GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame has been sideway since three weeks ago after it broke down the 1.23500 horizontal support area (magenta). Last week, there was a bullish surge to retest the area, but bears resisted the move, leading to the printing of a doji-like candlestick within the 1.22400/1.21000 horizontal channel (Sandy brown).
GBPUSD price action on the daily time frame is in a bearish technical structure but bulls have been resisting a southward drive. Presently, bears are attempting a breakdown of the 1.22400/1.21000 horizontal channel (Sandy brown) created on the weekly time frame three weeks ago. A significant breakdown of the channel on a daily closing basis would incentivize further southward drive.
Although GBPUSD price action on the H4 time frame is in a bearish technical structure, bulls are hindering a southward drive.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bullish., but it is presently tackling the 1981.64 horizontal resistance area. Nevertheless, the technical impulse still favours bulls.
XAUUSD price action on the daily time frame is bullish but it is presently located at the 1981.64 horizontal resistance area. Further bullish charge may target the 2021.68/2007.00 supply zone (red).
XAUUSD price action on the H4 time frame is bullish. Although, presently, we are seeing sideways of price action, the technical structure is bullish, and the preceding technical impulse is favorably bullish. Therefore, any southward drive would be merely corrective. We may see a bullish charge to retest the 2021.68/2007.00 supply zone (red), seen on the daily time frame , before a feasible southward rotation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame has been attacking the 150.00 horizonal resistance (purple) for the last four weeks. Technically, such an extended period of attack may yield to a southward corrective move before a more potent bullish retest of the area. Nevertheless, we are likely to see further northward market engineering to an intra-day value area before a southward correction.
USDJPY price action on the daily time frame is ranging at the 150.00 horizonal resistance (purple). Technically, a bearish correction may be in the offing, but we cannot rule out a northward push for liquidity grab at an intra-day value area.
USDJPY price action on the H4 time frame is sideways as it tackles the 150.00 horizonal resistance (purple), seen on the weekly time frame. As recent liquidity sweep was southward, we may see a northward market engineering for liquidity grab.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame remains sideways within the 1.06000/1.03840 horizontal channel (blue). Last week, market operation printed a relatively small bullish candlestick in the channel as opposed to the doji-like candlestick of the previous week.
EURUSD price action on the daily time frame is still within the 1.06000/1.03840 horizontal channel (blue), seen on the weekly time frame. Presently, it is at the upper part of the channel where price action printed a doji-like candlestick on Friday. Although the technical structure is bearish, we may still see a northward liquidity engineering.
Although EURUSD price action on the H4 time frame is in a technically bearish structure, recent price action has seen a bullish challenge of the 1.06000 horizontal resistance area (blue). We may still see further bullish charge at an intra-day area of value such as the 1.06680/1.07000 horizontal resistance area (purple) before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The 1.22400/1.21000 horizontal channel (Sandybrown) has constrained GBPUSD market operation on the weekly time frame for the last four weeks. The channel is in the 61.8/50.0 Fib zone of the prevailing bearish swing.
GBPUSD price action on the daily time frame is ranging within the 1.22400/1.21000 horizontal channel (Sandybrown), seen on the weekly time frame. Although the technical structure is bearish, we may still see a retest of the 1.23200/1.24100 horizontal resistance area (purple), before a southward turnaround.
Although GBPUSD price action on the H4 time frame is in a bearish technical structure, it has been sideways for quite a while. And we may still see northward liquidity engineering to an area of value, such as the 1.23200/1.24100 horizontal resistance area (purple), before a bearish rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bullish. However, the bullish candlestick printed last week inched to the 2005.90/2016.10 horizontal resistance zone (red), and we may see a decline in bullish momentum.
XAUUSD price action on the daily time frame is bullish. Presently, it is tackling the 2005.90/2016.10 horizontal resistance zone (red), seen on the weekly time frame. The area was last visited on May 15, 2023. Any northward breakout from the zone would target the next horizontal resistance at the 2030.12/2039.76 area (purple) before a southward turnaround.
XAUUSD price action on the H4 time frame is in a bullish mode. Although it is tackling the 2005.90/2016.10 horizontal resistance zone (red), seen on the weekly time frame, we may still see further northward move.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
On the weekly time frame, the 150.00 horizontal resistance area (red) has been constraining bullish breakout of USDJPY market operation for five weeks. Last week, market operation printed a doji-like candlestick in the area, which was occasioned by a bearish pushback. Technically, we may see a bearish correction before a stronger or more potent bullish charge.
