EURUSD Top Down Analysis

[TrapTheMarket]

USDJPY Weekly Technical Outlook

USDJPY market operation is in a bullish technical structure. It made more than 61.8 Fib retracement of the 114.810/151.940 bullish swing and disposed northward. However, presently, it is sideways within the 134.940 horizontal resistance area.

USDJPY price action on the daily time frame is retesting the 134.140/138.400 horizontal resistance zone (red) and presently experiencing some bearish challenge. Although the dominant technical structure is bullish, we may still see southward liquidity engineering before further northward drive.

USDJPY price action on the H4 time frame is in a consolidation mode as it tackles the 134.140/138.400 horizontal resistance zone (red) seen on the daily time frame. The dominant technical structure is bullish.

I may be wrong. Trade safe and prosper.

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[TrapTheMarket]

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame made a southward turnaround after the 61.8/78.6 Fib retracement of the 1.14940/0.95350 bearish swing. Presently, it is in a sideway mode as it printed an indecision candlestick last week.

EURUSD price action on the daily time frame made a 61.8/78.6 bullish correction of the 1.14940/0.95350 bearish trading range and turned southwards. Meanwhile, it is tackling a minor horizontal support area near the much more significant 1.05000/1.03310 horizontal support zone (green), and presently in consolidation. We may see a northward liquidity engineering before further southward drive.

EURUSD price action on the H4 time frame is consolidating in a predominantly bearish technical structure.

I may be wrong. Trade safe and prosper.

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[TrapTheMarket]

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is in a technically bearish structure. There was a bullish correction to the 50 Fib area a few weeks ago before a bearish drop to the 38.2 Fib area, where market operation has gone sideways.

GBPUSD price action on the daily time frame made 50 Fib bullish correction of the 1.36380/1.10540 bearish swing, and briefly turned southwards. Presently, it has turned sideways at the 38.2 Fib area and within the 1.20810/1.17300 horizontal support zone (blue). We may see bullish liquidity engineering before a southward drive.

GBPUSD price action on the H4 time frame is consolidating but the dominant technical structure is bearish. However, there are recent technical prints (e.g., ‘wicky tops’) that may incentivize northward liquidity engineering before a southward rotation.

I may be wrong. Trade safe and prosper.

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[TrapTheMarket]

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame punched through the 1928.670 horizontal resistance (blue) last week. The relatively big bullish candlestick printed last week is presently at the 1987.970 horizontal resistance (purple).

XAUUSD price action on the daily time frame is in a bullish mode. It is presently retesting the 1987.970 horizontal resistance area (purple) after a relatively strong bullish breakout on Friday. Although recent technical impulse supports bulls, we may soon see a bearish pullback or rotation after a northward liquidity charge.

XAUUSD price action on the H4 time frame is in a bullish mode. As recent price action is parabolic, we may soon see a bearish pullback.

I may be wrong. Trade safe and prosper.

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[TrapTheMarket]

USDJPY Weekly Technical Outlook

Two weeks ago, USDJPY market operation made a bearish rejection of the 135.740 horizontal resistance area (red). A bearish continuation print was issued last week, which is threatening the 130.980 horizontal support area (green). Technically, the 135.740/130.980 zone is a wide horizontal support zone as it aligns with a monthly horizontal support.

USDJPY price action on the daily time frame broke down the 133.120 horizontal support (blue) last week Friday. Any bearish follow-through in the early part of this week may see a retest of the 129.480 extension (SandyBrown).

USDJPY price action on the H4 time frame is in a bearish mode. Recent technical impulse supports further bearish move in the short term.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is grinding out a bullish correction of the 1.36380/1.03340 bearish swing. Presently, it is tackling the 50/61.8 Fib retracement zone after a bearish drop from the 61.8 Fib area seven weeks ago.

GBPUSD price action on the daily time frame is making a bullish correction of the 1.36380/1.03340 bearish swing seen on the weekly time fame. It has been in consolidation within the 1.18220/1.24060 area (blue) for quite a while; an area which aligns with the 50/61.8 Fib retracement zone of the bearish trading range.

GBPUSD price action on the H4 time frame is in a bullish corrective mode within the 1.18220/1.24060 horizontal range (blue). We may still see further northward move towards the upper part of the range. However, the dominant technical structure is bearish.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is sideways within the 50/61.8 Fib retracement zone of the 1.14940/1.095350 bearish swing having made a bearish rejection of the 78.6 Fib area seven weeks ago. The present location of market operation is also aligned with the 1.06770 horizontal resistance area, making it potentially susceptible to a southward turnaround.

EURUSD price action on the daily time frame is grinding out a bullish correction. It is presently sideways at the 1.06770 horizontal resistance area. This is an area within the 50/61.8 Fib retracement zone of the 1.14940/1.095350 bearish swing seen on the weekly time frame. Technically, such a location is susceptible to a bearish rotation.

EURUSD price action on the H4 time frame is in a sideway mode in the context of a dominant bearish trading range. The recent technical impulse favours bears.

I may be wrong. Trade safe and prosper.

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