XAUUSD Weekly Technical Outlook
After a bearish rejection of the 2047.51/2078.00 horizontal resistance zone (red) three weeks ago, XAUUSD market operation made a bullish retest of the zone last week. However, the bullish print of last week has a relatively prominent upper shadow, which indicates that bears are still influential in the zone.
XAUUSD price action on the daily time frame made a bullish retest of the 2047.51/2078.00 horizontal resistance zone (red), seen on the weekly time frame. However, the bullish drive to the zone on Friday lacked momentum, leading to the printing of a relatively prominent upper shadow on a doji-like candlestick. Nevertheless, the technical impulse still favours bulls, and we may still see further northward move within the zone.
XAUUSD price action on the H4 time frame turned sideways on Friday after a bullish charge at the 2047.51/2078.00 horizontal resistance zone (red), seen on the weekly time frame. This represents a challenge by bears within the zone, but we cannot rule out further northward move within the zone.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
Last week, the USDJPY market operation on the weekly time frame issued a bullish rejection of the 141.600/140.600 horizontal support zone (green) after a bearish retest of the zone two weeks ago. However, the candlestick printed last week has a long upper shadow and it is doji-like, which indicates that bears are still influential in the market.
USDJPY price action on the daily time frame went sideways towards the end of last week after a bullish rejection of the 141.600/140.600 horizontal support zone (green). As the preceding technical impulse favours bears than bulls, we may still see further southward move, at least on a short-term basis.
Although the USDJPY price action on the H4 time frame is sideways, the preceding technical impulse is bearish. Therefore, we may still see further southward market engineering to an area of value.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bullish. Last week, market operation printed a bullish candlestick that broke above the high of the bullish candlestick printed two weeks ago. Presently, market operation is around the 1.10560 horizontal resistance area (red).
Although EURUSD price action on the daily time frame is in a bullish mode, there is decline in northward momentum. The relatively big bullish candlestick printed on Thursday lacked positive follow-up because on Friday, price action printed a doji-like candlestick as it approaches the 1.10560 horizontal resistance area (red). The dominant technical structure is bearish.
Although the EURUSD price action on the H4 time frame went sideway towards the end of last week, the preceding technical impulse is bullish. Thus, we may still see further northward move on a short-term basis. Nevertheless, the dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
As the GBPUSD market operation on the weekly time frame tackles the 1.25300/1.26700 horizontal resistance zone (red), it is seeing a decline in bullish momentum. Last week, GBPUSD market operation printed a miniature doji-like candlestick at the upper boundary of the zone after a bullish charge broke above the zone two weeks ago.
GBPUSD price action on the daily time frame went sideways after a bullish break above the 1.25300/1.26700 horizontal resistance zone (red) on December 14. This represents a decline in bullish momentum. Nevertheless, the short-term technical impulse is still bullish, which favours further northward move.
Although the GBPUSD price action on the H4 time frame is consolidating, the preceding technical impulse is bullish. Thus, we may still see further northward move on a short-term basis.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation issued an all-time high in December 2023. However, the candlestick printed in December 2023 retraced southwards and closed within the 2034.84/2078.01 horizontal resistance zone (red).
XAUUSD market operation on the weekly time frame broke above the 2034.84/2078.01 horizontal resistance zone (red) before retracing to within it. Presently, the market operation is within the zone but with a decline in bullish momentum.
XAUUSD price action on the daily time frame turned sideways within the 2034.84/2078.01 horizontal resistance zone (red) after a bullish retest of the zone. But there was no bearish follow-up to the bearish print of Thursday, as the candlestick printed on Friday was doji-like. Thus, we cannot rule out further northward move to an intra-day area of value before a southward drive.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the monthly time frame is bearish. In December, it printed a bearish continuation candlestick as it retested the 142.190/139.372 support zone (green). The December market operation penetrated midway of the zone.
USDJPY market operation on the weekly time frame turned sideways last week after a bearish retest of the 142.190/139.372 support zone (green), seen on the monthly time frame. However, we cannot rule out further southward move.
