EURUSD Forecast:
The EURUSD continued its bearish momentum on Friday, bottomed at 1.2365 and closed at 1.2378. Technically in longer term view, this fact could trigger further bearish scenario targeting 1.2000 area this week after convincing move below the major trendline support and only a movement above 1.2500 could diminish the bearish outlook. Immediate support at 1.2280 area. Break below that area could trigger further bearish momentum targeting 1.2200 region. Initial resistance at 1.2420 area. Break above that area could trigger further upside correction but the main scenario remains bearish and I still prefer short on rallies strategy at this phase.
GBPUSD Forecast:
The GBPUSD continued its bearish momentum on Friday. On h4 chart below we can see that price is now testing the 1.4475 support area. Break below that area could trigger further bearish momentum targeting 1.4375/50 region. Immediate resistance at 1.4600/30 region. Break above that area could trigger further upside correction and activate my wait and see mode but I still prefer a bearish scenario with short on rallies strategy at this phase.
USDJPY Forecast:
The USDJPY didn’t make significant movement on Friday. On h1 chart below we can see that price still struggling around the minor trendline resistance without clear direction. Very tricky pair and I will keep stay away for now. Expected range at 93.63 – 91.71. Break below 91.71 could trigger further bearish momentum re-testing the major trendline support. On the upside we need a consistent move above 93.63/75 area to continue the bullish scenario testing 94.70 region.
USDCHF Forecast
The USDCHF made a significant bullish momentum on Friday, topped at 1.1326 and closed at 1.1314. This fact confirms the bullish scenario targeting 1.1595 this week. The bias is bullish in nearest term targeting 1.1450. Immediate support at 1.1270/50. Break below that area could lead us into no trading zone in nearest term and activate wait and see mode but the main scenario should remain bullish.
EURJPY Forecast
The EURJPY had a bearish momentum on Friday, bottomed at 113.57 and closed at 114.29. This fact should trigger further bearish pressure testing 110.66 region especially if price able to move consistently below 113.60 area. Immediate resistance at 115.00. Break above that area could trigger further upside correction and activate my wait and see mode but overall I still prefer a bearish scenario with short on rallies strategy at this phase.
GBPJPY Forecast
The GBPJPY made a bearish movement on Friday. On daily chart below we can see that price is now testing 133.12 support area. Consistent move below that area should trigger further bearish pressure targeting 129.89. Immediate resistance at 134.34 (current high). Break above that area activates my wait and see mode but overall I still prefer a bearish scenario at this phase with short on rallies strategy.
AUDUSD Forecast
The AUDUSD made a significant bearish momentum on Friday. On h4 chart below we can see price is now moving below 0.8880 region after a false breakout from the trendline resistance indicating potential further bearish scenario targeting 0.8800 and 0.8700 area. Another movement back above 0.8880 will activate my wait and see mode but I still prefer a bearish scenario at this phase with short on rallies strategy.
Labels: Forex Analysis, forex signal, Forex Trend
