GBPUSD Weekly Technical Outlook
In July, GBPUSD market operation on the monthly time frame made a bullish charge at the 1.28630 horizontal resistance area but bears hindered the surge above the area. The result left the July bullish candlestick with a top shadow.
GBPUSD market operation on the weekly time frame saw a pause in southward drive. Presently, market operation is tackling the 78.6 fib retracement area of the most recent bearish swing on the weekly time frame.
GBPUSD price action on the daily time frame went sideways on Friday after bulls challenged the bearish drive below the 78.6 fib retracement area of the most recent bearish swing seen on the weekly time frame. Technically, there is a morning star pattern in play but what price action does on Monday should be watched. If there is no bullish follow-up, we may see a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation continued its southward mode last week as it printed a bearish candlestick. A break below the 1901.50 area (blue) would incentivize further southward drive.
Although XAUUSD price action on the daily time frame is presently sideways, the technical impulse favours bears more than bulls. Technically we would see further southward move, significantly breaking below the 1901.50 area (blue), and could target an intra-day demand area or area of market imbalance.
Although XAUUSD price action on the H4 time frame turned sideways during the latter part of Friday, the dominant technical impulse is bearish. Technically, this favours a southward continuation after price action in the early part of the week.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is in a bullish mode. Last week, the market operation printed a bullish candlestick that broke above the area of consolidation that has been in place for three weeks.
USDJPY price action on the daily time frame is bullish. As it is presently near the 145.600/146.600 supply area (red), we may see bulls incentivized for further northward liquidity engineering, which may even target a higher-level supply area before a bearish correction. The dominant trend is bullish.
The immediate technical impulse of USDJPY on the H4 time frame is bullish. Nevertheless, we cannot rule out a southward liquidity sweep to shake out weak hands before a northward continuation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURSD market operation on the weekly time frame is retesting the 1.10000/1.0830 demand zone (green). The zone was retested last week, the third time in three weeks. Last week’s candlestick closed lower than the previous two weeks’ prints, and we may see further southward push in the early part of this week. The zone aligns with the 50-fib retracement of the recent bearish swing.
EURUSD price action on the daily time frame is ranging at the upper part of the 1.10000/1.0830 demand zone (green) seen on the weekly time frame. The bearish print of Friday could herald a bearish follow-through to the bearish pinbar printed on Thursday. Should this be the case we may see southward drive to the lower part of the zone. Technically, the zone aligns with the 50-fib retracement of the recent bearish swing on the weekly time frame.
The recent technical pattern of EURUSD price action on the H4 time frame apparently made a northward liquidity sweep in the latter part of last week. This would prepare the ground for a southward market engineering to an area of value, particularly as the dominant trend is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The southward push of GBPUSD market engineering on the weekly time frame was limited last week as bulls resisted such move, leading to the printing of an indecision candlestick. However, we may still see further bearish attempts to drive below the 1.26930 mini horizontal support.
Recent candlestick prints of GBPUSD on the daily time frame, with relatively pronounced top wicks, favour further southward move. Should this happen, we may see a retest of the 1.25500/1.24800 demand zone (green).
The technical impulse of GBPUSD price action on the H4 time frame is favorably bearish. Thus, although price action is presently sideways, we would see a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bearish. The bearish candlestick printed last week broke below the 1901.50 horizontal support area (blue) which had been in place for eight weeks. Although this technically favours bears, we may still have some bullish corrective move before a significant bearish drive.
XAUUSD price action on the daily time frame turned sideways after a bearish breakdown of the 1901.50 horizontal support area (blue) which had been in place for eight weeks. Although we may still have a bullish correction, the technical structure favours bears.
Although XAUUSD price action on the H4 time frame turned sideways on Friday, the technical impulse and order flow context favour bears. Thus, any northward move would be corrective, giving way to a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is still bullish. However, last week, as it tackled the 145.600/146.600 horizontal resistance zone (red), bears resisted further bullish drive leading to the printing of a doji-like candlestick.
