Daily Technical Analysis

EURUSD Outlook

The EURUSD had a significant bullish correction movement yesterday, topped at 1.3778 and closed at 1.3765. On h4 chart below we can see that my falling wedge formation has been violated to the upside confirming further bullish correction targeting 1.3850 before testing 1.4030 area. However, note that the major bearish scenario should remains intact as long as price is moving inside the bearish channel and the current bullish momentum should be seen just as corrective movement. Immediate support at 1.3675. Break below that area could be a potential threat to the bullish correction scenario testing 1.3585 area

GBPUSD Outlook

The GBPUSD breakout above my triangle yesterday, topped at 1.5794 and closed at 1.5787. I think we are now entering bullish correction phase but we need a consistent move above 1.5800 area to continue the bullish momentum targeting 1.5925 area before testing 1.6060. Immediate support at 1.5730/00 area. Break below that area could be a serious threat to the bullish correction scenario re-testing 1.5560/30 key support level

USDJPY Outlook

The USDJPY was indecisive yesterday, but as you can see on my daily chart below, price has break above the bearish channel indicating bearish failure and potential bullish correction scenario testing 91.25 and the major trendline resistance area (blue line). Immediate support at 90.00 followed by 89.50 area. However, as long as price move below the major trendline resistance, the major bearish scenario should remains intact

USDCHF Outlook

The USDCHF had a significant bearish correction momentum after fell below 1.0750, bottomed at 1.0650 and closed at 1.0660. The bias is bearish in nearest term as we are now in bearish correction scenario testing 1.0507 area. We seem to have a good intermediate support around 1.0650 area so we need a consistent move below that area to continue the bearish momentum. Immediate resistance at 1.0700. Another movement back above 1.0700 should diminish the bearish correction scenario back towards 1.0800/50 area.

EURJPY Outlook

The EURJPY had a significant bullish momentum yesterday, topped at 124.47 and closed at 124.08. On h4 chart below we can see that the bearish channel has been violated to the upside indicating bullish outlook. The bias is bullish in nearest term targeting 125.90 area but we need a consistent move above 124.25 area to continue the bullish momentum. Immediate support at 123.50. Break below area should lead us into no trading zone as direction would be come unclear.

GBPJPY Outlook

The GBPJPY had a bullish momentum yesterday, topped at 142.56 and closed at 142.30 after breakout above my ascending triangle, confirming the bullish correction scenario. The bias is bullish in nearest term targeting 143.00 area before testing 145.20 area. Immediate support at 141.50 area. Another movement below that area should be a serious threat to the bullish correction scenario testing 140.90 area

AUDUSD Outlook

The AUDUSD had a significant bullish momentum yesterday, topped at 0.9026 and closed at 0.9018. The bias is bullish in nearest term targeting 0.9120 area but we need a consistent move above 0.9040 to continue the bullish scenario. Immediate support at 0.8970. Break below that area should lead us into no trading zone and price might be trapped in range area of 0.9040 – 0.8910 area.

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