EURUSD Forecast:
The EURUSD was closed higher at 1.4139 on Friday. I still prefer a bearish scenario but the rejection to move below 1.4030/00 support area could trigger further upside correction testing 1.4200 – 1.4250 at this phase. As you can see on my h4 chart below, we have a minor bearish channel (aqua) indicating that technically we are still in bearish view. A violation to that minor bearish channel and a break above 1.4250 key resistance level should be seen as serious threat to the bearish outlook, testing 1.4450 and the major bearish channel (red). Immediate support at 1.4110 area. Break below that area should trigger further downside pressure testing key support 14030/00 area.
GBPUSD Forecast:
The GBPUSD continued its bearish momentum on Friday, bottomed at 1.6076 and closed at 1.6111. This fact should keep my bearish scenario intact, especially if price able to break below 1.6040/00 psychological area, targeting 1.5800. CCI in oversold area and heading up on h4 chart so watch out for potential upside correction testing 1.6180 – 1.6200 resistance area. I prefer a bearish scenario and sell on rallies strategy. Only a break above the trendline resistance area should be seen as bearish failure testing 1.6430 area.
USDJPY Forecast:
The USDJPY made a moderate bearish momentum on Friday, bottomed at 89.78 and closed at 89.87. Earlier today in Asian session price is struggling around 90.15 area. We need a consistent move above that level to continue the bearish scenario towards 88.00. The bias is neutral in nearest term but I still prefer a bearish scenario at this phase. Immediate resistance at 90.55 (Friday’s high). Break above that area should trigger further upside correction testing 91.30 but only a move above 91.85 could be seen as bearish failure.
USDCHF Forecast
The USDCHF didn’t make significant movement on Friday but looks like the pair is in consolidation phase as the bullish momentum seems to lose some momentum. The bias is neutral in nearest term. Immediate support at 1.0350. Break below that area should be seen as a serious threat to the bullish outlook and lead us into no trading zone. On the upside, only a clear break above 1.0507 could be seen as bullish confirmation targeting 1.0600 – 1.0700 area.
EURJPY Forecast
The EURJPY had a volatile but indecisive movement on Friday. Price attempted to push lower, slipped below 126.89 support area but closed higher at 127.07. This rejection to consistently move below 126.89 area could trigger further bullish correction but as long as price stay below the trendline (red) I still prefer a bearish scenario. Immediate resistance at 128.18 (Friday’s high). Break above that area should trigger further bullish scenario testing key resistance level 129.00.
GBPJPY Forecast
The GBPJPY continued its bearish momentum on Friday, bottomed at 144.60 and closed at 144.79. The bias is bearish in nearest term targeting 143.15 area. However CCI about to cross the -100 line up on h4 chart so watch out for potential upside correction testing 145.50. Break above that area should lead us into no trading zone, trigger further bullish correction towards 146.50/60 area but I still prefer a bearish scenario at this phase with sell on rallies strategy.
AUDUSD Forecast
The AUDUSD made indecisive movement on Friday. On h4 chart below we can see that price is moving between 0.8980 – 0.9090 area at this phase. Overall I still prefer a bearish scenario but the bias is neutral in nearest term and we need a break from that range area to see clearer direction. Break above 0.9090 should trigger further bullish correction towards 0.9170 while break below 0.8980 should trigger further bearish momentum towards 0.8910.
