EURUSD Forecast:
As you can see on h4 chart below, the EURUSD attempted to push higher on Friday after failed to break below 1.3450 area (potential nearest term bottom), slipped above the minor bearish channel indicating potential upside correction especially if price able to break above 1.3690 targeting 1.3750 – 1.3850 resistance area . However the main trend should remain bearish and I still prefer a bearish scenario with sell on rallies strategy. The bias is neutral in nearest term. While the fundamental outlook for the Euro zone remains negative and should keep Euro under pressure in longer term, price has been indecisive in the last three weeks now and technically in oversold area so I won’t be surprise if we will see some upside correction at this phase. Immediate support at 1.3585. Break below that area an movement back inside the minor bearish channel could be seen as potential false breakout scenario which could trigger significant bearish pressure re-testing 1.3450 area.
GBPUSD Forecast:
The GBPUSD was indecisive on Friday. Price attempted to push lower, bottomed at 1.5150 but closed higher at 1.5249. The bias is neutral in nearest term but overall I am still in bearish mode for this pair with potential target around psychological level 1.5000 this week. Immediate resistance at 1.5250. Break above that area should lead us into no trading zone but the main scenario should remain bearish as long as price move inside the bearish channel and any upside momentum should only be seen as a corrective movement.
USDJPY Forecast:
The USDJPY attempted to push higher on Friday, topped at 89.49 but further upside correction was rejected as price closed lower at 88.84. This fact should keep my bearish outlook intact with nearest technical target around 87.35 area especially if price able to break below 88.50 support area. Immediate resistance at 89.50. Break above that area should lead us into no trading zone testing 90.50 area but overall I still prefer a bearish scenario at this phase.
USDCHF Forecast
As you can see on my h4 chart below, price has break below the minor trendline support indicating potential bearish correction phase testing 1.0640 support area in nearest term but the main outlook should remain bullish for this pair. The bias is neutral in nearest term and I think we area in no trading zone. I prefer to wait for further development before make any decision but still prefer buy on dips strategy. Immediate resistance at 1.0800. Break above that area should trigger further upside momentum and keep the bullish scenario targeting 1.1000 intact for this week.
EURJPY Forecast
The EURJPY attempted to push higher on Friday, topped at 121.64 but closed lower at 120.96. On h4 chart below we can see that after violated the bearish channel price is now moving in a new minor bullish channel indicating potential upside correction scenario but the main trend should remain bearish. The bias is neutral in nearest term. Immediate support at 120.69 area. Break below that area should be seen as the end of the bullish correction and continue the bearish scenario re-testing 119.64. Initial resistance at 122.00. Break above that area should continue the upside correction testing 123.00 area.
GBPJPY Forecast
The GBPJPY was indecisive on Friday. The bias is neutral in nearest term but the main trend should remain bearish with potential bearish target around 132.00 – 131.50 area. Immediate resistance at 135.70. Break below that area should lead us into no trading zone testing 137.50 resistance area but I still prefer a bearish scenario at this phase with sell on rallies strategy.
AUDUSD Forecast
The AUDUSD had a bullish momentum on Friday, topped at 0.8978 and closed at 0.8962. The bias is bullish in nearest term but we know that 0.9040 area is a strong resistance at this phase. After violation to the bullish channel, I prefer a bearish scenario at this phase. Price is now potentially trapped (again) in range area of 0.9040 – 0.8910 area. Technically, aggressive trader can short around 0.9040 or long around 0.8910 with a tight stop loss but I prefer short position. Break below 0.8910 area should trigger further bearish momentum re-testing 0.8780 area.
