Daily Technical Analysis

Daily Forex Technicals | Written by FX Instructor | Jul 22 09 02:34 GMT |

EURUSD Outlook The EURUSD made indecisive movement yesterday, by opened and closed at almost the same price. On h1 chart below we have a broadening formation indicating a volatile market without a clear direction. It's better to stay away from the market. On the upside, we have 1.4336 as the key level. Technically, a clear break above that area should confirm the bullish scenario. On the downside pay attention to 1.4050 – 1.4000 support area. Break below that area should trigger further bearish momentum re-testing 1.3750. Immediate support at 1.4176. CCI in neutral area on h1 chart. GBPUSD Outlook The GBPUSD failed to continue the bullish momentum yesterday, bottomed at 1.6382 and closed at 1.6449. On h4 chart below we have a rising wedge formation indicating potential bearish scenario especially if violated to the downside. However I prefer to stay away from the market. Immediate support is seen at 1.6382 (yesterday's low). Break below that area should trigger further downside pressure back towards 1.6200 area. Initial resistance at 1.6480 followed by 1.6550. CCI in neutral area on h4 chart. USDJPY Outlook The USDJPY had a bearish momentum yesterday, bottomed at 93.27 and closed at 93.63. The 94.60 resistance area has proved itself as an important level at this phase. The bias is bearish in nearest term but we need a consistent move below 93.50 to have potential further bearish pressure testing 92.70 area. CCI in neutral area on daily chart. USDCHF Outlook The USDCHF made indecisive movement yesterday. On daily chart below we can see that the pair attempted to push lower, break below the trendline support, bottomed at 1.0620 but closed higher at 1.0663. Technically I prefer a bearish scenario but we really need to be patient since we had seen a lot of false breakout/breakdown in the market lately. I think it's better to stay away and see if the price able to consistently stay below the trendline support before further bigger downside scenario towards 1.0400 area. EURJPY Outlook The EURJPY had a moderate bearish momentum yesterday. On daily chart below we can see that the major trendline resistance still doing a good job preventing further bullish attack. I think we are still in no trading zone but I prefer downside scenario especially if the price back below 131.50 area. Immediate support at 132.38 (yesterday's low). Break below that area should trigger further downside pressure testing 131.50. Initial resistance at 134.80. GBPJPY Outlook The GBPJPY had a bearish momentum yesterday. The pair was unable to move above trendline resistance. In fact, as seen on h4 chart below, we have violated rising wedge formation suggesting a bearish view. The bias is bearish in nearest term testing 153.00 and 152.30 area. Immediate resistance is seen at 154.35. Break above that area should take us back into no trading zone. CCI in neutral area both on h4 and daily chart. AUSUSD Outlook The AUDUSD made indecisive movement yesterday. On h1 chart below we have a broadening formation indicating a volatile market without clear direction, the kind of market we all should avoid. On the upside we have 0.8261 resistance as key level. Break above that area should trigger further bullish scenario. Immediate support at 0.8100 – 0.8050. FX Instructor LLC www.fxinstructor.com The information has been prepared for information purposes only. The document is not intended as personalized investment advice and does not constitute a recommendation to buy, sell or hold investments described herein. This information contained herein is derived from sources we believe to be reliable, but of which we have not independently verified. FXInstructor LLC assumes no responsibilities for errors, inaccuracies or omissions in these materials, nor shall it be liable for damages arising out of any person's reliance upon this information. FXInstructor LLC does not warrant the accuracy or completeness of the information, text, graphics, links or other items contained within these materials. FXInstructor LLC shall not be liable for any indirect, incidental, or consequential damages including without limitation losses, lost revenues or lost profits that may result from these materials. Opinions and estimates constitute our judgment and are subject to change without notice. Past performance is not indicative of future results