EURUSD Forecast
The EURUSD was volatile but indecisive last week, but overall looks like the pressure is more to the downside as price is now traded below 1.3170 key support area after break below the rising wedge, testing 1.2968 – 1.2920 this week. Nearest term target is seen around 1.3100 – 1.3060. A movement back above 1.3170 could lead us to neutral zone in nearest term testing 1.3280 resistance area.
GBPUSD Forecast
The GBPUSD slipped below 1.5500 on Friday but so far still unable to stay consistently below that area. The bias remains bearish in nearest term especially if price able to break below 1.5475 testing 1.5400 before targeting 1.5300 this week. Immediate resistance at 1.5583. Break above that area could lead us to neutral zone in nearest term testing 1.5650 but as long as price moves inside the bearish channel we are still in strong bearish scenario.
USDJPY Forecast
The USDJPY was indecisive on Friday. There are no significant technical moves so far and my daily outlook remains the same for this pair. Overall bias remains to the upside, but still need a clear break above 84.40 to continue the bullish scenario targeting 85.00/20.On the downside, a clear break below 83.64 could trigger further bearish pressure testing 83.10 which would force me to wait a little longer before re-activate my bullish mode.
USDCHF Forecast
The USDCHF attempted to push lower on Friday, slipped below the minor bullish channel, bottomed at 0.9557 but whipsawed to the upside, topped at 0.9719 and closed at 0.9686 in a volatile market. Although the major outlook remains to the downside, looks like we may have a bottom at this phase with key support area at 0.9550 – 0.9461 which could be a good support in the end of the year. Immediate resistance at 0.9733. Break above that area could trigger further upside pullback testing 0.9800.
EURJPY Forecast
The EURJPY attempted to push higher on Friday, but whipsawed to the downside, bottomed at 110.39 and closed at 110.74 after found a good resistance around 111.91. This fact gives us further validation to the rising wedge bearish scenario testing 109.85 in nearest term. A clear break below that area could trigger further bearish pressure testing 108.33. Immediate resistance at 110.70/80. Break above that area could lead us to neutral zone in nearest term testing 111.60/90 resistance area.
GBPJPY Forecast
The GBPJPY continued its bearish momentum on Friday, fell below 130.84 strong support area. The bias remains bearish in nearest term targeting 129.33 as the double top bearish scenario has further bearish validation. On the upside, another move back above 130.84 could lead us to neutral zone in nearest term testing 132.00 which could lead us to a ranging market condition.
AUDUSD Forecast
The AUDUSD was volatile but indecisive on Friday. The bias is neutral in nearest term but still within the context of a rising wedge bearish scenario especially if price able to make a clear break below the trend line support as you can see on my h4 chart below targeting 0.9710. Immediate resistance at 0.9925 followed by 1.0000. Break above 1.0000 could be a serious threat to the bearish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
