GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame retained a sideway mode last week. It is within the 1.27600/1.26100 horizontal channel (red) which falls between the 78.6/61.8 Fib retracement of the dominant bearish swing that began in late February 2022.
GBPUSD price action on the daily time frame broke down the 1.27600/1.26100 horizontal channel (red) but has failed to produce a bearish follow-through. Presently, price action is sideways just below the lower boundary of the channel. Nevertheless, the dominant technical structure is bearish and, thus, bears are favoured to be more successful in the market than bulls.
GBPUSD price action on the H4 time frame went sideways on Friday after a northward pullback. The preceding technical impulse is bearish, but we cannot rule out further northward move to an area of value before a southward turnaround. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is in a bullish mode. Last week, it printed a bullish candlestick that followed up the bullish pinbar printed two weeks ago. Technically, the market operation is towards the upper part of a rising wedge (magenta). Meanwhile, market operation is at the 2035.00 horizontal resistance area. The 2004.85/1964.11 zone (green) is the prevailing horizontal support.
XAUUSD price action is in a bullish mode on the daily time frame. Although technical impulse favours further bullish move, price action is presently tackling the 2035.00 horizontal resistance area.
XAUUSD price action on the H4 time frame went sideways towards the end of Friday. But the recent technical pattern and the preceding technical impulse favour further bullish move in the short term.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is lacking in bullish strength although it is still disposed bullish. The technical structure is bullish.
USDJPY price action on the daily time has turned sideways, but both the preceding technical impulse and the technical structure are bullish. Thus, bulls are more favoured to sustain market influence, perhaps, to expose or retest the 152.00 handle.
USDJPY price action has turned sideways on the H4 time frame. But both the technical impulse and the technical structure are bullish.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation is sideways within the 1.08926/1.07300 horizontal channel (purple) on the weekly time frame. Last week, market operation printed a doji-like candlestick within the channel. The candlestick surged to the upper boundary of the channel before closing further lower within it. The technical structure is bearish, and the channel lies within the 50/38.2 Fib zone of the prevailing bearish swing.
EURUSD price action on the daily time frame turned sideways after a bullish corrective move. Although we may still see further northward move to an intra-day area of value, the technical structure is bearish.
EURUSD price action on the H4 time frame was in a bullish corrective mode but went sideways on Thursday and Friday after a bearish challenge. The technical structure favours bears but we may still see further northward move before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
After going sideways for two weeks, GBPUSD market operation on the weekly time frame took a bullish tone last week. However, market operation is still within the 1.27600/1.26100 horizontal channel (red), which is in the 61.8/50 Fib zone of the prevailing bearish swing.
GBPUSD price action on the daily time frame is in a bullish mode but the momentum is weak. Although we may still see further northward move within the 1.27600/1.26100 horizontal channel (red), the technical structure is bearish.
GBPUSD price action on the H4 time frame is making a grinding bullish correction. Presently, it is at the upper part of a rising channel (magenta). Although the dominant technical structure is bearish, in the short term, we may still see further northward move – perhaps, to an area of value such as the 1.28200/1.2800 intra-day supply area (blue).
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame took on a bullish mode in the latter part of February after an initial bearish dip. Eventually, it printed a long-tailed indecision candlestick by the close of February. Technically, the 2071.30 horizontal resistance (purple) is under threat.
XAUUSD market operation on the weekly time frame is bullish. The bullish candlestick printed last week retested the 2071.30 horizontal resistance (purple) and closed above it. Technically, market operation is at the 61.8 Fib retracement area of the bearish swing that began in the first week of December 2023. Although we may still see further northward move, much likely a southward rotation is in the offing.
XAUUSD price action on the daily time frame is bullish. It has broken above the 2071.30 horizontal resistance (purple) seen on the monthly time frame. The technical impulse favours further bullish move but the relatively strong bearish swing, that began on December 4, 2023, presents a situation that could incentivize a medium-term southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the monthly time frame printed a bullish candlestick in February as a follow-through on the bullish print of January. Market operation is within the 149.200/152.00 horizontal resistance zone (purple) and the dominant technical structure is bullish.