Last week Wednesday, USDJPY price action on the daily time frame retested the 145.600/146.600 horizontal resistance zone (red). However on Thursday and Friday bears stepped in for a southward pushback. Although the technical structure is bullish, we may still see further southward move, perhaps retesting the 144.250. horizontal support area.
USDJPY price action on the H4 time frame turned sideways in the latter part of last week after bears pushed back a bullish surge to the 145.600/146.600 horizontal resistance zone (red) seen on the weekly time frame. As the dominant technical structure is bullish, any further southward move would soon give way to a northward turnaround.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bearish. But, last week, the bearish drive was curtailed by bulls as it surged to the lower boundary of the 1.10000/1.08300 horizontal support zone (green).
The EURUSD price action on the daily time frame turned sideways on Friday after a bearish drive to the lower part of the 1.10000/1.08300 horizontal support zone (green) seen on the weekly time frame. Nevertheless, we may still see further bearish drive in the early part of this week.
Although the EURUSD price action on the H4 time frame is sideways, the technical impulse favours bears more than bulls.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is sideways. The last two weeks have seen the printing of indecision candlesticks at the 1.27300 area, an area that is within the 78.6/61.8 fib retracement zone of the dominant bearish swing.
GBPUSD price action on the daily time frame turned sideways after bulls pushed back a bearish surge to the 1.27300 area, an area which is within the 78.6/61.8 fib retracement zone of the dominant bearish swing on the weekly time frame. The technical impulse favours bears, and we may soon see a southward turnaround.
Although GBPUSD price action on the H4 time frame has turned sideways after bullish correction on Friday, the preceding technical impulse is bearish. Technically, this favours a bearish continuation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
Two weeks ago, XAUUSD market operation on the weekly time frame broke down the 1901.50 horizontal support area (blue). However, last week, bulls pushed back for a northward move that close above the area. Technically, the market operation is in consolidation.
Last week Wednesday, XAUUSUS price action on the daily time frame pushed back a bearish breakdown of the 1901.50 horizontal support area (blue) seen on the weekly time frame. However, there was no northward follow-through as price action went sideways on Thursday and Friday. Presently, price action is at a mini-horizontal resistance and the technical impulse favours bears more than bulls. Technically, any further northward move would give way to a southward turnaround.
XAUUSD price action on the H4 time frame went sideways after a bullish corrective move to the bearish charge at the 1901.50 horizontal support area (blue) seen on the weekly time frame. The technical structure favours bears but we may still see a northward market engineering for liquidity grab at a value area such as the 19332.36/1927.90 intra-day supply area (magenta) before a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USJPY market operation on the weekly time frame is losing its bullish momentum. Although the technical structure is bullish, market operation has been tackling the 145.600/146.600 horizontal resistance zone (red) since the last two weeks. The bullish candlestick printed last week closed just at the upper part of the boundary but there was no significant bullish momentum.
USDJPY price action on the daily time frame is ranging within the 145.600/146.600 horizontal resistance zone (red) seen on the weekly time frame. A bullish break out from the area would likely target the 149.200/150.200 supply zone (purple).
Although USDJPY price action on the H4 time frame is presently sideways within the 145.600/146.600 horizontal resistance zone (red), the recent technical pattern of USDJPY apparently showed a southward liquidity sweep below the 145.000 area. Should price action break above the 146.600, we may see further northward drive, which could target the 150.200/149.200 supply zone (purple) seen on the daily time frame.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame has declined in bearish momentum as it tackles the 1.25500/1.24800 horizontal support zone (green). The bearish candlestick printed last week failed to penetrate the zone.
GBPUSD price action on the daily time frame printed a bearish candlestick on Thursday that broke below the 1.26130 mini-horizontal support area (blue). However, there was no bearish follow-through as price action went sideways on Friday. Presently, price action is approaching a more significant 1.25500/1.24800 horizontal support zone (green) seen on the weekly time frame. Technically, we cannot rule out a bullish corrective move before a bearish continuation.
