EURUSD Forecast:
The EURUSD made indecisive movement on Friday. On daily chart below we can see that after made a false breakdown on November 03, price now retreat to the upside, traded above the trendline indicating potential further bullish scenario with 1.4950 – 1.5060 as nearest target before 1.5300. Immediate support at 1.4850 – 1.4800 area. Break below that area should diminish my bullish outlook but as long as the pair stay above the trendline, I prefer a bullish scenario.
On fundamental side, after worse than expected NFP and unemployment rate on Friday, the risk aversion had not enough power to reduce optimism about economy recovery and Dollar failed to gain significant momentum. For me this fact means nothing but investors strong belief that recovery is in the right track and might ready to buy more riskier assets and high yield currencies which should continue put pressure on the Greenback.
GBPUSD Forecast:
The GBPUSD also indecisive on Friday. However, as you can see in my h4 chart below, price still convincingly traded above my triangle indicating bullish scenario intact with nearest technical target around 1.6740 area. Immediate support at 1.6595 – 1.6560 area. Break below that area should trigger further bearish momentum and should be seen as potential threat to my bullish outlook.
USDJPY Forecast:
The USDJPY had a significant bearish momentum on Friday. On h4 chart below we can see that my new trendline support (red) has been violated to the downside indicating potential bearish view with 88.80 as potential technical target. However, CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback towards the trendline area (now resistance). I will be watching any reactions around this trendline today before make any decisions. Break above the trendline should be seen as bearish scenario failure and might lead us to further bullish attempt re-testing 92.50 area. Immediate resistance at 90.20/50 area.
USDCHF Forecast
The USDCHF also made indecisive movement on Friday. On h4 chart below we can see that price still struggling around my lower line of range area around 1.0166. This fact indicating consolidation, but I still prefer bearish scenario. However we need a consistent move below 1.0166 and below my new trendline support area (red) to confirm the bearish scenario today with potential downside target remains around 1.0000/40 area.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday, break below my trendline, as you can see in my daily chart below. However, like I said, last week movement was driven by many important big news and data in the market such as ECB and The Fed economy outlook and US employment data on Friday, so I think the fact that price now traded below the trendline could be another misleading bearish signal, as we can clearly see, happened several times last week. The bearish momentum was caused by risk aversion sentiment on bad US employment numbers. The fact that risk aversion had a very limited impact on EURUSD might reduce bearish momentum on EURJPY. I think I will keep stay out from the market now and wait for further development. If we have significant upside pullback and bring the pair above the trendline, I am in bullish mode.
GBPJPY Forecast
The GBPJPY had a bearish momentum on Friday, bottomed at 148.39 but closed higher at 149.26 and keep moving higher earlier today in Asian session around 149.85 at the time I wrote this comment, as you can see in my daily chart below, struggling around the trendline resistance again. The trendline resistance (red), compared to the trendline support (blue) has been tested more often as price touched and slipped above it several times indicating the pressure is more to the upside and I still prefer a bullish scenario at least re-testing 151.29 area. Immediate support at 149.00. Break below that area should trigger further bearish momentum but lead us into no trading zone as direction would become unclear for me.
AUDUSD Forecast
As I had expected, the AUDUSD continued it’s bullish scenario on Friday, topped at 0.9197 and closed at 0.9187 and keep moving higher around 0.9258 earlier today in Asian market at the time I wrote this comment. The bias is bullish targeting at least 0.9327 – 0.9400 before aim for 0.9500 area. Immediate support at 0.9180. Break below that area should lead us into no trading zone as nearest direction would become unclear for me but I still prefer a bullish scenario.