USDJPY price action on the daily time frame saw a decline in bearish momentum after a southward retest of the 142.190/139.372 support zone (green), seen on the monthly time frame. Nevertheless, we cannot rule out further southward move.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame maintained a bullish tone in December 2023 although the technical structure is bearish. The market operation is confined to the 50/61.8 fib zone of the bearish swing that began in June 2021. The 1.10560 area (red), which is mid-way of the zone, has been a horizontal resistance on the monthly time frame for quite a while.
Although EURUSD market operation on the weekly time frame is disposed northwards, the dominant technical structure is bearish. Market operation is in a retracement of a mini-bearish swing within the 50/68.2 fib zonal retracement of a major bearish swing. Technically, there is a high probability for a southward turnaround.
EURUSD price action on the daily time frame is sideways. However, the preceding technical impulse is bullish. So, we may still see further northward move, but the technical structure is bearish. Therefore, further northward move would soon give way to a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame printed a doji-like candlestick or spinning top in December 2023 as market operation retested the 1.26240/1.28510 horizontal resistance zone (red). The technical structure is bearish.
GBPUSD market operation on the weekly time frame turned sideways after a bullish retracement of a minor bearish swing. It is within the 1.26240/1.28510 horizontal resistance zone (red), seen on the weekly time frame. Should there be further northward move, we may expect it to be short lived as the dominant technical structure is bearish.
GBPUSD market operation on the daily time frame is consolidating within the 1.26240/1.28510 horizontal resistance zone (red), seen on the monthly time frame. Although we may still see further northward market engineering to an area of value, such as the 1.29590 /1.28940 supply (purple), as the dominant technical structure is bearish such move would give way to a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame went sideways last week within the 2034.84/2028.01 horizontal resistance zone (red).
XAUUSD price action on the daily time frame turned sideways towards the end of last week after a bearish drive to the lower boundary of the 2034.84/2028.01 horizontal resistance zone (red). Recent technical patterns favour bears more than bulls. Thus, any northward move would be temporary, giving way to a southward turnaround.
Although XAUUSD price action on the H4 time frame is presently sideways, the preceding technical impulse is bearish. Besides, the technical pattern on Friday showed a northward liquidity grab, and this could incentivize southward market engineering to an area of value such as an intra-day market imbalance.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is bullish. The relatively big bullish print of last week issued a strong rejection of the bearish retest of the 142.190/139.372 horizontal support (green).
USDJPY price action on the daily time frame is bullish. However, it is presently tackling the horizontal resistance at the 144.630 area, where a doji-like candlestick was printed on Friday.
USDJPY price action on the H4 time frame went sideways on Friday after a bullish retest of the 146.00/145.500 intra-day supply (magenta). The bearish technical prints in the last two sessions on Friday favour further southward move before a bullish rotation.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame disposed bearish after a bullish retest of the 1.10560 horizontal resistance area (red). Last week, the market operation printed a bearish candlestick which surged to the 1.09400 horizontal support area before retracing to close above it. The dominant technical structure is bearish, and market operation is presently tackling the 50 Fib retracement of the dominant bearish swing that began in late May 2021.
EURUSD price action on the daily time frame turned sideways after a bearish drive from the 1.10560 horizontal resistance area (red) seen on the weekly time frame. The preceding technical impulse is bearish and both the minor and major technical structures are bearish. Thus, technicals favour bears more than bulls. Therefore, any northward move would give way to a southward turnaround.
Although EURUSD price action on the H4 time frame is sideways, the preceding technical impulse is bearish. Besides, recent technical patterns favour southward market engineering to an area of value, such as an intra-day market imbalance.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame remains sideways within the 1.26240/1.28510 horizontal resistance zone (red). Nevertheless, the dominant technical structure is bearish.
GBPUSD price action on the daily time frame is tackling the 1.26240/1.28510 horizontal resistance zone (red) seen on the weekly time frame. Technically, there is a decline in bullish momentum as bears are resisting the bullish push towards the upper part of the zone. The dominant technical structure is bearish.
GBPUSD price action on the H4 time frame is consolidating within a major horizontal resistance zone. Recent technical patterns favour southward market engineering for liquidity grab at an area of value.
I may be wrong. Trade safe and prosper.
