GBPUSD Weekly Technical Outlook
GBPUSD market on the weekly time frame turned sideways last week after issuing a bearish pushback two weeks ago to the bullish surge above the 61.8 fib retracement of the dominant bearish swing.
GBPUSD price action on the daily time frame printed a bullish candlestick last week Friday to push back the bearish drive below the 61.8 fib retracement of the dominant bearish swing. Although we may still see further bullish move, the dominant technical structure is bearish.
GBPUSD price action on the H4 time frame is ranging above the 61.8 fib retracement area (blue) of the dominant bearish swing on the weekly time frame. There was a bullish drive in the early part of last week Friday, but the last H4-session on Friday was bearish. We may see northward liquidity engineering before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame turned sideways last week after bulls resisted a bearish breakdown of the 1915.300/1895.400 horizontal support zone (blue). However, as the candlestick printed last week was doji-like, this is a pause in bearish momentum, and we can expect further southward move.
XAUUSD price action on the daily time frame has turned sideways at the upper boundary of the 1915.300/1895.400 horizontal support zone (blue) after a bearish charge at the zone. However, we cannot rule out a northward liquidity engineering before a bearish turnaround. Such a bearish rotation could target areas of value below the 1895.400 area. Personally, as a medium-term swing trader, I am targeting the 1859.800 extended demand area (sandy brown).
XAUUSD price action on the H4 time frame turned sideways after a bullish correction. Although we may still see further northward move, such a move would be temporary, yielding to a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame has disposed bearish. Presently, it is at the upper boundary of the 142.200/140.550 horizontal support zone (blue). We may see a bullish challenge should bears dip further into the zone.
USDJPY price action on the daily time frame turned bearish on Friday. Although we may see further bearish price action to an area of value in the early part of the week, price action is retesting a former resistance turned support at the 142.200/140.550 zone (blue). This may incentivize a bullish challenge.
USDJPY technical impulse on the H4 time frame is bearish. We can expect further southward liquidity engineering before a bullish challenge as price action tackles the 142.200/140.550 demand zone (blue).
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame has been ranging for the last three weeks. Last week saw the printing of a doji-like candlestick with a bullish tinge. An indication that there is limited directional momentum.
EURUSD price action on the daily time frame took on a bullish mode on Friday after being sideways for the best part of the week. We may still see further northward move. However, as price action is operating within the 61.8/78.6 Fib zone of the recent dominant bearish swing on the weekly time frame, we cannot rule out some bearish challenge to bullish drive.
EURUSD price action on the H4 time frame is consolidating. However, the recent technical impulse is bullish, and we may still see further northward move.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is consolidating within the 61.8/78.6 Fib zone of the recent dominant bearish swing. Last week, market operation issued a relatively moderate bullish candlestick as opposed to the doji-like candlestick issued two weeks ago. Technically, the short-term impulse is bullish, but as price action is near the 78.6 Fib level we may soon see some bearish challenge to northward drive.
GBPUSD price action on the daily time frame is disposed northward after a breakout from a narrow area of consolidation on Friday. We may still see further northward move in the early part of the week, which may target the 1.29800/1.30870 horizontal resistance area (purple).
The technical impulse of GBPUSD price action on the H4 time frame is bullish and we may see further northward move should bulls overcome the bearish challenge that began during the last H4 session on Friday.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame made a bullish retest of the upper boundary of the 1927.900/1962.150 channel (green) last week. The area saw a bearish drive to the lower boundary four weeks ago. Technically, bears are still favoured more than bulls.
XAUSD price action turned sideways in the latter of last week after a bullish retest of the upper boundary of the 1927.900/1962.150 channel (green). Although we may still see northward market engineering to an area of value, the market imbalance below the 1895.000 area may incentivize a bearish rotation after a northward liquidity sweep.
XAUUSD price action on the H4 time frame is ranging at the upper boundary of the 1927.900/1962.150 channel (green). Any further northward would be temporary as the technical structure favours bears.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Outlook
USDJPY market operation on the weekly time frame is bearish. Last week, market operation printed a bearish continuation candlestick. Presently, the market operation is located at the 138.800 horizontal support area.
USDJPY price action on the daily time frame turned sideways on Friday after a bearish drive to the 138.800 horizontal support area. The bullish candlestick printed on Friday could not close above the 138.800 horizontal support area. We may still see further southward move before a significant bullish challenge.
USDJPY price action on the H4 time frame went sideways towards the end of last Friday after a northward correction of the predominantly bearish drive. We may still have a southward move to an area of value before a significant bullish drive.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bullish. Market operation printed a bullish candlestick last week, which broke out of the 1.09770 area of consolidation that had been in place for three weeks. The bullish move shot through the 1.1580 immediate horizontal resistance. A bullish follow-up this week may target the 1.13370/1.14930 horizontal resistance area (purple). But a bearish pullback may see a retest of the 1.1580 former horizontal resistance or an area of value below it.
