EURUSD Forecast
The EURUSD failed to maintain its bullish momentum on Friday, closed lower at 1.4031 after a better than expected US NFP number. On h4 chart below we can see price slipped below the bullish channel and below 1.4000 earlier today in Asian session indicates potential threat to the bullish outlook. The bias is bearish in nearest term targeting 1.3900 before testing 1.3850 – 1.3800 support area. Overall I think we are still in consolidation phase where neither of bullish nor bearish can maintain momentum so far. On the upside, a movement above 1.4085 (current high) could trigger further bullish momentum but I think we need another move above 1.4158 if we want to see further upside pressure testing 1.4400 this week.
GBPUSD Forecast
The GBPUSD also corrected lower on Friday after good NFP number and keep moving lower earlier today in Asian session. On h4 chart below we can see price slipped below the minor bullish channel indicates potential pause to the strong bullish momentum, but as long as price moves inside the major bullish channel overall the major scenario remains to the upside. The bias is bearish in nearest term testing 1.6079 – 1.6000 support area. Immediate resistance at 1.6213 (current high). Break above that area could trigger further bullish momentum re-testing 1.6280 region and keep the bullish scenario remains strong.
USDJPY Forecast
The USDJPY still maintain its bullish correction bias so far, traded around 81.23 at the time I wrote this comment. The major scenario remains bearish but we may see a bearish exhaustion at this phase. The bias is bullish in nearest term testing 81.95. Break above that area could trigger further upside recovery testing 82.87. Immediate support at 80.85. Break below that area could diminish the bullish correction bias re-testing 80.24 area and keep the major bearish scenario remains strong.
USDCHF Forecast
The USDCHF continued its bearish momentum on Friday, made a convincing and strong break below the bullish channel as you can see on my h4 below indicates strong bearish momentum. The bias is bearish in nearest term especially if price able to break below 0.9550 testing 0.9460. Immediate resistance at 0.9650. Break above that area could lead us to neutral zone in nearest term testing 0.9730.
EURJPY Forecast
The EURJPY was corrected lower on Friday, bottomed at 113.89 and closed at 114.01. The bias is neutral in nearest term. Immediate support at 113.75. Break below that area could trigger further bearish momentum targeting 112.80 before testing 111.60. On the upside, we need a consistent move above 114.65 to continue the bullish scenario testing 115.65.
GBPJPY Forecast
The GBPJPY was volatile but indecisive on Friday, made a Doji on daily chart. The bias is neutral in nearest term but I think we are still in bullish phase after the violation to the bearish channel. Immediate support at 131.00. Clear break below that area could lead us to neutral zone as direction would become unclear testing 129.82. On the upside we need a clear break above 132.00 to continue the bullish scenario testing 133.00 even higher.
AUDUSD Forecast
The AUDUSD was indecisive on Friday, made a Doji on daily chart. The bias is neutral in nearest term but overall we are still in a strong bullish scenario. Immediate support at 1.0084. Break below that area could trigger further bearish correction testing 1.0000 but as long as price moves inside the bullish channel we are still in strong bullish outlook. Immediate resistance at 1.0165 (current high). Break above that area could trigger further upside momentum, probably make other new historical highs projection around 1.0200 – 1.0250.
Labels: Forex Analysis, forex signal, Forex Trend
