USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame retested the 151.250/152.000 horizontal resistance (blue) last week. The bullish print has a relatively small shadow, which indicates bearish challenge at the zone.
USDJPY price action on the daily time frame made a bullish drive to retest the 151.250/152.000 horizontal resistance (blue) but went sideways within the zone on Friday. As technicals still support bulls more than bears, we may still see further bullish action within the zone in the early part of the week.
USDJPY price action on the H4 time frame is sideways within the 151.250/152.000 horizontal resistance (blue), seen on the weekly time frame. The technical impulse is more favorably bullish, and we may still see further northward move at least in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame is bearish. Presently, it is tackling a rising trendline traceable to October 2022 and it is located at the 1.08060 intra-day horizontal support. A significant breakdown of the rising trendline would target the next horizontal support, which is at the 1.06430 area, before attempting to expose the 1.05000 area. The technical structure is bearish.
EURUSD price action on the daily time frame is bearish. Presently, it is tackling a rising trendline traceable to October 2022. A significant breakdown of the rising trendline would target the horizontal support located at the 1.06430 area (green). The technical structure is bearish.
EURUSD price action on the H4 time frame turned sideways on Friday after a bearish drive to the 1.08060 intra-day horizontal support. The dominant technical structure is bearish; therefore, any intra-day northward drive would be for liquidity grab at an area of value and would give way to 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 bearish. However, it is presently located at the 1.25310 horizontal support, which has held as support since December 2023. The technical structure is bearish.
GBPUSD price action on the daily time frame is bearish but presently tackling the 1.26000 intra-day horizontal support. This is above the 1.25310 long-term horizontal support, which has been in place since December 13, 2023. A significant breakdown of the 1.25310 horizontal support on a daily closing basis would initially target the 1.23800 horizontal support and may, in the medium-term, expose the 1.20800 handle (green).
GBPUSD price action on the H4 time frame turned sideways on Friday after a bearish drive to the 1.26000 intra-day horizontal support. The dominant technical structure is bearish, so any northward drive would be temporary in nature.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation on the monthly time frame printed an all-time high at the 2236.08 area in March. This was the second all-time high printed in the last four months, market operation having printed the first at the 2140.44 area in December 2023.
XAUUSD market operation on the weekly time frame is bullish. Last week, market operation produced a strong bullish drive that broke above the 2147.98/2175.30 former horizontal resistance area (Sandybrown) to print an all-time high at the 2236.08 area.
XAUUSD price action on the daily time frame is bullish. But technically, the bullish drive has been largely parabolic, and we are likely to see a bearish correction, perhaps, after a sustained bullish weakness. This may come after a bullish liquidity sweep at an intra-day (e.g., H4 or H1) area of value followed by a period of intra-day consolidation.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
In March, USDJPY market operation on the monthly time frame punched through the 151.940 former all-time high to print a new high at the 151.970 area. The technical print in March favours bulls more than bears.
USDJPY market operation on the weekly time frame is bullish. Presently, it is tackling the 152.00 area where it printed an all-time high in March. Apparently, bears are putting up a strong challenge in the area and the candlestick printed last week was doji-like.
USDJPY price action on the daily time frame turned sideways after a bullish drive that printed an all-time high at the 151.970 area. Although the preceding technical impulse is bullish, we cannot rule out a southward liquidity grab before further bullish drive.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
In July 2023, EURUSD market operation on the monthly time frame made 61.8 retracement of the 1.22540/0.95350 bearish swing that began in June 2021. There was a bullish retest of the 50/61.8 Fib zone in December 2023 before a bearish rejection in January 2024. February and March 2024 have seen mainly a consolidation of market operation in the 38.2/50 Fib zone. Technically, the 1.10190/1.11310 zone (purple) is the operating horizontal resistance on the monthly time frame while the 1.05570/1.03925 zone (green) is horizontal support.
EURUSD market operation on the weekly time frame is in consolidation after a bullish retracement of the bearish swing that began in June 2021. Presently, market operation is within the 38.2/50 Fib zone of the bearish swing and tackling the 1.07870 horizontal support where an indecision candlestick was printed last week.
EURUSD price action on the daily time frame is sideways and presently tackling the 1.07870 horizontal support. 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 is making a bullish correction of the 1.42480/1.03528 bearish swing that began in June 2021. Presently, market operation is sideways within the 61.8/50 Fib zone of the bearish swing. Technically, the 1.28590/1.30640 zone (purple) is the horizontal resistance while the 1.20783/1.19850 zone (green) is horizontal support.
GBPUSD market operation is consolidating just below the 61.8 Fib area of the bearish swing that began in June 2021. Last week, an indecision candlestick was printed at the 1.26170 horizontal support.
