a bullish mode as it tackles the 1.05310/1.08900 horizontal resistance zone (purple) seen on the monthly time frame. Although the recent candlestick prints have been small, the technical pattern still favours bulls more than bears.
EURUSD price action on the daily time frame is bullish. The order flow and technicals favour bulls more than bears. We may still see further northward move, perhaps to retest the 1.08700/1.07590 daily supply zone (red) which is nestled in the 1.05310/1.08900 horizontal resistance zone (purple) seen on the monthly time frame.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
The XAUUSD market is presently bullish. On the weekly time frame, last week’s bullish print surged to the upper boundary of the 1848.450/1876.850 horizontal resistance zone (purple). The technical pattern and order flow context favour bulls.
XAUUSD price action on the daily time frame is bullish but it is presently tackling the 1848.450/1876.850 horizontal resistance zone (purple). Technicals still favour bulls.
XAUUSD price action on the H4 time frame is bullish. Although some bearish pressure emerged at the last H4 session on Friday, recent technical prints favour bulls more than bears and we may still see further northward move.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame made another bearish retest of the 131.300/129.100 horizontal support zone (green) last week but met a bullish pushback. However, as the bullish print of last week has shadows on both ends, we may still see further bearish pressure in the zone.
USDJPY price action on the daily time frame turned sideways after a bullish pushback from the 131.300/129.100 horizontal support zone (green) seen on the weekly time frame. However, there is still some bearish pressure, and we may see another retest of the zone in the early part of this week.
USDJPY price action on the H4 time frame is disposed southward. Recent technical pattern favours bears more than bulls. And we may still see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
There is a decline in the bullish momentum recently seen in the EURUSD market. On the weekly time frame, the last few weeks have seen a decrease in the size of the bullish candlesticks printed as market operation attempts a retest of the 1.06350/1.08285 horizontal resistance zone (purple). Last week, market operation printed a long-tailed bearish candlestick that closed at the lower part of the zone, indicating that bears are being challenged by bulls.
EURUSD price action on the daily time frame met bearish challenge as it retested the lower part of the 1.06350/1.08285 horizontal resistance zone (purple) seen on the weekly time frame. However, there was a bullish charge at the zone on Friday and we may see further northward move if bulls seize the initiative in the early part of this week.
EURUSD price action is disposed positively northwards. Although price action is tackling a major horizontal zone, we may still see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The bullish drive of GBPUSD market operation towards the 1.22880/1.24570 horizontal resistance zone (purple) six weeks ago met some bearish challenge. After a sideways of market operation, bulls made a further northward drive within the zone four weeks ago but there was a strong bearish pushback. Presently, on the weekly time frame, market operation is sideways within a supply area below the major horizontal resistance zone.
GBPUSD price action on the daily time frame went sideways after a bearish pushback from a bullish retest of the 1.22880/1.24570 horizontal resistance zone (purple) seen on the weekly time frame. Meanwhile, last Friday saw a bullish attempt to relaunch another northward move. Such a move may lead to a northward market engineering to an area of value before a southward rotation.
GBPUSD price action on the H4 time frame is in a bullish mode. Recent technical pattern may incentivize a northward market engineering to an area of value, such as the 1.22420/1.23150 area of market imbalance (magenta).
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation continued its northward push last week after a bullish breakout of the 1848.45/1876.75 horizontal resistance zone (purple), which had been in place since June 2022. Meanwhile, XAUUSD market operation on the weekly time frame is testing the next horizontal resistance area, which is at the 1920.30 area.
XAUUSD price action on the daily time frame is technically bullish but it is presently tackling a horizontal resistance around the 1920.30 area (red). Should bulls retain their influence in the market we may see a northward push to an area of value such as the 1947.60/1957 order block (blue).
XAUUSD price action on the H4 time frame remains in a bullish mode. The technical pattern and impulse still favour bulls more than bears.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation continues to dispose southward. On the weekly time frame, last week, USDJPY market operation printed a bearish candlestick that broke down the 131.300/129.100 horizontal support (green). Presently, market operation is at the upper part of the 126.100/128.070 weekly demand (blue).
USDJPY price action on the daily time frame broke down the 129.090 horizontal support (Sandybrown) on Friday. It is presently tackling the 128.070/126.100 horizontal support zone (blue), which has been in place since May 30, 2022. As the technical impulse is bearish, we may still see further southward move in the early part of this week.
