EURUSD Forecast:
The EURUSD continued its bearish momentum on Friday, bottomed at 1.3502 and closed at 1.3528. The key support level to be tested at this phase is the triple bottom area around 1.3450/35 area as technical bearishness was strong after the violation of the bullish channel. Break below that area should trigger further bearish momentum targeting 1.3100 this week. Immediate resistance at 1.3580. Break above that area should trigger further upside correction testing 1.3650 area.
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum on Friday after failed to consistently move above the bearish channel, indicating false break out which could trigger significant bearish scenario. On daily chart below we can see that price is now ready to test the major trendline support which is the key support area at this phase. Break below the trendline should trigger further bearish momentum targeting 1.4500 area this week. Immediate resistance at 1.5050. Break above that area could trigger further bullish momentum 1.5125/50 region.
USDCHF Forecast
The USDCHF attempted to push higher on Friday but again, 1.0640 proved itself as a strong resistance area at this phase. Although the bearish momentum wanes as price is now making a new minor bullish channel as you can see on my h4 chart below, as long as price move below 1.0640 the bearish correction scenario remains intact. We need a consistent move above that area to end this bearish correction and back to its major bullish trend testing 1.0888 area. Immediate support at 1.0550 followed by 1.0507 area.
USDJPY Forecast:
The USDJPY made another insignificant movement on Friday. The fact that price still able to move above the bearish channel indicating the bullish correction scenario testing the major trendline resistance remains intact but as you can see on my h4 chart below actually price still trapped in range area of 89.60 – 91.07 area in the last two weeks, made 2 Dojis on weekly chart indicating indecisive market. A break above the trendline resistance could be seen as bearish failure and a potential new bullish phase.
EURJPY Forecast
The EURJPY had a moderate bearish momentum on Friday. The bias is neutral in nearest term but the outlook is more to the downside after the violation of the bullish channel indicating bullish failure. Expected range at 123.00 – 121.50. Break above 123.00 could trigger further bullish correction towards 124.00 while a break below 121.50 could trigger further bearish momentum targeting 120.60 area before aim for 119.70 key support level.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum on Friday as price violated the bullish channel indicating bullish failure and potential bearish scenario testing 133.90 area. CCI in oversold area and heading up on h4 chart suggesting potential upside correction but as long as price stay below 136.50 I still prefer a bearish scenario. Break above 136.50 area could trigger further bullish momentum but would lead us to no trading zone as direction would become unclear.
AUDUSD Forecast
The AUDUSD had a bearish momentum on Friday, bottomed at 0.9128 and closed at 0.9152 after failed to move above 0.9250 resistance area. This fact could trigger further bearish correction towards 0.9040 especially if price able to stay below 0.9140 level today but as long as price move above the major trendline support the major bullish scenario remains intact. Immediate resistance at 0.9180. Break above that area should trigger further upside momentum testing 0.9250 area.
Labels: Forex Analysis, forex signal, Forex Trend