USDJPY market operation on the weekly time frame went sideways as it tackles the 149.200/152.00 horizontal resistance zone (purple). Although the dominant technical structure is bullish, the momentum is waning.
USDJPY price action on the daily time frame has turned sideways as it tackles the 149.200/152.00 horizontal resistance zone (purple). However, the technical impulse favours bulls more than bears. And we may still see further northward move.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the monthly time frame went sideways in February after a bearish disposition in January. Generally, market operation is in a corrective mode of a bearish swing. The technical structure is bearish.
EURUSD market operation on the weekly time frame printed an indecision candlestick last week. Market operation on the weekly time frame has been sideways for quite a while and technically in a corrective mode within a wedge pattern (purple).
EURUSD price action on the daily time frame is sideways. Presently, it is retesting the 1.08380 intra-day horizontal resistance. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the monthly time frame printed an indecision candlestick in February. The market operation has remained sideways since December 2023, tackling the 1.26500 horizontal resistance. The technical structure is bearish.
GBPUSD market operation on the weekly time frame printed an indecision candlestick last week. Market operation on the weekly time frame has been sideways for quite a while and in a corrective mode within a bearish technical structure.
GBPUSD price action on the daily time frame is within the 1.25310/1.27590 horizontal channel (blue). Presently, it is sideways at the middle part of the channel where it is tackling the1.26500 horizontal resistance. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
A trap system that seems simple and powerful. I also trade on GBPUSD, guys. The movement of this pair is very interesting even though I don’t always get a profit. If I look at the analysis you did, it seems similar to what I did, although not exactly the same. Hopefully your trading will be successful.
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I like your candor. I doubt if any trader wins every time.
Trade safe, prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the weekly time frame is bullish. The relatively large bullish candlestick printed last week broke above the 2071.31 horizontal resistance (purple) to print a multi-year high at the 2195.02 area.
XAUUSD price action on the daily time frame made a bullish parabolic drive above the 2071.31 horizontal resistance area to print a multi-year high at the 2195.02 area (purple). Technically, we can expect a bearish correction, but we should await a period of bullish decline of price action on an intra-day basis.
XAUUSD price action on the H4 time frame is bullish. Although bears are challenging further bullish drive, we may see further northward move before a bearish correction.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame has taken on a bearish mode after consolidating for three weeks within the 149.00/152.00 horizontal resistance zone (purple). Last week, a relatively moderate bearish candlestick broke below the zone, closing at the 147.00 horizontal support area.
USDJPY price action on the daily time frame is bearish, having broken below the 149.00/152.00 horizontal resistance zone (purple) seen on the weekly time frame. Should there be a significant bearish closing on Monday, we may see a further southward move before a bullish correction.
Although USDJPY price action on the H4 time frame went sideways on Friday, the technical impulse is bearish. Thus, technically, we can expect further southward move at least in the short term.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame disposed northward last week after a brief consolidation above a rising trendline. Although, presently, market operation is tackling the 1.09360 minor horizontal resistance, bulls are favoured to exercise further market influence in the short term.
EURUSD price action on the daily time frame turned sideways on Friday after a bullish charge at the 1.09360 inter-day resistance. Further northward move may see price action retest the 1.11230/1.06060 supply area (blue) before a southward turnaround. The dominant technical structure is bearish.
EURUSD price action on the H4 time frame is grinding a northward correction in the context of a bearish technical structure. Presently, price action is sideways, but the preceding technical impulse is bullish. This may result in a further northward move in the short term before a southward turnaround.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is bullish. Last week, market operation printed a relatively moderate bullish print that closed above the 1.26310/1.27590 horizontal channel (blue). This may result in further northward move in the early part of the week.
GBPUSD price action on the daily time frame is in a bullish mode. The technical impulse favours bulls more than bears and we may still see further northward move in the early part of the week.
GBPUSD price action on the H4 time frame went sideways in the latter part of Friday after a bullish charge at the 1.28760 area. The technical impulse favours further northward move, at least in the short term.