GBPUSD price action on the daily time frame is consolidating after a bearish rejection of the 61.8 Fib retracement of the 1.42480/1.03528 bearish swing that began in June 2021. Presently, price action is tackling the 1.26170 horizontal support area. Technicals favour a bearish drive that may expose the 1.24100 area before further southward ambition. But we cannot rule out a bullish correction to an intra-day area of value before such southward drive.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
XAUUSD market operation remains strongly bullish. On the weekly time frame, the last two weeks have seen the printing of relatively big bullish candlesticks, and the market operation posted an all-time high of 2330.33 last week. However, technically, a bearish correction is imminent.
XAUUSD price action on the daily time frame saw a bearish challenge of the relatively strong bullish drive on Thursday; the first time in six days of trading. This indicates that bulls are not likely to have a sustained drive towards further highs; and a bearish correction is imminent.
Although XAUUSD price action on the H4 time frame is still bullish, there has been an increase in bearish challenge in the last few days. Apparently, a bearish correction is imminent.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame is tackling the 152.00 horizontal resistance area; technically, it is within a triangle (purple). Market operation has declined in bullish momentum as the last two weeks saw the printing of doji-like candles at the 151.600 area.
The 151.610 horizontal resistance area has remained intact for quite a long time on the USDJPY daily time frame. Presently, price action is tackling the area but has remained sideways for several days. We may see a southward drive for liquidity grab at an intra-day area of value before another bullish charge at the 151.610 horizontal resistance area.
USDJPY price action on the H4 time frame is presently sideways at the 151.610 horizontal resistance area that has remained intact for quite a long while. Technically, we may see a southward liquidity grab at an area of value such as the 148.800/149.300 intra-day demand (blue), or the area of market imbalance near it, before another bullish charge to tackle the 151.610 horizontal resistance area.
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 50/38.2 fib zone of the bearish swing traceable to late May 2021. Last week, market operation printed a doji-like candlestick at the upper part of the zone, which followed the doji-like print of the previous week.
EURUSD price action on the daily time frame is sideways at the 1.08347 intra-day horizontal support area. Price action had made a bullish corrective move towards retesting the 50 Fib area of the bearish swing traceable to May 30, 2021. Although the dominant technical structure is bearish, we may still see further northward move.
EURUSD price action on the H4 time frame is in a bullish corrective mode. Presently, there is a pause in bullish drive, 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
GBPUSD market operation on the weekly time frame remains sideways within the 61.8/50 fib zone of the bearish swing traceable to late May 2021. Last week, market operation printed a doji-like candlestick at the upper part of the zone, which followed the doji-like print of the previous week.
GBPUSD price action on the daily time frame is sideways at the 1.26370 intra-day area of value. Price action had made a bullish corrective drive to the area on Wednesday before bears challenged further northward push on Thursday and Friday. But we cannot rule out further northward move in the early part of this week before a southward turnaround.
GBPUSD price action on the H4 time frame is making a bullish correction of a dominant bearish structure. Presently, there is decrease in bullish drive, but we may still see further northward move to an area of value before a southward rotation.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
The XAUUSD market operation on the weekly time frame has seen an extended period of bullish drive – creating all-time highs in the past few weeks. Last week, it printed a bullish candlestick with a relatively long upper shadow, equivalent to a bearish pinbar. Technically, there is an increase in bearish pressure as bears resist further northward breakthroughs. Apparently, a bearish correction is in the offing.
XAUUSD price action on the daily time frame went sideways at the close of trading market last week as it printed a relatively long bearish candlestick on Friday in opposition to the bullish print of Thursday. Although the bearish print of Friday failed to close below Thursday’s opening, this was the first time in several days that bears have exerted such pressure. This situation is favorable to bears and may incentivize a southward liquidity sweep, even if there is a northward move or sideway of price action in the early part of the week.
XAUUSD price action on the H4 time frame is disposed bearish. It is, presently, tackling the 2343.70 intra-day horizontal support, which may result in a sideway or bullish correction of price action. But the preceding technical impulse and recent technical patterns favour southward market engineering.
I may be wrong. Trade safe and prosper.
Trap
USDJPY Weekly Technical Outlook
USDJPY market operation on the weekly time frame has broken above the 152.00 horizontal resistance area that has held as resistance since November 2023. The bullish print of last week produced an all-time high of 153.381.
USDJPY price action on the daily time frame is in a bullish mode. On Wednesday, it broke above the 152.00 horizontal resistance area and produced an all-time high at the 153.381 area. Although presently the bullish momentum has waned, technically, we may still see further northward market engineering before any significant bearish correction.