Trap
As a medium-term swing trader, a key success factor I apply is to master the behaviors of a few pairs, and trade them in the direction of positive swap.
Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame disposed southwards after a bullish retest of the 2072.23 horizontal resistance area (purple). Last week, market operation went sideways as bulls resisted further southward push.
XAUUSD price action on the daily time frame went sideways for a few days at the 2017.77 horizontal support (green). But on Friday it assumed a bullish tone, attempting a bullish retest of the 2048.72 area – which was flipped as horizontal resistance. Although there was a bearish challenge to the move towards the end of Friday, we may still see further bullish move in the early part of this week.
XAUUSD price action on the H4 time frame went sideways towards the end of Friday session after a bullish drive from the 2017.77 horizontal support (green). Nevertheless, we cannot rule out further northward move. The 2048.72 area is the next horizontal resistance.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame went sideways last week. Two weeks ago, there was a bullish challenge to the bearish retracement of the bullish technical structure.
USDJPY price action on the daily time frame is sideways. Presently, it is tackling the 145.00 horizontal resistance area. Although the technical structure is bullish, the technical impulse favours bears more than bulls. Therefore, we may still see further southward move before a northward turnaround.
USDJPY price action on the H4 time frame turned sideways towards the end of last week. Although the dominant technical structure is bullish, recent technical patterns favour southward liquidity engineering. Thus, we may see a southward liquidity grab before 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 consolidating after a bullish retracement of a minor bearish swing. The dominant technical structure is bearish and market operation is below the 78.6 Fib of the major bearish swing.
EURUSD price action on the daily time frame turned sideways after a bearish rejection of the 78.6 Fib retracement area of the bearish swing that started several weeks ago. Although recent technical impulse favours bears, we cannot rule out northward price action for liquidity grab before a southward continuation.
EURUSD price action on the H4 time frame is consolidating. However, the dominant technical structure is bearish. There is intra-day market imbalance southward which could incentivize a buy-to-sell operation, i.e., northward liquidity grab, before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is in consolidation. The market operation has been consolidating for a few weeks at the 50/61.8 Fib zone of the recent bearish swing. This is within a larger bearish swing that began in February 2022. The dominant technical structure is bearish.
GBPUSD price action on the daily time frame is consolidating within a rising channel (magenta) but the technical structure is bearish. Presently, price action is near the lower channel trendline, but we may still see further northward move. Nevertheless, as the dominant technical structure is bearish, further northward price action may not be sustainable, and would lead to a southward rotation.
GBPUSD price action on the H4 time frame is sideways but the dominant technical structure is bearish. Recent technical patterns have left areas of market imbalance southward, but we may see a northward liquidity grab before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame disposed southwards last week. The bearish candlestick printed last week surged to the 2017.77/2000.78 horizontal support zone (green) before closing above it.
On Thursday, XAUUSD price action on the daily time frame retraced a bearish drive to the 2017.77/2000.78 horizontal support zone (green). However, the technical impulse favours bears more than bulls. Therefore, further northward move would not be sustainable.
Although XAUUSD price action on the H4 time frame turned sideways on Friday after a bullish correction, the prevailing technical impulse is bearish. Besides, the intra-day market imbalance created southward by recent technical patterns could incentivize a southward liquidity sweep.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is bullish. Last week, it printed a bullish continuation candlestick after the indecision candlestick printed the previous week.
USDJPY price action on the daily time frame turned sideway towards the end of last week after a bullish drive. The technical impulse and dominant technical structure favour bulls.
Although USDJPY price action on the H4 time frame has turned sideways, the preceding technical impulse is bullish. Besides, the dominant technical structure is bullish. Therefore, we would see further northward drive, and any southward move would be corrective in nature.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is presently in a sideway mode after a bullish retracement. The dominant technical structure is bearish.
EURUSD price action on the daily time frame is disposed southwards but presently in a sideway mode. Price action is within the 78.6/61.8 Fib retracement zone of a long-term bearish swing. The dominant technical structure is bearish.
EURUSD price action on the H4 time frame is retesting the 1.08960 intra-day horizontal resistance area. Recent technical patterns favour southward market engineering to an area of value, such as a market imbalance. So, any northward drive would be unsustainable, giving way to a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
