by: Setyo Wibowo
EURUSD Forecast:
The EURUSD had a significant bullish momentum on Friday, topped at 1.4375 and closed at 1.4324. On h1 chart below we can see that the bearish channel has been convincingly violated to the upside indicating bearish failure and potential bullish scenario. The bias is bullish in nearest term targeting 1.4446 area. Break above that area could set up further bullish scenario towards 1.4719. But notice, that we need a consistent move above 1.4336 to confirm the bullish view. Immediate support is seen at 1.4310 followed by 1.4250. Break below those area could trigger further downside pressure and lead us into no trading zone since the direction would be unclear.
GBPUSD Forecast:
Unlike The Euro and Swiss Franc, the GBPUSD didn’t benefit from Dollar weakness on Friday. This is not a surprise for since the market disappointed by BoE decision to keep expanding the quantitative easing program to 200b Pound that would increasing pessimism on UK’s economy outlook.
Technically, beside a Doji on daily chart, on h1 chart below we can see that the pair still trapped in triangle area indicating a consolidation. The bias remains neutral in both nearest and medium term and I think it’s better to stay out for now. I prefer a downside scenario but if we see more optimism about the world economy recovery, the downside momentum could be very limited and Sterling might get some support. Immediate support is seen at 1.6417 (Friday’s low). Break below that area could trigger further bearish pressure towards 1.4350. Initial resistance at 1.6620 – 1.6660 area.
USDJPY Forecast:
The USDJPY attempted to push lower on Friday, bottomed at 93.42 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 94.71 and closed at 94.37. On h4 chart below we can see that the bearish channel has been violated to the upside indicating bearish failure and potential bullish outlook. The bias is bullish in nearest term targeting 95.05 and 96.60 area. Immediate support is seen at 94.22.
USDCHF Forecast
The USDCHF had a bearish momentum on Friday. On daily chart below we can see that the pair has break to the downside of the rectangle area indicating potential bearish scenario. However notice that Friday’s low at 1.0552 is considered as double bottom with August 03 low at 1.0560 so watch out for potential upside rebound. We need a consistent move below 1.0560 area to confirm the bearish scenario towards 1.0360 area. Immediate resistance at 1.0590 followed by 1.0650.
EURJPY Forecast
The EURJPY attempted to push lower on Friday, bottomed at 132.89 but further bearish scenario was rejected as the pair whipsawed to the upside, hit the top at 135.45 and closed at 135.19. On h4 chart below we can see that the bearish channel has been violated to the upside indicating bearish failure and potential bullish scenario. The bias is bullish in nearest term targeting 136.40 and 137.45. Initial support at 134.85 followed by 134.20. Break below that area should take us into no trading zone.
GBPJPY Forecast
The GBPJPY made indecisive movement on Friday. The pair attempted to push lower, bottomed at 153.55 but whipsawed to the upside, hit the top at 156.57 and close at 155.78. On h4 chart below we have triangle indicating consolidation with the price seems to testing the upper line of the triangle. Breakout to the upside should set up a bullish scenario towards 158.36 area. Immediate support at 155.90 followed by 155.50.
AUDUSD Forecast
The AUDUSD attempted to push lower on Friday, bottomed at 0.8214 but whipsawed to the upside, hit the top at 0.8395 and closed at 0.8346. On h4 chart below we have a bullish channel and the trendline resistance has been violated to the upside indicating potential bullish scenario. The bias is bullish in nearest term targeting 0.8450 – 0.8500 area. However CCI about to cross the 100 line down on h1 chart so watch out fo potential downside rebound testing 0.8330 – 0.8300 support area.
Labels: Forex Analysis, Forex Indicator, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
