Daily Technical Analysis

EURUSD

The EURUSD attempted to push higher yesterday after agreement on second EU/IMF bailout package for Greek reached, topped at 1.3292 but the bullish run was short lived, slipped back below 1.3200 and closed at 1.3247 in a volatile market. Judging from the market reaction after the bailout, there was only little optimism regarding Euro zone debt problem. There are no changes in my technical outlook. Price is still in a bullish phase since bounced from 1.2625 but need a clear break and daily close at least above 1.3320 to continue the bullish scenario. Immediate support is seen around 1.3150. A clear break below that area could trigger further bearish pressure testing 1.3100 but only a clear break and daily close below 1.3000 – 1.2970 could cancel the bullish phase and activate my intraday bearish mode. Immediate resistance is seen around 1.3275. A clear break above that area could trigger further bullish pressure testing 1.3300/85 region. Note that overall price is still in consolidation phase, moving sideways/indecisively since two/three weeks ago and made a lot of false short term breakout/breakdown. I still prefer to stand aside for now and see further development.

GBPUSD

The GBPUSD had a bearish momentum yesterday, bottomed at 1.5771 and hit 1.5762 earlier today. The bias is bearish in nearest term testing 1.5700 but as long as stays above 1.5650 the bullish scenario since the break above the trend line resistance should remain intact and overall I still prefer to buy on dips, still testing 1.5900 – 1.6000. Immediate resistance is seen around 1.5800. A clear break above that area could lead price to neutral zone but keep the bullish phase remains strong. Price has been moving sideways in the last three weeks with no clear momentum.

USDJPY

The USDJPY didn't make significant movement yesterday, but overall still able to maintain its intraday bullish bias. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 80.23. Immediate support is seen around 79.50/20. A clear break below that area could lead price to neutral zone in nearest term but overall I still prefer a bullish scenario at this phase expecting huge bullish reversal scenario after hit the record low four months ago

USDCHF

The USDCHF had another indecisive movement yesterday. There are no changes in my technical outlook. Overall price is still moving sideways for more than three weeks now. I still prefer a bearish intraday scenario at this phase as long as stays below 0.9320. Immediate resistance is seen around 0.9170. A clear break above that area could trigger further bullish pressure testing 0.9250 – 0.9320 area. Immediate support is seen around 0.9100. A clear break below that area could trigger further bearish pressure testing 0.9050 but we need a clear break and daily close below 0.9050 to continue the bearish scenario since the failure to break above 0.9600.

EURJPY

The EURJPY continued its bullish bias yesterday, topped at 105.99 and closed at 105.78. The bias is bullish in nearest term still testing 106.50. Immediate support is seen around 105.00. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 104.50 my overall intraday bias remains strongly to the upside.

GBPJPY

The GBPJPY was indecisive yesterday, made a Doji on daily chart. There are no changes in my technical outlook. The bias remains bullish in nearest term still testing 127.28. Immediate support remains around 125.50. A clear break below that area could lead price to neutral zone in nearest term but any downside pullback now is normal and overall I still prefer a bullish intraday scenario at this phase with buy on dips strategy as a part of the bullish reversal scenario after the breakout above the trend line resistance and movement above 200-daily-EMA

AUDUSD

The AUDUSD had a bearish momentum yesterday, slipped below the trend line support as you can see on my h4 chart below and hit 1.0609 earlier today. The bias is bearish in nearest term but need a clear break below 1.0600 to confirm the bearish scenario. Immediate resistance is seen around 1.0700. A clear break above that area could lead price to neutral zone in nearest term but could keep the bullish scenario remains intact. On the downside, a clear break and daily close below 1.0600 would activate my bearish intraday mode at least testing 1.0500 area