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
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
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
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
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
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
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
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
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame is bullish. In November, market operation printed a bullish continuation candlestick after the bullish print in October broke above the previous 1940.65/1961.60 horizontal resistance zone now turned support (green).
XAUUSD market operation on the weekly time frame is bullish. Last week, market operation printed a relatively big bullish candlestick that closed a few pips to the all-time high. That was the first time the candlestick closed so high in years, and we may soon see a southward turnaround.
XAUUSD price action on the daily time frame is bullish. However, it is approaching an all-time high and we may soon see a bearish correction, if not yet a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the monthly time frame took on a bearish mode in November. The bullish print in October retested the 152.00 horizontal resistance zone, producing an all-time close at that level. In November, there was a bearish turnaround from the area that broke below the 149.500 area, which was the lower boundary of the 149.500/152.00 horizontal resistance zone (purple).
USDJPY market operation on the weekly time frame is bearish. Presently, it is at a horizontal support area, but we may still see further southward move.
USDJPY price action on the daily time frame went sideways after breaking below the 149.00 horizontal support area. Nevertheless, the technical impulse favours bears. The 145.250/144.000 horizontal support area (green) is a potential target of a successful bearish follow-through.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame took on a bullish tone in November to retest the 50 Fib area of the bearish swing that began in June 2021. The 1.08907/1.10560 zone (red), which lies midway of the 50/61.8 fib zone, has held as horizontal resistance zone for quite a while.
EURUSD market operation on the weekly time frame went sideway after a bullish retest of the 1.08907 area, which aligns with the 50 Fib area of the bearish swing that began in June 2021.
EURUSD price action on the daily time frame went sideway on Friday after bears pushed back a bullish breach of the 1.08907 horizontal resistance area on Thursday. However, as the preceding technical impulse is bullish, we cannot rule out another bullish attempt to retest the 1.08907/1.10560 zone (red), which lies midway of the 50/61.8 fib zone of the dominant bearish swing.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame retested the 1.27090 horizontal resistance zone in November. The technical structure is bearish.
GBPUSD market operation on the weekly time frame is in a bullish mode. Presently, it is located at the 1.27090 horizontal resistance zone. Although the technical impulse is bullish, the dominant technical structure is bearish.
GBPUSD price action on the daily time frame is in a bullish mode. It is experiencing bearish challenge as it tackles the 1.27090 horizontal resistance zone, seen on the monthly time frame. Nevertheless, we may still see further northward move. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
Last week, XAUUSD market operation surged northwards to create an all-time high. However, on the weekly time frame there was a quick southward turnaround as bears resisted further northward move. This resulted in the printing of a relatively big bearish candlestick with a long upper shadow or wick.
XAUUSD price action on the daily time frame surged northward last Monday to create an all-time high, which was quickly resisted by bears. The technical impulse of XAUUSD price action on the daily time frame is bearish but we may still see a northward retracement before a southward turnaround. The 1961.60/1940.65 horizontal support area (green) is a natural target of a southward drive of price action.
Although XAUUSD price action on the H4 time frame went sideways towards the end of Friday, the technical impulse is bearish. Therefore, any northward move would be for liquidity grab to an area of value before a southward continuation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
Last week, USDJPY market operation on the weekly time frame broke below the 145.250/144.000 horizontal support zone (green) but snapped back to close within it. Although the technical structure is bullish, we may still see a further southward move before a bullish turnaround.
USDJPY price action on the daily time frame is consolidating within the 145.250/144.000 horizontal support zone (green) seen on the weekly time frame. On Thursday, price action printed a relatively big bearish candlestick that broke below the zone but snapped back to close within it, leaving a long tail below it. But on Friday, bulls seized market initiative to push price action further up within the zone. The long tails left on the candlesticks printed on Thursday and Friday may incentivize a southward liquidity sweep before a bullish turnaround.
On Friday, USDJPY price action on the H4 time frame broke below the 145.250/144.000 horizontal support zone (green) seen on the weekly time frame. This was followed by a period of consolidation before bulls pushed price action further up within the zone. Although the dominant technical structure is bullish, we may still see some bearish pressure in the short term.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Update
EURUSD market operation on the weekly time frame is bearing southwards after a 61.8 Fib retracement of a mini bearish swing three weeks ago. This is around the 50 Fib of the longer-term bearish swing that began in May 2021. A bearish continuation would likely target the 1.04900 horizontal support that has been in place since February.