EURUSD price action on the daily time frame is bullish. A bullish follow-up in the early part of this week may target the 1.13370/1.14930 horizontal resistance area (purple). But we can see a bearish pullback thereafter.
EURUSD price action on the H4 time frame went sideways towards the end of last week after a bullish drive in the early part. Although we may still see further northward move to an area of value, there is a decline in bullish momentum. This could incentivize a bearish pullback.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame turned bullish last after consolidating for three weeks. Last week’s bullish candlestick closed at the upper boundary of the 1.29800/1.30870 horizontal resistance zone (purple), which is proximal to the 78.6 fib area of the dominant bearish swing.
GBPUSD price action on the daily time frame made a bullish drive into the upper boundary of the 1.29800/1.30870 horizontal resistance zone (purple). On Friday, bears made a feeble attempt to checkmate further northward push. If you look left, you will notice that there are still some areas of value northward. And we cannot rule out further northward market engineering for liquidity sweep before a southward turnaround.
GBPUSD price action on the H4 time frame has turned sideways after a bullish drive to the 1.29800/1.30870 horizontal resistance zone (purple) seen on the weekly time frame. As the technical impulse is bullish, we may still see further northward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
For eight consecutive weeks, XAUUSD market operation on the weekly time frame failed to break above the 1927.90/1962.15 zone (green). There was a bullish charge to break above the zone last week, but bears defended the area; last week’s bullish print was small and left a top shadow. Technically, we may expect a southward rotation to retest the lower part of the zone this week.
XAUUSD price action on the daily time frame went sideways after bears resisted a bullish charge to break above the 1927.90/1962.15 zone (green) seen on the weekly time frame. Should bears regain market influence in the early part of this week, we may see a southward rotation to retest the lower part of the zone.
XAUUSD price action on the H4 time frame went sideways after bears pulled back a bullish challenge of the upper part of the 1927.90/1962.15 zone (green) seen on the weekly time frame. Technically, I expect a southward rotation to the lower part of the zone if the failed bullish breach of the zone could count for a northward liquidity sweep. Besides, there are value areas below the current location of price action.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame printed a bullish candlestick last week to challenge the bearish breakdown of the 142.200/140.550 horizontal support zone (blue) during the previous week. However, last week’s bullish print closed just below the upper part of the zone and did not break above the high of the bearish print of the previous week.
USDJPY price action on the daily time frame took on a bullish mode on Friday to retest the broken down 142.200/140.550 horizontal support zone (blue) seen on the weekly time frame. The technical pattern favours further northward market engineering.
USDJPY price action on the H4 time frame went sideways after a bullish drive to the 140.550/142.200 horizontal resistance area (blue). The technical impulse is bullish, and we may still see further northward market engineering to an area of value, such as the 144.000 psychological area.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Outlook
EURUSD market operation on the weekly time frame is consolidating in the 78.6/88.6 Fib zone of the dominant bearish swing. Last week’s bearish candlestick was a challenge to the bigger bullish move of the previous week. Presently, the market operation is near the 78.6 fib area of the zone.
After ranging for a while in the early part of the week, EURUSD price action on the daily time frame disposed southwards on Thursday. However, there was no follow-through as Friday saw a market ambivalence, leading to the printing of a doji-like candlestick. Nevertheless, we can expect further southward move in the early part of this week if price action retests recently broken (i.e., former) intra-day horizontal resistance areas.
EURUSD price action on the H4 time frame went sideways after a bearish move that began on Thursday. This is a pause in directional momentum, and we may see further southward move to an area of value such as the 1.10190/1.09780 former intra-day horizontal resistance area (blue) turned support.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame turned sideways last week after bears pushed back a bullish move that retested the 129800/1.30870 horizontal resistance zone (purple) two weeks ago; the zone was last visited in April 2022. Last week’s bearish print restored market operation to below the 78.6 Fib area of the dominant bearish swing.
GBPUSD price action on the daily time frame made a southward turnaround on Wednesday after a bullish retest of the 129800/1.30870 horizontal resistance zone (purple) that was last visited in April 2022. A bearish continuation in the early part of this week may target the 1.26070 horizontal support area (blue).
GBPUSD price action on the H4 time frame has paused a southward drive. As the preceding technical impulse is bearish, we may see a southward continuation in the early part of this week. This may expose the 1.26070 horizontal support area (blue) seen on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame continues to respect the 1962.15 area as horizontal resistance. Despite another bullish attempt to break above the area last week, bears defended the area and pushed back the bullish attack. This led to the printing of a doji-like candlestick in the area last week.
XAUUSD price action on the daily time frame is sideways at the upper part of the 1927.90/1962.15 value area (green). The 1962.15 area has survived several bullish attacks but there has not been a consequential breakout. This may result in a bearish turnaround, which may see a retest of value areas southward on intra-day time frames.
