EURUSD Forecast:
The EURUSD was able to maintain its bullish bias last week. We are now in a critical technical point, where a consistent move above 1.2465 resistance could be seen as bearish failure and a beginning of a medium bullish outlook targeting 1.2645 and 1.3120 region. Immediate support at 1.2240/80 region and the trendline support area, as you can see on my h1 chart below. Break below the trendline support should keep the major bearish scenario intact at least testing 1.2150 area.
GBPUSD Forecast:
The GBPUSD continued its bullish momentum on Friday, able to consistently move above 1.5000 area indicating potential upside outlook testing 1.5100 – 1.5200 before targeting 1.5400 – 1.5500 area this week. A movement back below 1.5000 could lead us into neutral zone in nearest term testing 1.4900/50 area but overall the bullish correction scenario remains strong.
USDJPY Forecast:
The USDJPY was able to maintain its bearish bias on Friday. On h1 chart below we can see that price is moving inside a descending triangle formation indicating bearish view especially if price able to move consistently move below 89.20/00 region targeting 88.23 before testing 84.82 region in longer term. This bearish outlook can only be canceled by a movement above the descending triangle, testing 90.50 region.
USDCHF Forecast
The USDCHF continued its bearish momentum on Friday. The bias is bearish in nearest term testing 1.0850 and 1.0750 support area. Immediate resistance at 1.1020 region. Break above that area could lead us into neutral zone in nearest term but the main scenario remains to the downside. CCI in oversold area and heading up on h1 chart indicating potential upside rebound but I still prefer a bearish scenario with short on rallies strategy.
EURJPY Forecast
The EURJPY made another indecisive movement on Friday, formed another Doji on daily chart. The bias is neutral in nearest term. On daily chart below we can see that price is moving in a triangle formation indicating consolidation phase after significant bearish rally. Potential range for today at 109.50 – 111.70 area. Break below 109.50 could trigger further bearish pressure and keep the major bearish intact while a break above 111.70 could trigger further upside pressure testing the upper line of the triangle.
GBPJPY Forecast
The GBPJPY was able to maintain its bullish bias in Friday. I have made some adjustment to the bullish channel as a result of the newest development in the market. The bias is bullish in nearest term testing 136.20 region. Break above that area could trigger further upside scenario testing 138.00 region. On the downside, immediate support at 133.10 and the lower line of the bullish channel. Only consistent move below that area could be a serious threat to the current bullish correction outlook.
AUDUSD Forecast
The AUDUSD had a moderate bullish momentum on Friday. On h4 chart below we can see that price violated the minor trendline resistance (red) indicating potential upside scenario testing 0.8950 in nearest term. Immediate support at 0.8700 region. Break below that area could lead us into neutral zone in nearest term testing 0.8600 region but the main scenario remains to the upside.
Labels: Forex Analysis, forex signal, Forex Trend
