EURUSD Top Down Analysis

[TrapTheMarket]

XAUUSD Weekly Technical Outlook

XAUUSD market operation on the weekly time frame is in a bullish mode. A bullish follow-up this week may see a retest of the 2005.90/2016.10 horizontal resistance zone (red).

XAUUSD price action on the daily time frame is within an ascending channel (magenta). Although there is a pause in bullish momentum, the technical pattern favours further northward move. The 2005.90/2016.10 area (red) is the immediate horizontal resistance.

Although XAUUSD price action on the H4 time frame is sideways, the technical impulse is bullish. Thus, we may still see further northward move.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame turned sideways at the 150.00/152.00 horizontal resistance zone. Two weeks ago, a bullish market operation surged into the zone. But last week, bears pushed back and the bearish candlestick printed closed just below the zone.

USDJPY price action on the daily time frame disposed southwards on Friday, closing below the 150.00 level. But the technical pattern below the area does not favour a bearish momentum. Thus, any southward move of price action may soon face a bullish challenge.

Although USDJPY price action on the H4 time frame turned sideways in the latter part of Friday, the preceding technical impulse and recent liquidity engineering favour further southward move, which may be short-term before a bullish pushback.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

EURUSD Weekly Technical Outlook

Last week, EURUSD market operation on the weekly time frame took on a bullish mode. It is presently at the lower part of the 1.08907/1.10560 horizontal resistance zone (red).

EURUSD price action on the daily time frame is in a bullish corrective mode. Presently, it is within the 1.08907/1.10560 horizontal resistance zone (red), seen on the weekly time frame. But the technical impulse favours further northward move.

EURUSD price action on the H4 time frame is in a bullish mode. The technical impulse favours further northward move.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame took on a bullish corrective mode to retest the broken down 1.24388/1.23080 former horizontal support zone (green). Last week, market operation printed a bullish candlestick that closed at the upper part of the zone.

GBPUSD price action on the daily time frame is sideways but the preceding technical impulse is bullish. Although the technical structure is bearish, we cannot rule out further northward move before a southward turnaround.

GBPUSD price action on the H4 time frame is in a bullish mode. The technical impulse favours further northward move.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

XAUUSD Weekly Technical Outlook

After the first attempt made five weeks ago met with a bearish pushback, XAUUSD market operation on the weekly time frame is attempting a bullish retest of the 2005.90 horizontal resistance. The bullish candlestick printed last week closed just below the area.

XAUUSD price action on the daily time frame turned sideways just below the 2005.90 horizontal resistance as it attempts a retest of the area. The area has not been breached northward since May 16.

XAUUSD price action on the H4 time frame is tackling a major horizontal resistance area, the 2005.90 area, which has not been breached northward since May 16. Although we cannot rule out further northward move, technically any such move would see a strong bearish pushback. So, trade with caution.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

USDJPY Weekly Technical Outlook

USDJPY market operation on the weekly time frame went sideways as it tackles the 150.00/152.00 horizontal resistance zone (purple). Last week, market operation printed a long-tailed doji-like candlestick just below the zone. Technically, there is a decline in bullish momentum, but we cannot rule out further northward move.

USDJPY price action on the daily time frame went sideways. There was a bullish retest of the 150.00/152.00 horizontal resistance zone (purple) several days ago, but bears pushed back and drove price action to below the zone. Bulls pushed for a retest of the zone on Tuesday but there was no follow-through on Thursday and Friday. Nevertheless, the bullish pinbar printed on Tuesday technically portends further northward move.

USDJPY price action on the H4 time frame went sideways on Friday after a bullish attempt to retest the 150.00 horizontal resistance. Recent ‘wicky’ prints favour northward market engineering but the 150.00 area should be significantly breached northward first.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

EURUSD Weekly Technical Outlook

EURUSD market operation on the weekly time frame is in a bullish retest of the 1.08907/1.10560 resistance zone (red). Last week, a relatively small doji-like candlestick was printed at the lower part of the zone. This represents a pause or decline in bullish momentum. The technical structure is bearish.

EURUSD price action on the daily time frame is in a bullish retest of the .08907/1.10560 resistance zone (red) but it is experiencing an increased bearish pressure as it tackles the lower part of the zone. Nevertheless, we may still see further northward move before a southward turnaround. The dominant technical structure is bearish.

EURUSD price action on the H4 time frame went sideways on Friday as it tackled the 1.08907/1.10560 resistance zone (red) seen on the weekly time frame. However, as the preceding technical impulse is bullish, we may still see further northward move. The dominant technical structure is bearish.

I may be wrong. Trade safe and prosper.

Trap

[TrapTheMarket]

GBPUSD Weekly Technical Outlook

GBPUSD market operation on the weekly time frame is in a bullish mode. Although the short-term impulse favours bulls, market operation is tackling an area of horizontal resistance.

GBPUSD price action on the daily tie frame is in a bullish mode. As the technical impulse is bullish, we may still see further northward move. But this would soon give way to bearish rotation because the dominant technical structure is bearish.

GBPUSD price action on the H4 time frame is bullish. However, there is a decline in bullish momentum.

I may be wrong. Trade safe and prosper.

KP