USDJPY price action on the daily time frame has been attempting a bullish breach of the 150.00 horizontal resistance area (red) for several days without success. There was a feeble break of the area on Thursday, but bears pushed back on Friday with a relatively stronger southward move. Nevertheless, we cannot rule out another bullish charge. But technically, there would be a retest of at least an intra-day area of value southward before a stronger or more potent bullish drive to break the 150.00 area.
USDJPY price action on the H4 time frame is consolidating within a rising wedge and presently located at the lower wedge trendline. Recent technical patterns favour a breakdown of the wedge, which may retest an area of value such as the 148.00/147.80 intra-day support (magenta), a form of liquidity sweep, before a bullish charge at the 150.00 horizontal resistance area (red), seen on the weekly time frame.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame continues its consolidation within the 1.06830/1.04480 horizontal channel (red). The channel aligns with the 50/38.2 Fib zone of the prevailing bearish swing.
EURUSD price action is sideways within the 1.06830/1.04480 horizontal channel (red), seen on the weekly time frame. Although the technical structure is bearish, we cannot rule out a northward liquidity grab before a southward rotation.
Although EURUSD price action on the H4 time frame is presently sideways, bulls are attempting a retest of a northward area of value such as an intra-day market imbalance or the upper boundary of the 1.06830/1.04480 horizontal channel (red), seen on the weekly time frame. Any such move would be temporary as the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The last six weeks have seen GBPUSD market operation on the weekly time frame stuck in the 1.22690/1.20530 horizontal channel (red). The channel is within the 61.8/50 fib zone of the prevailing bearish swing.
GBPUSD price action on the daily time frame is presently sideways within the 1.22690/1.20530 horizontal channel (red), seen on the weekly time frame. Technically, price action is in a corrective mode in a bearish technical structure. Thus, we may still see further northward price action before a southward rotation.
Although GBPUSD price action on the H4 time frame is presently sideways, the preceding technical impulse is bearish. Besides, the dominant technical structure is bearish. Therefore, any northward move would be temporary in nature.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
Two weeks ago, XAUUSD market operation on the weekly time frame made a bullish push to retest the 2005.90/2016.10 horizontal resistance zone (red). However, last week, bears resisted the move and market operation printed a bearish candlestick with a long tail below the zone.
XAUUSD price action on the daily time frame is experiencing increased bearish pressure after a prolonged bullish thrust that drove into the 2005.90/2016.10 horizontal resistance zone (red). Technically, price action is presently in consolidation, but the preceding impulse is favorably bullish. Nevertheless, we cannot rule out a southward dive for liquidity grab at an intra-day (e.g., H4/H1 time frame) area of value before further bullish momentum.
XAUUSD price action on the H4 time frame, which had made a bullish charge at the 2005.90/2016.10 horizontal resistance zone (red) seen on the weekly time frame, went sideways on Friday under bearish pressure. We cannot rule out further bearish push to retest an area of value such as the 1977.60 horizontal support (green) before another bullish charge at the 2005.90/2016.10 horizontal resistance zone (red).
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is sideways. Last week, there was a bullish charge at the upper boundary of the 150.00/152.00 horizontal resistance zone (purple) but bears pushed back to below the zone, resulting in the printing of a long doji-like candlestick. This is the fifth week USDJPY market operation has been ranging below the 150.00/152.00 horizontal resistance zone (purple), indicating that the zone is a strong resistance.
USDJPY price action on the daily time frame made a bullish drive to the 150.00/152.00 horizontal resistance zone (purple) on Tuesday but bears pushed back. Presently, price action is disposed bearish and the technical impulse favours further southward move.
USDJPY price action on the H4 time frame went sideways at the latter part of Friday but the preceding technical impulse is bearish.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame ranged for five weeks within the 1.06170/1.05000 horizontal support zone (green) before bulls made a northward drive above the zone last week. Technically, market operation has retraced to the 50/61.8 Fib zone of the dominant bearish swing.
EURUSD price action on the daily time frame took on a bullish corrective mode after a bearish retest of the 1.06170/1.05000 horizontal support zone (green). Should there be further bullish drive in the early part of this week, we may see a retest of the 1.08650/1.09300 resistance zone (red) before a southward rotation.
