Weekly Market Outlook - Technical Picture/Pattern Analysis
EUR/USD
Weekly :
Last week sees a test of main fib. support and Euro reqched late 2007 levels. Expected trading range for coming weeks extends from 1.4440 to 1.5090. To the upside, this week opened at 1.4783, just above 1.4760 minor support. Sustained upside move above weekly open will allow price to test again last week high at 1.4910 (1st objective). Once there, only a break above 1.4930 resistance will let price fill the gap, allowing a run to 1.5010 (2nd objective). To the downside, a fall below 1.4690 minor support may let prices fall towards 1.4640 main support (1st objective). A break below this level opens the door to 1.4445 multi-month trenline (2nd objective), where a rebound is expexted. If not, continuous fall towards 1.4335 fib. Level may be seen.
EURUSD Weekly
Daily :
Last days sees a consolidation of recent fall, price trapped in a symetrical triangle. Expected trading range for coming weeks extends from 1.4620 to 1.4980. To the upside, a daily close above 1.4810 minor support is needed to expect a test of the 1.4875 - 1.4905 reisistance zone and triangle high (1st objective). Only a sustained break and daily close above this resistance zone will allow Euro to perform a corrective upmove towards 1.4975 (2nd objective). Next upside objective will then be 1.5080. To the downside, a strong support zone extedns from 1.4650 to 1.4700. Break below 1.4695 triangle low means a 2nd bottom-test is likely, and a breka below 1.4650 support (1st objective) will lead to a fall towards 1.4530 minor support (2nd objective), ahead of 1.4440 main support.
EURUSD Daily
4-Hours :
Last week price action can be resumed as consolidative since Euro price action has been delimited by a 300 pips range extending from 1.4650 to 1.4910, establishing range limits witch should be monitored carefully. To the upside, while still inside consolidation channel, immediate bias remain nuetral to positive. A test of 1.4855 cluster support may be seen (1st objective), and a break above it will allow a run towards 1.4910 minor support. Break above this level targets 1.4980, extending up to 1.5080 (2nd objective). Price reaction at these levels must be monitored in order to determine if correction is over. To the downside, failure above 1.4850 and/or break below 1.47 means fall has resumed. Break of 1.4650 support will confirm bearish expectations for a tst of -23.6% fib. extenstion at 1.4525 (1st objective), ahead of 1.4460 support (2nd objective).
EURUSD 4-Hours
GBP/USD
Weekly :
Last week sees a rejection from broken trendline to a bearish stance consolidation. Expected trading range for coming weeks extends from 1.8320 to 1.88. To the upside, price must trade above 1.85 weekly open to expect a positive consolidation towards 1.8630 first (1st objective), ahead of 1.8740/90 cluster resistance zone (2nd objective), correponding to a fib. level and multi-month broken trendline. Obly a break above this resistance zone will let price run towards 1.88990 - 1.8910 main resistance. To the downside, price may consolidate between 1.8420 and 1.8510, but a break below 1.8420 will argue in favor of fall resumption. Minor support stands at 1.8320 (1st objective), ahead of 1.8170 main support (2nd objective)
GBPUSD Weekly
Daily :
As Euro did, last days sees a swingy consolidation below the 1.88 handle. Expected trading range for coming days extends from 1.84 to 1.8790. To the upside, rejection from 1.84 argue in favor of a consolidation higher, price must trade above 1.85 week open to reach first support zone at 1.8600/15 (1st objective). Once there, rejection lower is likely, but sustained break above 1.86 will lead to a stronger consolidation towards 1.8710, and then 1.8770 last week high (2nd objective). Break above, even if unlikely, targets 1.8875 broken channel. To the downside, consolidation between 1.84 and 1.85 may be likely this week, but a break below 1.84 will be clearly negative tageting 1.8180 support, witch is the main objective, wicth must be monitored..
GBPUSD Daily
4-Hours :
Last week consolidative price action finnaly ended by a downside channel break., followed by a rebound on 1.84 trendline early this week. To the upside, pullback above 1.8550/75 means price is back in the consolidation channel. Sustained trading at these levels may allow the pound to recover further towards 1.8640 and 1.8710 (1st objective). Break of 1.8710 targets 1.8790 cluster support (2nd objective). Even if unlikely, a break higher must be monitored.. To the downside, rejection of 1.8550/75 and/or break below 1.84 will meet weekly and daily objectives.
GBPUSD 4-Hours
USD/JPY
Weekly :
Last week sees a consolidation in recent trading range, weekly close candlestick is hammer (reversal possibility). Expected trading range for coming weeks extends from 107.90 to 111.60. To the upside, this week opened at 110.05 below wedge high, lying at 110.35.. A break above 110.35 is needed to keep the bullish stance intact, and only a break above this level will allow prices to rise further towards 110.70 highs ahead of -23.6 fib. projection at 111.50 (1st objective). Above, 138.2% FE at 112.00 may hold price (2nd objective). If outperformed, next target will be 161.8% FE at 113.25. To the downside, 109.70/90 minor supprot zone remain fragile and break lower will give a downside consolidation towards 108.60/80 main support. A rebound is expected here, but if not, break below 108.60 will turn the bias neutral to negative for a test of 107.80 support (2nd objective).
USDJPY Weekly
Daily :
Swingy and consolidative price action has been seen last days. Price still in a falling wedge. Expected trading range for coming days extends from 108.40 to 110.90. To the upside, a strong support zone extends from 110.30 to 110.60. While above 109.10, the bias remain positive. A clear and sustained break and/or daily close above this level is needed to expect a bullish run towards 23.6% fib. projection at 112.10 (1st objective), ahead of cluster support in the 113.90 - 114.00 zone (2nd objective). To the downside, break below 109.10 targets next cluster support zone at 108.05/30 (1st objective). Only a wedge downside break below 108.00 will let us think recent rise is over. Then, a test of the 107.10/40 supprot zone may follow (2nd objective).
USDJPY Daily
4-Hours :
Swings in the 108 - 110 trading range has been seen so far. To the upside, break of 110.20/40 resistances will allow prices to challenge yearly highs at 110.64, then able to run towards daily objectives. To the downside, 109.20, 108.80 and 108.20 and strong support where a rebound can be seen. Break of 108.30 targets 107.75 trnedline, ahead of daily downside objectives.
USDJPY 4-Hours
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