Daily Technical Analysis

EURUSD Outlook

The EURUSD break below the rising wedge formation earlier today in Asian session as you can see on h1 chart below. This fact could trigger further downside pressure testing 1.2550 and 1.2465/80 region. However note that we are still in upside correction phase. Immediate resistance at 1.2650 region. Consistent move above that area could diminish the bearish bias, lead us into neutral zone in nearest term testing 1.2750 area and keep the upside correction scenario remains strong.

GBPUSD Outlook

The GBPUSD break below the range area (of 1.5227 - 1.5080), touched 1.5001 earlier today in Asian session but still able to move above that psychological level so far. The bias is bearish in nearest term but note that we surely need consistent movement below 1.5000 area to continue the bearish bias testing 1.4900 and 1.4800 area. On the upside, another movement above 1.5080 - 1.5100 area should keep the bullish correction scenario intact at least re-testing 1.5227 area.

USDJPY Outlook

The USDJPY continue its upside pressure after break above 88.23 area. The bias is bullish in nearest term testing the trendline resistance, 89.50 even 90.50 area but note that overall we are still in a major bearish scenario. On the downside, only a movement below 88.23 could be a serious threat to the upside correction scenario and resume the major bearish scenario testing 87.00 area.

USDCHF Outlook

The USDCHF was corrected higher on Friday after failed to consistently move below 1.0500 support area. This fact may lead us into bullish correction phase testing 1.0750 region but the major scenario remains to the downside and only a violation to the bearish channel could be a serious threat to the bearish scenario and I don't think now is a good time for long trade.  Immediate support at 1.0544 (current low). Break below that area could trigger further bearish pressure testing 1.0500. We need a consistent move below 1.0500 to continue the bearish scenario testing 1.0400 and 1.0220.

EURJPY Outlook

The EURJPY was indecisive on Friday. The bias is neutral in nearest term but we are still in bullish correction phase with nearest upside target around 113.50 area. Immediate support at 110.85 and the lower line of the bullish channel. Only a break below the bullish channel could be a serious threat to the current upside correction scenario and may resume the major bearish trend.

GBPJPY Outlook

The GBPJPY has been moving in unclear direction for more than four weeks now. I think I will stay away for this pair until I see clearer direction. We may have a bullish correction scenario indicated by an ascending triangle as you can see on my daily chart below especially if price break above the triangle and take us out from this choppy market. Range area at 136.30 - 130.50.

AUDUSD Outlook

The AUDUSD was indecisive on Friday. Overall we are still in bullish outlook but the bias is neutral in nearest term. CCI just cross the 100 line down on h4 chart indicating potential downside pullback which is normal after three consecutive days of strong bullish run. Immediate support at 0.8680 followed by 0.8630. On the upside, initial resistance is seen at 0.8858 which is also the nearest bullish target..