The EURUSD had a significant bearish momentum on Friday, slipped below my major trendline support, bottomed at 1.4821 and closed at 1.4857. The major bullish scenario is surely in serious threat, but remains intact as price still able to move above 1.4820/00 key support level area so far and now back above the trendline support. The bias is neutral in nearest term. Immediate resistance at 1.4950 area. Break above 1.4950 should trigger further bullish momentum re-testing 1.5140/50 area. CCI in oversold area and heading up on h4 chart suggesting potential upside pullback, keep the major bullish scenario intact. Consistent move below the trendline support and 1.4820/00 area could be considered and bullish failure and trigger further bearish scenario towards 1.4625 area even 1.6450 this week.
GBPUSD Forecast:
The GBPUSD was technically a mess on Friday. The pair attempted to push higher, topped at 1.6668 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.6421 and closed at 1.6473. On daily chart below we have a false breakout from the trendline resistance (red) indicating potential downside scenario testing 1.6400 area. Break below that area should trigger further bearish momentum towards 1.6250 area. Immediate resistance at 1.6550 – 1.6600 area. Another break above 1.6600 area will lead us into no trading zone as direction would become unclear.
USDJPY Forecast:
As I had expected, the USDJPY continued its bullish momentum on Friday, topped at 90.76 and closed at 90.52. On h4 chart below we can see that the trendline resistance (red, now support) has been violated to the upside indicating bearish failure and potential bullish scenario at least targeting 91.30 before aim for 92.32 area. Immediate support at 89.50. Break below that area should lead us into no trading zone in nearest term but overall I still prefer a bullish scenario and short position is not recommended at this phase.
USDCHF Forecast
The USDCHF had a significant bullish momentum on Friday as Dollar rallied strongly after much better than expected employment numbers. Technically on h4 chart below, a false breakdown from my trendline support area (blue) triggered a significant bullish momentum, break above my trendline resistance (aqua, now support), topped at 1.0190 and closed at 1.0164. Although the bearish scenario is in a serious threat, I think it’s too early for a bullish reversal scenario. I think we are in critical phase and I prefer to stand aside for now. Immediate support at 1.0120 and the trendline support area (aqua, former resistance). Break below that area should keep the major bearish scenario intact. Initial resistance at 1.0207 area. Break above that area could be the beginning of bullish reversal scenario at least towards 1.0337 area.
EURJPY Forecast
As I had expected, the EURJPY continued its bullish momentum on Friday, topped at 134.54 and closed at 134.50. The bias remains bullish in nearest term targeting 135.50. However CCI in overbought area and about to cross the 100 line down on h4 chart so watch out for potential downside correction testing 133.50 and 132.75 support area. We are in buy mode for this pair and short position is not recommended.
GBPJPY Forecast
The GBPJPY continued its bullish momentum on Friday, topped at 149.15 and closed at 149.11. The bias remains bullish in nearest term targeting 150.30 but we need a consistent move above 148.50 area to continue the bullish scenario. CCI in overbought area and heading down on h4 chart suggesting potential downside correction testing 147.64 area. Break below that area should trigger further bearish correction testing 146.76 but I still prefer to buy on dips and short position is not recommended at this phase.
AUDUSD Forecast
The AUDUSD had a bearish momentum on Friday, bottomed at 0.9106 and closed at 0.9144. On h4 chart below we can see that after made a false breakout from the trendline resistance the pair has been under pressure to the downside testing 0.9030 area. Immediate resistance at 0.9180. Break above that area should trigger further bullish momentum testing the trendline resistance but as long as price stay below trendline resistance I prefer a bearish scenario at this phase.