EURUSD price action on the daily time frame went sideways on Friday following a bearish turnaround of a bullish retest of the 1.10000 horizontal resistance on November 28. The technical structure is bearish, which favours a bearish continuation.
Although EURUSD price action on the H4 time frame is sideways, the dominant technical structure is bearish. There are also areas of market imbalance southwards that could incentivize a market engineering for liquidity grab.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is ranging within the 1.25300/1.26700 horizontal resistance zone (red). Two weeks ago, market operation made 61.8 fib retracement of a mini bearish swing, a location which aligns with the top boundary of the zone. But last week, market operation printed a bearish candlestick within the zone. The dominant technical structure is bearish.
GBPUSD price action on the daily timeframe is sideways. There was 61.8 Fb retracement of the most recent bearish swing on November 28. However, there has been limited directional momentum since then. Nevertheless, the technical pattern presents a market imbalance that could incentivize market engineering southwards. This could target the 1.23000 area.
GBPUSD price action on the H4 time frame has been consolidating for quite a while. However, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD weekly outlook is ambivalent although bulls have a slight advantage. On the weekly time frame, last week, market operation resisted the bearish drive to retest the 1961.60 horizontal support area, but bulls strongly resisted the move. This led to a bullish charge at the 2049.10 area before bears pushed back the move. This resulted in the printing of a relatively large ambivalent candlestick, with bullish tint, las week.
XAUUSD price action on the daily time frame went sideways towards the end of last week. However, the preceding technical impulse is bullish. Thus, we may still see further northward move in the early part of this week.
Although XAUUSD price action on the H4 time frame went sideways towards the end of last week, the preceding technical impulse is bullish. Therefore, we may still see further northward move before any significant bearish drive.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY weekly outlook is bearish. On the weekly time frame, last week, market operation printed a bearish continuation candlestick that broke down the 145.250/144.00 horizontal support zone (green), a zone that had been in place since August. Presently, market operation is tackling the 141.600 demand area.
USDJPY price action on the daily time frame turned sideways as it tackles the 141.570/140.600 horizontal support area (sandy brown). This was after a bearish breakdown of the 145.250/144.00 horizontal support zone (green), which has been in place since August. Although the dominant technical structure is bullish, we may still see further southward move before a northward turnaround.
Although USDJPY price action on the H4 time frame turned sideways towards the end of last week, the preceding technical impulse was bearish. And we may still see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD weekly outlook is sideways as the market operation on the weekly time frame retested the 1.08900/1.10560 horizontal resistance zone (red) last week. The bullish candlestick printed last week closed at the lower boundary after surging to the middle of the zone, thus leaving a relatively long shadow. This is indicative of a strong bearish pushback. The technical structure remains bearish.
EURUSD price action on the daily time frame remains sideways within the 1.08900/1.10560 horizontal resistance zone (red). As the technical structure is bearish, any northward move would be temporary. And we would soon see a southward rotation.
The recent pattern of EURUSD price action on the H4 time frame left some areas of market imbalance southward. This may incentivize southward liquidity engineering. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
The GBPUSD weekly outlook is sideways. Last week, GBPUSD market operation on the weekly time frame retested the 1.25300/1.26700 horizontal resistance zone (red). Although market operation saw a bullish drive above the zone last week, the bullish print closed at the upper boundary, leaving a relatively moderate shadow on top. This is indicative of bearish pressure to defend a bullish breakup of the zone. The technical structure is bearish.
GBPUSD price action on the daily time frame is sideways. There was a bullish break of the 1.25300/1.26700 horizontal resistance zone (red) on Thursday, but on Friday bears pushed back the bullish charge. Technically, the short-term impulse is bullish. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
Although GBPUSD price action on the H4 time frame took on a bearish mode on Friday, the technical impulse favours bulls. However, as the dominant technical structure is bearish, any northward drive would soon give way to a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
