EURUSD Forecast
The EURUSD had a bearish momentum last week, bottomed at 1.3573 but still unable to consistently move below 1.3700 so far as market remains highly volatile. I think overall we are still in bearish bias but need a consistent move below 1.3700 to continue the downside pressure testing 1.3500 – 1.3333 this week. Immediate resistance at 1.3750. Consistent move above that area could trigger further bullish pullback testing 1.3850 – 1.3900.
GBPUSD Forecast
The GBPUSD was volatile but indecisive on Friday. The bias is neutral in nearest term. As long as price moves inside the major bullish channel overall we are still in a major bullish scenario. Immediate resistance at 1.6170/80. Clear break above that area could trigger further bullish momentum re-testing 1.6270 – 1.6300 area. Initial support at 1.5950. Break below that area could trigger further bearish pressure testing the lower line of the bullish channel and could be a threat to the bullish outlook.
USDJPY Forecast
The USDJPY attempted to push lower on Friday, slipped below 81.95 but closed higher at 82.51. This fact keeps the bullish correction scenario which started since the break out above the triangle remains intact testing 82.87. Clear break above that area could trigger further bullish recovery testing 83.87. Immediate support at 82.30 followed by 81.95.
USDCHF Forecast
The USDCHF continued its bullish bias on Friday, topped at 0.9812 and closed at 0.9807. The bias remains bullish in nearest term especially if price make another break above 0.9812 targeting 0.9880. Immediate support at 0.9730. Break below that area could trigger further bearish pressure testing the lower line of the bullish channel and 0.9650 support area. From longer term perspective, as we can see on my h4 chart below, price is moving inside a triangle formation after significant bearish movement. If the current bullish momentum can take the price break above the triangle, we could be in the early phase of a bullish reversal scenario.
EURJPY Forecast
The EURJPY slipped below 111.60 on Friday but whipsawed to the upside and closed higher at 112.99. The bias is bullish in nearest term testing 114.65. However, overall I think we are still in consolidation phase as price moves in range area of 111.60 – 115.65 as you can see on my h4 chart below. I think I will stand aside for now. Immediate support at 112.50. Break below that area could trigger further bearish pressure testing 111.60.
GBPJPY Forecast
The GBPJPY was volatile but indecisive on Friday. Price attempted to push lower, bottomed at 130.96 but whipsawed to the upside and closed higher at 132.93. The bias is bullish in nearest term targeting 134.50 – 135.03 area. Immediate support at 132.94 (current low). Break below that area could lead us to neutral zone in nearest term testing 132.00 but overall I think the bias remains to the upside.
AUDUSD Forecast
The AUDUSD had a significant bearish momentum on Friday, slipped below the bullish channel as you can see on my h4 chart below. This fact could be a threat to the bullish outlook with potential bearish reversal scenario. The bias is bearish in nearest term targeting 0.9750. Immediate resistance at 0.9900. Break above that area could lead us to neutral zone in nearest term but only another move above 1.0000 could keep the bullish outlook intact. This pair has been making new historical highs lately and a strong bearish reversal scenario could be on the way.
Labels: Forex Analysis, forex signal, Forex Trend