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 after the bullish drive of the previous that printed a multi-year high. Last week, market operation printed a relatively small bearish candlestick which moved less than a third of the length of the relatively large bullish candlestick printed two weeks ago.
After printing a multi-year high on March 8, XAUUSD price action briefly turned bearish on Tuesday before going sideways for the rest of the week. We cannot rule out further bearish move to retest an intra-day area of value.
Although XAUUSD price action on the H4 time frame is tackling an intra-day horizontal support at the 2155.75 area, we may still see further southward drive. Should bears succeed in this, we may see a retest of the 2130.11/2122.51 horizontal support (sandybrown).
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame printed a bullish candlestick last week to retest the 149.200 horizontal resistance area. The area was broken down two weeks ago after a bearish pushback.
USDJPY price action on the daily time frame is attempting a bullish retest of the 149.200 horizontal resistance area. Technicals favour further bullish move. Should bulls succeed in breaking out of the 149.200 area, we may see the 152.00/151.250 supply zone (blue) threatened.
USDJPY price action on the H4 time frame went sideways on Friday as price action attempted a bullish retest of the 149.200 horizontal resistance area. Although technicals favour bulls more than bears, we may see a southward liquidity grab at the 147.730/148.00 intra-day demand (sandybrown) before further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is sideways and just above a rising trendline. Last week, market operation printed an indecision candlestick in opposition to the bullish candlestick printed the previous week. The dominant technical structure is bearish.
EURUSD price action on the daily time frame is presently sideways. However, price action is in a bullish correction of a bearish technical structure, and we may still see further northward move on a short-term basis, perhaps to retest an intra-day area of value such as the 1.11230/1.10600 supply (blue), before a southward turnaround.
EURUSD price action on the H4 time frame went sideways on Friday after bulls challenged a bearish break of the 1.08870 intra-day support. Presently, price action is in the 1.08870 area. Although the dominant technical structure is bearish, we cannot rule out a bullish retest of intra-day areas of value such as the recently created top ‘wicks’ and the 1.10347/1.10169 intra-day supply (black), before further bearish drive.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame printed a bearish candlestick last week. This was in opposition to the bullish candlestick printed the previous week. Technically, market operation is attempting a bullish breakout of the 1.25310/1.27590 horizontal channel (blue), which has been in place for several weeks.
GBPUSD price action on the daily time frame broke out of the 1.25310/1.27590 horizontal channel (blue) several days ago but bears are pushing price action back into the channel. However, the bearish challenge is feeble as the bearish candlestick printed on Friday is smaller than the one printed on Thursday, and price action is still at the upper part of the channel. Besides, the technical impulse favours bulls more than bears.
GBPUSD price action on the H4 time frame is presently ambivalent. Bears had challenged a bullish breakout of the 1.25310/1.27590 horizontal channel (blue), seen on the weekly time frame, but there is little southward momentum. Presently, price action is located at the 1.27300 intra-day support and the upper part of the channel. We cannot rule out further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation printed an all-time high of 2222.60 last week. On the weekly time frame, the bullish charge met a strong bearish pushback at the 2222.60 area (purple) that resulted in the candlestick closing as a bearish pinbar. Technically, bulls are still strongly influential in the market, and we may still see further northward move this week.
XAUUSD price action on the daily time frame made a bullish drive on Wednesday to print an all-time high at the 2222.60 area (purple). However, bears pushed back further northward charge on Thursday, and there was a bearish follow-up on Friday. But technically, we are seeing a double inside-bar to the bullish print of Wednesday – which favours further northward drive, perhaps to retest the 2222.60 area (purple), or an intra-day area of value, before a southward rotation.
XAUUSD price action on the H4 time frame went sideways towards the end of last week after bears pushed back a bullish drive that printed an all-time high at the 2222.60 area (purple). The technical impulse favours bulls more than bears and we may still see further northward move to an intra-day area of value, such as the 2186.43/2196.00 market imbalance (blue), before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
