by: Setyo Wibowo
EURUSD Forecast:
The EURUSD failed to continue it’s bullish momentum on Friday. On h4 chart below we can see that the upside momentum was rejected by the trendline resistance, bottomed at 1.4159 and closed at 1.4201 and now reverse, testing the trendline support. The bias is bearish in nearest term re-testing 1.4085/50 area but we all know that the trendline support has been a good support so far, so I prefer to stay out for now until we have a valid breakdown from the trendline support. Any downside rejection from the trendline support could trigger an upside momentum testing 1.4250 resistance area. Be patient and do not rush jump into the market.
GBPUSD Forecast:
The GBPUSD had a moderate bearish momentum on Friday. On h1 chart below we can see that the pair is moving in moderate bearish channel, indicating potential downside pressure and price ready to test the trendline support. The bias is neutral both in nearest and medium term and I prefer to stay out from the market for now. Immediate support at 1.6420 and the trendline support area. Break below that area should trigger further downside momentum towards 1.6350 area. Initial resistance at 1.6550/90 area.
USDJPY Forecast:
The USDJPY had another bearish momentum on Friday. On h4 chart below we have a valid bearish channel after the trendline support has been violated to the downside, suggesting a bearish view. The bias is bearish in nearest term targeting 93.80. However CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound testing 95.30 resistance area.
USDCHF Forecast
The USDCHF made indecisive movement on Friday. On h4 chart below we still have a valid bearish channel indicating the bearish scenario still intact but CCI just cross the -100 line up indicating potential upside pressure. A violation to the upside to the bearish channel should be seen as bearish failure and could trigger further upside scenario towards 1.0940 area. Immediate support at 1.0650/80 area.
EURJPY Forecast
As I had expected, the EURJPY had another bearish momentum on Friday. The pair hit my short target at 135.30, even further, bottomed at 134.18 and closed at 134.80. On h4 chart below we can see that the trendline support (now resistance) violation provide a bearish bearish view for me. The bias remains bearish in nearest term targeting 132.75. Immediate resistance is seen at 135.00. Break above that area should lead us into no trading zone.
GBPJPY Forecast
The GBPJPY had a moderate bearish momentum on Friday. However, technically we have a significant movement. The broadening formation has been violated to the downside suggesting a bearish view. The bias is bearish in nearest term targeting 154.00. Break below that area should trigger further bearish momentum towards 152.61 area. Immediate resistance at 156.60. Break above that area should lead us into no trading zone.
AUDUSD Forecast
The AUDUSD had a significant bearish momentum on Friday. On h1 chart below we can see that after violated the bullish channel, the price had bearish momentum and break below key support 0.8261 area indicating bearish view. The bias is bearish in nearest term targeting 0.8178 area. A movement back above 0.8261 should lead us into no trading zone.
Labels: Forex Analysis, Forex Indicator, forex signal, Market Analysis, Market Trend, money trading
