EURUSD Forecast
The EURUSD had a significant bullish momentum on Friday, topped at 1.3438 and closed at 1.3412. Price is now in critical phase and struggling around the upper line of the bearish channel. The bias is neutral in nearest term. We are still in bullish phase now but I think we need a clear break above 1.3438 to continue the bullish scenario testing 1.3500 which could be an early signal of a bullish reversal targeting 1.3700. Immediate support at 1.3280. Break below that area could trigger further bearish momentum testing 1.3200 which could be an early indication of a false breakout scenario and continue the bearish scenario testing 1.2920.
GBPUSD Forecast
The GBPUSD continued its bullish correction on Friday, topped at 1.5787 and closed at 1.5774. The bias is bullish in nearest term especially if price able to make another upside breakout above 1.5787 testing 1.5850 – 1.5900 region. However, note that as long as price moves inside the bearish channel, the current bullish momentum must be seen just as a counter trend move and only a violation to the bearish channel could be a serious threat to the bearish scenario. Immediate support at 1.5650. Break below that area could trigger further bearish pressure testing 1.5550 – 1.5500 and keep the major bearish scenario remains strong.
USDJPY Forecast
The USDJPY had a significant bearish momentum on Friday, bottomed at 82.52 and closed at 82.53. The bias is bearish in nearest term especially if price able to make a clear break below 82.52 targeting 82.00 before testing the trend line support (red) and 81.50. Immediate resistance at 83.40. Break above that area should keep the medium bullish outlook intact re-testing 84.40 (triple top).
USDCHF Forecast
The USDCHF continued its bearish momentum on Friday and now back inside the triangle as you can see on my h4 chart below. This fact is a threat to my medium bullish outlook. The bias remains bearish in nearest term especially if price able to break below 0.9725 targeting 0.9670 and testing the lower line of the triangle, which is also a trend line support at this phase. Immediate resistance at 0.9850. Break above that area would keep the bullish scenario intact re-testing 1.0000.
EURJPY Forecast
The EURJPY was indecisive on Friday, made a Doji on daily chart. Price attempted to push lower, but whipsawed to the upside and closed higher after found support around 109.85. The bias is neutral in nearest term. Immediate resistance at the trend line resistance (red) and 111.19. Clear break above that area could trigger further bullish pressure testing 111.91. Initial support remains around 109.85. Clear break below that area could trigger further bearish pressure testing 108.33 region.
GBPJPY Forecast
The GBPJPY was volatile but indecisive on Friday. The bias is neutral in nearest term. Overall we are still in a major bearish outlook after the violation to the bullish channel but need a clear break below 129.33 to continue the bearish scenario testing 127.97 even 126.43. Immediate resistance at 130.84 – 131.10 area. Clear break above that area could trigger further bullish pressure testing 132.00.
AUDUSD Forecast
The AUDUSD continued its bullish momentum on Friday. The bias is bullish in nearest term testing 1.0000 especially if price able to break above 0.9937 but as long as price stay below 1.0000 I still maintain my bearish reversal scenario after the fall from all time high at 1.0182. Immediate support at 0.9800. Break below that area could trigger further bearish pressure testing 0.9710 but only a clear break below 0.9710 would reactivate my bearish mode. I will stand aside for now.
Labels: Forex Analysis, forex signal, Forex Trend