The recent ‘M’ pattern of XAUUSD price action on the H4 time frame saw a retest of the mid-point on Friday. This technically would open the way for a southward liquidity sweep, and the ‘top-wicky’ prints favour bears. This area aligns with the 1962.15 area, a significant horizontal resistance area on the weekly time frame.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
The bullish momentum of USDJPY market operation on the weekly time frame that was restored two weeks ago met a bearish challenge last week. This, however, resulted in the printing of a bullish pin bar last week. Technically, we can expect bullish continuation this week.
USDJPY price action on the daily time frame is retesting the 140.550/142.200 horizontal resistance area (blue). Recent candlestick prints favour bullish technical impulse, and we may see further northward momentum in the early part of this week.
Recent USDJPY price action on the H4 time frame shows a southward liquidity clearing or sweep. This potentially leaves open a probable northward liquidity grab. Although price action is retesting the 140.550/142.200 horizontal resistance area (blue), seen on the daily time frame, the technical impulse favours bulls.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is disposed southwards. Presently, market operation is tackling the 1.10000 horizontal support area (blue), and we may still see further southward move in the early part of this week. But what happens at the 1.08900 area should be watched; the area is a technical value area that would be of interest to both bulls and bears.
EURUSD price action on the daily time frame met with a bullish challenge on Friday after a bearish drive to the 1.10000 horizontal support area (blue) on Thursday. Although the technical impulse favours bears, we should watch what price action does at the 1.08900 area; the area is a technical value area that would be of interest to both bulls and bears.
EURUSD price action on the H4 time frame made a bearish surge to the 1.10000 horizontal support area (blue) on Thursday. There was a bullish pushback in the early part of Friday, but a bearish reaction in the latter part of the day was inconsequential. Nevertheless, we may still see further bearish attempts to regain market influence in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is sideways. Last week, bulls challenged the bearish drive of two weeks ago, but the challenge was inconsequential as bears resisted the challenge. Should bears regain market influence, we may see them target the 1.2600 value area.
GBPUSD price action on the daily time frame turned sideways on Friday after bulls resisted the bearish surge to the 1.27800 minor horizontal support area. As the technical impulse favours bears more than bulls, we may see a southward continuation in the early part of this week.
On Friday, GBPUSD price action on the H4 time frame saw a bullish correction of Thursday’s bearish technical drive. However, as the technical impulse favours bears more than bulls we may see a southward turnaround in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame continues to tackle the 1926.70/1989.70 significant horizontal resistance zone (purple). In July, bears resisted a bullish drive to break out of the zone, resulting in the printing of a top-shadow bullish candlestick in the zone.
XAUUSD market operation on the weekly time frame broke below a mini area of consolidation last week. A bearish follow-up this week may see a southward drive to the next significant value area around 1901.50 (blue). However, the fact that the bearish candlestick printed last week had both a tail and a shadow means that bears are not in control of the market, and they will still have to contend with a bullish challenge.
XAUUSD price action on the daily time frame made a bullish correction on Friday, challenging the bearish attack on the 1926.70 horizontal support area. But as price action is presently at a mini horizontal resistance area, we may still see some struggle between bulls and bears for market dominance. What price action does in the early part of the week should be watched.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the monthly time frame printed a bullish pin bar after bears drove southward to retest the 139.180/136.360 horizontal support zone (green). Technically, a bullish follow-through is favored, but this may come after a southward market manipulation.
Last week, USDJPY market operation on the weekly time frame went sideways after bulls challenged the bearish surge into the 139.180/136.360 monthly horizontal support zone (green) two weeks ago. The bullish candlestick printed last week has a relatively long shadow, which technically indicates that bears are exerting southward pressure.
USDJPY price action on the daily time frame came under bearish pressure after a bullish retest of the 143.00/143.900 horizontal resistance (blue). Although the recent technical patterns of price action on the daily time frame favour bulls, we may still see further bearish pressure, perhaps for liquidity sweep, before a bullish turnaround.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame went sideways last month as bears resisted the bullish drive to break above the 50 Fib retracement area of the 1.22535/0.95350 bearish swing. The area remained a significant resistance area on the monthly time frame since April 2023.
EURUSD weekly time frame on the weekly time frame went sideways last week after printing a doji-like candlestick. Technically, this represents a pause in bearish drive after bears drove back the bullish charge at the 61.8 fib retracement area of the 1.22535/0.95350 bearish swing three weeks ago. Presently, market operation is at the 50-fib retracement area of the recent bearish swing.
EURUSD price action on the daily time frame is presently sideways. Bulls lost the technical impulse a few days ago when bears resisted the northward push to breach the 1.12335 horizontal resistance area, an area that aligns with the 61.8 fib retracement of the 1.22535/0.95350 bearish swing seen on the monthly time frame. Although there was a bullish drive on Friday, the fact that the bullish candlestick printed has a relatively long shadow indicates that we may still see further bearish challenge.
I may be wrong. Trade safe and prosper.
Trap