On the H4 time frame, last Friday’s bearish push of USDJPY price action to the upper part of the 128.070/126.100 horizontal support zone (blue), seen on the daily time frame, met some bullish challenge. However, the technical impulse favours further bearish move.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is bullish. However, there is a decline in bullish momentum. On the weekly time frame, last week, market operation printed a bullish candlestick which was a follow-up of the bullish pinbar printed two weeks ago. Market operation is presently at an order block with ‘top-wicky’ areas nearby – a technical situation that may incentivize further northward market engineering. The 1.26570/1.24570 zone (purple) is the operating supply.
GBPUSD price action on the daily time frame is bullish but declining in momentum. Nevertheless, the present location of price action has an area of value northward, which may incentivize further bullish move.
GBPUSD price actin on the H4 time frame is sideways. However, looking left, there is an area of imbalance northward and some ‘wicky tops’ near a horizontal resistance area (purple) – which may incentivize further bullish charge.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation continues to dispose northwards. On the weekly time frame, last week’s bullish print broke above a mini area of consolidation that was in place for two weeks. We may see further northward move should bulls sustain their influence in the market. The next major horizontal resistance is in the 1.09400/1.11820 zone (purple).
EURUSD price action on the daily time frame is bullish but presently experiencing some bearish pressure. Nevertheless, the technical pattern favours bulls more than bears. Besides, price action is close to some northward area of value, including a nearby market imbalance, and this may incentivize northward market engineering. The next major horizontal resistance is in the 1.09400/1.11820 zone (purple).
EURUSD price action on the H4 time frame is presently sideways. However, the technical impulse favours bulls and we may see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
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XAUUSD Weekly Technical Outlook
XAUUSD market operation is bullish. On the weekly time frame, it is presently navigating the horizontal resistance at the 1922.535 area (purple) and so the bullish momentum has declined. Last week, market operation printed an indecision candlestick in the area.
XAUUSD price action on the daily time frame is presently tackling the 1922.535 horizontal resistance area (purple) seen on the weekly time frame. Last Friday saw bears pushing back further bullish surge. However, the bearish candlestick printed on Friday is relatively small, so we cannot rule out further northward move. Should bulls fail to regain momentum, we may see a bearish correction in the early part of this week.
XAUUSD price action on the H4 time frame is sideways. Price action is navigating the 1922.535 horizontal resistance area (purple) seen on the weekly time frame and we should await directional clarity after further price action. Nevertheless, we cannot rule out a southward market engineering for liquidity grab before further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation made a bearish charge at the 126.100/128.700 weekly demand zone (blue) two weeks ago. Last week, bulls strongly resisted the bearish move, but the long shadow on last week’s bullish print indicates that bears are still influential in the market.
USDJPY price action on the daily time frame turned sideways after bulls resisted the bearish drive to the 126.100/128.700 weekly demand zone (blue). However, the recent ‘wicky tops’ indicate bears are still influential in the market and we cannot rule out further southward move in the early part of this week.
USDJPY price action on the H4 time frame is sideways. However, the technical impulse favours bears.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Although EURUSD market operation is still bullish, there is a decline in bullish momentum. Last week, market operation printed a doji-like candlestick as market operation gets closer to the 1.09400/1.11820 horizontal resistance zone (purple).
EURUSD price action on the daily time frame is sideways. Price action is approaching the lower boundary of the 1.09400/1.11820 horizontal resistance zone (purple) seen on the weekly time frame. As the technical impulse and the left-side ‘wicky tops’ favour bulls, we may see further northward move in the early part of the week.
EURUSD price action on the H4 time frame is ranging. However, the technical impulse favours bulls than bears.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation is bullish. On the weekly time frame, the bullish candlestick printed last week broke above a minor area of consolidation and threatened lower part of the 1.24570/1.26570 horizontal resistance zone (purple).
GBPUSD price action on the daily time frame is retesting the 1.23300/1.24400 daily supply area (red), which adjoins the lower part of the 1.24570/1.26570 horizontal resistance zone (purple) seen on the weekly time frame. Presently, there is a decline in bullish momentum, but we cannot rule out further northward market engineering in the early part of this week.