GBPUSD price action on the H4 time frame has gone sideways after a bearish surge below the 1.26130 mini-horizontal support area (blue). As the technical impulse favours bears, any northward move would be temporary.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Although EURUSD market operation on the weekly time frame is still disposed bearish, the momentum has waned. The bearish candlestick printed last week had wicks on both ends. Nevertheless, we would see further southward move this week.
Although EURUSD price action on the daily time is still bearish, there is a decline in southward momentum. The last five days had seen little directional displacement. Meanwhile, price action is tackling the 1.08300 horizontal support area (green) and we should await how price action handled the area by Monday close.
EURUSD price action on the H4 time frame went sideways below the 1.08300 horizontal support area (green). We cannot rule out a bullish pullback, perhaps for liquidity grab, before a southward continuation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame has been sideways within the 1989.70/1901.50 zone (purple) since the bearish rejection of the 1989.70 horizontal resistance area in May 2023. In August, there was a bearish pushback to the bullish charge at the 1989.70 horizontal resistance area in July.
In the past two weeks, XAUUSD market operation on the weekly time frame has seen a bullish correction of the bearish technical impulse that challenged a breakdown of the technically significant 1901.50 area.
XAUUSD price action on the daily time frame turned sideways towards the end of last week after a bullish pushback to the bearish drive that broke down the technically significant 1901.50 area. The technical structure favours bears, and recent technical prints favour a liquidity charge southward, perhaps after a temporary northward liquidity sweep. I remain bearish XAUUSD as I have been for weeks, being a medium-term swing trader.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
In August, USDJPY market operation on the monthly time frame continued a bullish disposition with a northward close above the 144.180 horizontal resistance area (red).
USDJPY market operation on the weekly time frame went sideways last week but the technical structure is bullish.
USDJPY price action on the daily time frame is consolidating. However, the preceding technical impulse is bullish, which technically favours a bullish continuation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame printed a bearish candlestick in August. Although the candlestick printed is relatively small, it was a follow-through print to the bearish pinbar of July.
The bearish pinbar printed last week by the EURUSD market operation on the weekly time frame technically portends a bearish continuation. It favours a follow-through of the bearish prints of the past three weeks.
EURUSD price action on the daily time frame is bearish and the technical impulse favours further southward continuation. Technically, we can expect a bearish drive to the 1.06600 horizontal support area (blue) 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 monthly time frame issued a bearish candlestick in August to reject the 1.28630 horizontal resistance area. The area has not been broken as resistance since June 2023.
GBPUSD market operation on the weekly time frame turned sideways last week after bulls failed to break above the open of the bearish candlestick printed two weeks ago, resulting in the printing of a doji-like candlestick.
Recent technical patterns of GBPUSD price action on the daily time frame favour a southward market engineering. Thus, should bears follow-through on the recent technical impulse, we may see a southward drive initially to the 1.24100 area (blue).
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame turned sideways after a bearish print last week as opposed to the bullish print of two weeks ago.
The XAUUSD price action on the daily time frame turned sideways towards the end of last week. However, the technical structure is bearish.
XAUUSD price action on the H4 time frame is sideways. The technical patterns are mixed, and we may have to await directional clarity upon Monday close. However, the longer-term technical structure favours bears.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is bullish. The technical structure supports further northward move.
Although USDJPY price action on the daily time frame is sideways, the technical structure is bullish.
Although the bullish momentum of USDJPY price action on the H4 time frame is declining, the technical structure favours bulls. However, we cannot rule out a southward corrective action before a northward momentum.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame printed a bearish continuation candlestick last week. Technically, this is in line with the bearish pinbar printed two weeks ago.
The order flow context and technical impulse of EURUD price action on the daily time frame favour bears. Thus, any northward move would be temporary, giving way to a southward rotation.
Although EURUSD price action on the H4 time frame turned sideways on Friday, the preceding technical impulse is bearish. Therefore, further southward move is favoured.
I may be wrong. Trade safe and prosper.
Trap
