Weekly Market Outlook - Technical Picture/Pattern Analysis

EUR/USD

Weekly / Daily :

Last week sees an attempt higher before rejction occurred. This week started on an impulsive downside move. Expected trading range for next days/weeks extends to 1.2480 to 1.2990.

To the upside, 1.2490 act as cluster supprot and while above we may expect further recovery towards last week highs. A pullback above 1.2690 will allow price to climb to 1.2800 minor support (1st objective). Then, no rejection will let price run towards 1.2960 main resistance (2nd objectiuve). A break and/or daily close above this level argue in favor or trend shift, allowing moves above 1.3070 (3rd objective).

To the downside, a break back below 1.2490 support means a test of 1.2330/80 weekly lows (1st objective). Price action has to be monitored at these levels. While a rebound is likely due to oversold status, a break below that support zone argue in favor of downside continuation towards 1.2160 (2nd objective). By extension, next calculted profit level is 1.1995 (3rd objective).

EURUSD Weekly

EURUSD Daily

4-Hours :

Triangle consolidation has extended and price still inside. Back & forth moves in the 1.24 - 1.30 range may continue.

To the upside, starting the week on a negative note, price may halt on 1.2470, or 1.2540/80 supports. If a rebound occur, break above 1.2710 will target 1.2805 minor resistance (1st objective). A congestion zone extends to 1.2865. Only a break & 4-hours close above this level will allow price to climb further towards 1.2950 (2nd objective) and 1.3030 (3rd objective).

To the downside, currently trading above 1.25.. but the 1.2510/40 support zone has to be carefully monitored. A 4- hours close below this level validate bearish breakout. Test of 1.2450 zone may be unavoidable (1st objective), while a susutained break below that level will allow prices to fall back to 1.2340 lows (2nd objective). No rejection at this stage argue in favor of downtrend continuation towards the 1.22 zone (3rd objective)

EURUSD 4-Hours

GBP/USD

Weekly / Daily :

Last week sees a successful attempt higher before rejction occurred early this week. Expected trading range for next days/weeks extends to 1.4540 to 1.5190.

To the upside, the 1.4720/40 daily/weekly support has held so far. While above, we may expect some correction higher as oversold bias remain. While above 1.4760 minor support, a rebound to 1.4975 may be seen (1st objective). Break back above broken trandline means rejection towards 1.5160 (2nd objective). Once there, and depending on oscillators status, we may see an additionnal upmove to 1.5375 (3rd objective).

To the downside, a break back below 1.4765 means another bottom-test is likely. Price may halt on minor support at 1.4650 (1st objective), but if outperformed, fall towards 1.4550 can't be ruld out (2nd objective). Below there, next calculated objective is 161.8% FE at 1.4415 (3rd objective).

GBPUSD Weekly

GBPUSD Daily

4-Hours :

Consolidation has extended and price still inside main raising pennant. Current 1.47 - 1.53 traidng range limts has to be monitored as a breakout is likely.

To the upside, 1.4810/60 is a strong support zone. We may expect a consolidation around this level to bring a corrective wave higher towards 1.4990 - 1.5020 resistance zone (1st objective). Once there, additionnal buying may kept the price above this resistance level to target 1.5210 later this week (2nd objective). Only a break above LT trendline will turn the bias bullish on 4-hours chart. Expected level to be tested will then be 1.5470 (3rd objective).

To the downside, if the 1.4810/60 support can't hold and reject price, another leg down to yearly bottom may be seen. Price may first fall to 1.4710 minor range support (1st objective), before another leg down to 1.4560 (2nd objective). If no rebound here, watch weekly/daily levels to be hit.

GBPUSD 4-Hours

USD/JPY

Weekly / Daily :

Last weeks sees continued reversal move is a spiked & volatile environment. Expected trading range for next days/weeks extends to 91.90 to 95.80

To the upside, a break back above 94.50 (1st objective) is needed to expect further consolidation higher. Once there, rise to 95.50 may be seen (2nd objective). It's only on a break above 95.50/80 resistance that a bullish impulsion to 96.75 may be seen (3rd objective).

To the downside, the LT trendline has held so far during 3 weeks, but is currently tested again.. This time, no rejection occurred.. the 91.80 - 92.50 support zone (1st objective) may be reached quite rapidly, while continued downmove will see a test of 91.30 (2nd objective). No rebounds here and USD may test the 90.85 bottom..

USDJPY Weekly

USDJPY Daily

4-hours :

Price still evolve in a downside channel in place since October. We keep playing channel swings while monitoring possible breakouts..

To the upside, 92.95 act as an important support zone, as it has been a good bottom during late October.. If price stays above and consolidate, we may see a correction higher towards 94.20 resistance (1st objective). Then, rise towards 95.30 can't be ruled out (2nd objective). However, only a 4-hours close above this level will allow price to stabilize further prior to test channel highs at 96.30 (3rd objective).

To the downside, break of 92.95 main support means downside may accelerate. 92.30 is the next level to watch (1st objective). Bvreak below channel lows to the 91.50 zone (2nd objective), waiting for a fall to 90.90 bottom (3rd objective). Price action has to be monitored here in order to determinate in a break lower is possible..

USDJPY 4-hours

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