GBPUSD price action on the H4 time frame turned sideways as it tackles the 1.23300/1.24400 daily supply area (red). Although technical impulse favours bulls, we may see a southward market engineering for liquidity grab before further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation is technically bullish. However, on the weekly time frame, it is tackling the 1922.55 horizontal resistance area (purple). The last two weeks have seen a sideway of market operation in the area, as bears push back further bullish drive.
XAUUSD price action on the daily time frame broke above the 1922.55 horizontal resistance area (purple) and surged into the 1958.93/1944.93 supply zone (red), created on April 22, 2022, before it was pushed back by bears. Although last Friday’s print was doji-like, we may see another bullish test of the 1958.93/1944.93 supply zone (red) before a southward rotation.
XAUUSD price action on the H4 time frame turned bearish after a bullish charge at the 1958.93/1944.93 daily supply zone (red), which was created on April 22, 2022. We may see another bullish attempt to retest the zone before a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
For the third week, USDJPY market operation on the weekly time frame has seen a bullish rejection of the 128.070/126.100 horizontal support zone (blue). Although last week’s print was doji-like, we may still see further bullish move this week.
USDJPY price action on the daily time has rejected the 128.070/126.100 horizontal support (blue) seen on the weekly time frame but, presently, it is sideways. This could be seen as a technical pause before further northward market engineering to an area of value. Intra-day traders may be watching lower time frames for momentum shift in the early part of this week. Personally, as a medium-term swing trader, I will await the daily close on Monday, or a momentum shift on the H4 time frame, before looking for a trading opportunity.
USDJPY price action on the H4 time frame is presently sideways but the technical impulse favours bulls. We may see a northward momentum shift in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD bullish momentum has declined. On the weekly time frame, EURUSD market operation has been tackling the 1.07800/1.0940 horizontal resistance zone (purple) since the past three weeks but could not breach it northwards. Rather, the last two weeks have seen market operation printing indecision candlesticks in the zone.
On the daily time frame, EURUSD price action is experiencing increased bearish pressure as it tackles the 1.07800/1.0940 horizontal resistance zone (purple) seen on the weekly time frame. Should bears intensify their pressure, we may see further southward move in the early part of this week.
EURUSD price action on the H4 time frame is experiencing a bearish pushback as it tackles the 1.07800/1.0940 horizontal resistance zone (purple) seen on the weekly time frame. The recent technical pattern favours a southward market engineering for liquidity grab.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation has turned sideways. On the weekly time frame, it retested the 1.22900/1.24400 horizontal resistance zone (purple) two weeks ago but met bearish challenge. Last week, market operation printed an indecision candlestick in the zone but, technically, the impulse is still bullish.
GBPUSD price action on the daily time frame turned sideways as it retests the 1.22900/1.24400 horizontal resistance zone (purple). We may have to await directional clarity, or momentum shift, upon Monday daily closing.
GBPUSD price action on the H4 is in consolidation. The 1.22900/1.24400 area (purple) seems to be the major channel and coincides with the operating weekly horizontal resistance zone.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation retested the 1907.360/1973.730 horizontal resistance zone (purple) in January but met bearish pushback.
XAUUSD market operation on the weekly time frame retested the 1981.470/1938.32 supply zone (red) but met a bearish rejection. The zone is aligned with the 1907.360/1973.730 horizontal resistance zone seen on the monthly time frame. Last week’s bearish print was relatively big, and we can expect a bearish follow-up this week.
XAUUSD price action on the daily time frame is bearish. Price action had retested the 1981.470/1938.32 weekly supply zone (red) but met a strong bearish challenge. Presently, price action has entered a daily demand zone, but we can still see further southward move to an area of value before bullish correction.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation retested the 126.100/131.500 monthly demand (blue) in January but met a bullish challenge. The candlestick printed in January was doji-like and had long shadows on both ends. The technical structure on the monthly time frame is bullish.
USDJPY market structure on the weekly time frame made a bearish retest of the 126.100/131.500 horizontal support zone (blue) four weeks ago but was resisted by bulls. Last week’s bullish print is still within the zone but the technical impulse favours further bullish move.
USDJPY price action on the daily time frame has broken above an area of consolidation after a bearish retest of the 126.100/131.500 horizontal support zone (blue) seen on the weekly time frame. We may see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
