EURUSD Forecast:
The EURUSD was indecisive on Friday. The bias is neutral in nearest term but overall we are still in bullish correction phase with potential reversal in medium term point of view. Nearest bullish target is seen around 1.2670 region before testing 1.2900 area. Immediate support at 1.2465/50 region. Break below that area could wane the bullish bias testing 1.2380/50 region but only a movement below 1.2150 could be seen as the end of bullish correction.
GBPUSD Forecast:
The GBPUSD didn’t make significant movement on Friday. On daily chart below we can see that price is now struggling around the trendline resistance area indicating critical phase. The bias is neutral in nearest term but overall we are still in strong bullish correction phase but need consistent move above the trendline resistance to continue the bullish pressure targeting 1.5400 – 1.5500 area. Potential bearish indicated by CCI divergence as you can see on my daily chart below. Immediate support at 1.5100 followed by 1.5000. Only movement below 1.5000 could be seen as serious threat to the bullish outlook.
USDJPY Forecast:
The USDJPY was indecisive on Friday. On h1 chart below we can see price is moving in triangle area indicating consolidation and neutral bias in nearest term but as long as price stay below 88.23 the downside scenario should remain intact. A break below the triangle could continue the bearish pressure towards 87.00 area before testing 85.86 region. On the upside, break above 88.23 could trigger further upside pullback testing 89.00 area.
USDCHF Forecast
The USDCHF bearish momentum was paused on Friday. The bias is neutral in nearest term but the main scenario remains to the downside targeting 1.0500 region. Immediate resistance at 1.0750. Break above that area could trigger further upside momentum but as long as price move inside the bearish channel the bearish scenario should remain intact.
EURJPY Forecast
The EURJPY attempted to push higher on Friday, but found a good resistance at the trendline resistance as you can see on my h4 chart below. The bias is neutral in nearest term. We need a clear break above the trendline resistance to continue the bullish correction at least testing 111.70 region. Immediate support at 109.00 region. Consistent move below that area could trigger further bearish pressure testing 108.00 – 107.30 area and price may ready to resume its major bearish scenario testing at least 106.50/00 area.
GBPJPY Forecast
The GBPJPY still move inside the triangle formation as you can see on my daily chart below indicating consolidation. The bias remains neutral in nearest term and we need a break on either side of the triangle to see clearer direction. Expected range at 134.80 – 132.00. Break above 134.80 could trigger further upside correction testing 136.40 and 138.00. On the other hand, break below 132.00 could continue the major bearish scenario at least testing 129.00 before targeting 126.75 region.
AUDUSD Forecast
The AUDUSD was indecisive on Friday. The bias is neutral in both nearest and medium term and I think we area in no trading zone now. Expected range at 0.8550 – 0.8316. Break above 0.8550 could trigger further bullish momentum testing 0.8650. On the other hand, break below 0.8316 could trigger further bearish pressure testing 0.8200 before targeting 0.8070 key support area.
Labels: Forex Analysis, forex signal, Forex Trend