Although USDJPY price action on the H4 time frame went sideways after a bullish drive that broke above the 152.00 significant horizontal resistance area, the technical impulse favours bulls. Therefore, any southward move would be short-lived.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
EURUSD market operation on the weekly time frame printed a bearish candlestick last week. The bearish print broke below the consolidation area that had been in place for three weeks. Market operation is still in a corrective mode, but the dominant technical structure is bearish.
Although EURUSD price action on the daily time frame disposed bearish on Friday, bulls are still influential in the market. The bearish candlestick printed on Friday has a bottom tail as price action tackles the 1.06400 intra-day horizontal support. The dominant technical structure is bearish.
EURUSD price action on the H4 time frame turned sideways on Friday as it tackles the 1.06400 intra-day horizontal support. 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 printed a bearish candlestick last week. The bearish print broke below the consolidation area that had been in place for three weeks. Market operation is still in a corrective mode, but the dominant technical structure is bearish.
GBPUSD price action on the daily time frame disposed bearish on Friday, but bulls are still influential in the market. The bearish candlestick printed on Friday has a bottom tail as price action tackles the 1.24480 intra-day horizontal support. The dominant technical structure is bearish. The technical pattern favours further southward drive.
Although GBPUSD price action on the H4 time frame turned sideways on Friday as it tackles the 1.24480 intra-day horizontal support, the technical impulse favours bears. Besides, 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 bullish. Last week, it printed a bullish candlestick which surged northwards to cover the long wick left on the candlestick printed in the previous week. However, bears challenged a bullish push to retest the previous week’s high.
XAUUSD price action on the daily time frame went into consolidation after a bullish drive to the 2391.00 area. The 2355.70/2417.81 horizontal channel (purple) represents the prevailing consolidation zone.
XAUUSD price action on the H4 time frame is consolidating within the 2355.70/2417.81 horizontal channel (purple) after a bullish drive to print another all-year high. What price action does in the zone after Monday’s close should be watched.
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 that extended its progression beyond the 152.00 horizonal resistance area.
USDJPY price action on the daily time frame went sideways as it approaches the 155.00 area. Technically, as indicated in the long-tailed doji-like candlestick printed on Friday, bulls are still favoured to regain market influence at least on a short-term basis. Besides, the preceding technical impulse is bullish.
Although USDJPY price action on the H4 time frame is presently sideways, the technical impulse favours bulls more than bears.
I may be wrong. Trade safe and prosper.
Trap
EURUSD Weekly Technical Outlook
The EURUSD market operation on the weekly time frame turned sideways last week after the bearish breakout of the previous week. Market operation is approaching the 1.05570 horizontal support area.
EURUSD price action on the daily time frame is in a bullish corrective mode. There was a bearish breakdown of the 1.07085 horizontal support arear a few days ago but price action went sideways thereafter before a brief bullish pullback. Technically, bears are more favoured than bulls to regain market influence.
Although EURUSD price action on the H4 time frame is in a consolidation mode, the preceding technical impulse is bearish. Therefore, bears are likely to regain market influence.
I may be wrong. Trade safe and prosper.
Trap
GBPUSD Weekly Technical Outlook
GBPUSD market operation on the weekly time frame is bearish. However, there is a decline in bearish momentum. Last week, market operation printed a relatively smaller bearish candlestick than the one printed in the previous week. Presently, market operation is located at the 1.23687 horizontal support area, which aligns with the 50 Fib retracement area of the bearish swing that began in late May 2021.
GBPUSD price action on the daily time frame is bearish. Presently, price action is tackling the 1.236887 horizontal support area. The dominant technical structure is bearish.
GBPUSD price action on the H4 time frame is bearish but the bearish momentum has decreased as price action tackles the 1.236887 horizontal support area. The dominant technical structure is bearish.
I may be wrong. Trade safe and prosper.
Trap
XAUUSD Weekly Technical Outlook
Last week, XAUUSD market operation on the weekly time frame made a bearish rejection of the 2355.75/2417.81 horizontal resistance zone (purple). However, the bearish candlestick printed has a long tail, which indicates that bulls are resisting the bearish drive.
XAUUSD price action on the daily time frame went sideways after a feeble bullish pushback of a relatively strong bearish drive from the 2355.75/2417.81 horizontal resistance zone (purple) seen on the weekly time frame. Presently, price action is navigating the 2337.40 intra-day horizontal resistance but the technical impulse favours bears more than bulls.
Although XAUUSD price action on the H4 time frame is presently sideways, price action was in a bullish correction of a relatively strong bearish drive. Technically, we may see further southward move in the early part of this week.
I may be wrong. Trade safe and prosper.
Trap