EURUSD price action on the H4 time frame has been ranging in a rising channel (blue) for quite a while. Although there was a brief breakout above the channel in the latter part of Friday, there was little momentum. Nevertheless, we cannot rule out further bullish move before a southward rotation. Price action is in a technical bearish structure.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame ranged for five weeks within the 1.22690/1.20530 horizontal support zone (green) before bulls made a northward drive above the zone last week. Presently, market operation is at the 61.8 Fib of the dominant bearish swing.
GBPUSD price action on the daily time frame is in a bullish correction of a dominant bearish swing. Although, presently, price action is at the 61.8 Fib of the dominant bearish swing, the technical impulse is bullish. Thus, we cannot rule out further northward move before a bearish rotation.
GBPUSD price action on the H4 time frame ranged for several days within a falling triangle (blue) before breaking out in the latter part of Friday. Presently, price action is at the 61.8 Fib area of the dominant bearish swing, but we may still see further northward move 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 is bearish. Last week, market operation printed a bearish candlestick that closed below the 1961.60/1940.65 horizontal support zone (green). Technically, we can expect a bearish follow-up this week.
XAUUSD price action on the daily time frame is in a bearish mode. A bearish follow-up may target an intra-day value area within the 1908.45/1883.20 market imbalance (blue).
XAUUSD price action on the H4 time frame has rejected the 2005.90/2016.10 horizontal resistance (red) and is disposed southwards. A southward liquidity engineering may target the 1908.45/1883.20 market imbalance (blue).
I may be wrong. Trade safe and prosper.
Trap
Isn’t your name on Forex Factory “Keen Pips”?
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Yes. You’ll also see that the insignia on my profile there is ‘Trap the Market.’
Trade safe, prosper.
Trap
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USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame closed above the 150.00 horizontal resistance and psychological number for the first in several months. Last week, market operation charged into the 150.00/152.00 multi-year horizontal resistance zone (purple), and printed a bullish candlestick that closed at the upper part of the zone. This happened after several weeks of bullish attack on the zone.
USDJPY price action on the daily time frame charged through the 150.00 psychological number on Tuesday and there was a bullish follow-through that drove towards the 152.00 horizontal resistance on Friday. As this move represents a retest of a zone that has held as resistance for several months, the 150.00/152.00 multi-year horizontal resistance zone (purple), we may soon see a southward correction or bearish rotation. Therefore, it is advisable to be careful with any ambitious directional trade within the zone.
USDJPY price action on the H4 time frame is experiencing a decline in bullish momentum as it navigates the 150.00/152.00 multi-year horizontal resistance zone (purple) for a potential retest of the 152.00 psychological number. Technically, recent patterns of price action portend a southward correction, but we may still see further northward move. Personally, as a swing trader, I am not trading this pair until a directional breach of the 152.00 psychological number or its bearish rejection on a weekly closing basis.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
Two weeks ago, EURUSD market operation on the weekly time frame retested the 1.06200/ 1.08200 horizontal resistance zone (red). However, last week, bears resisted the move, leaving market operation in a sideway-mode. The zone aligns with the 50/61.8 fib zone of the dominant bearish swing.
EURUSD price action on the daily time frame went sideways after bears pushed back a bullish retest of the 1.07100/1.07700 horizontal resistance area (blue). The area is within 50/61.8 fib retracement zone of the dominant bearish swing. Technically, bears are more favored than bulls. Therefore, any northward move would be temporary.
EURUSD price action on the H4 time frame is consolidating within a rising channel (magenta) but the technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
Two weeks ago, GBPUSD market operation on the weekly time frame retested the 61.8 Fib area of the dominant bearish swing. But last week, bears resisted further northward move, and market operation printed a relatively moderate bearish candlestick.
Last week Monday, GBPUSD price action on the daily time frame made a bearish rejection of the 1.23780 horizontal resistance area (red). There was a bearish continuation until Friday when price action went sideways. Nevertheless, as the technical structure is bearish, any northward move would be temporary.
On Monday November 6, 2023, GBPUSD price action on the H4 time frame retested the 1.24200/1.23750 supply (red) but made a bearish turnaround in the area. Presently, price action is sideways, but the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
