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In the previous weekly EUR/USD forecast, we noted a possible bearish target of 1.3. Sentiments were mainly …
EURUSD Forecast
The EURUSD was corrected higher yesterday, filled the weekend gap, topped at 1.3064 and closed at 1.3058. The bullish momentum should be seen just as a corrective movement and overall I remain bearish. Immediate resistance is seen around 1.3064/80. A clear break above that area could trigger further bullish correction testing 1.3135/50 resistance area. On the downside, a clear break and daily close below 1.3000 would keep the bearish scenario remains strong testing 1.2880 support area.
EURJPY Forecast
The EURJPY was corrected higher yesterday, filled the weekend gap and topped at 104.43. The bias is bullish in nearest term but as long as stays below 105.60 I still prefer to sell on rallies at this phase. Immediate support is seen around 103.85. A clear break below that area could trigger further bearish pressure testing 103.50 – 103.00 area. On the upside, a clear break above 104.44 could continue the bullish correction phase testing 105.00 – 105.60.
GBPJPY Forecast
The GBPJPY failed to continue its bearish momentum yesterday, topped at 129.46. The bias is bullish in nearest term testing 130.00. However note that medium term outlook is unclear. Price is still making lower highs since fell from 133.47 suggests the bearish phase remains intact but with potential consolidation phase. Immediate support is seen around 129.00. A clear break back below that could lead price to neutral zone in nearest term retesting 128.37. On the upside, a clear break and daily close above 130.00 could trigger further bullish pressure testing 130.75 – 131.00 area.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, filled the weekend gap and slipped above 1.0200. The bias is bullish in nearest term testing 1.0277 but overall I remain bearish and still prefer to sell on rallies. Immediate support is seen around 1.0166 (current low). A clear break below that area could lead price to neutral zone in nearest term testing 1.0100 or lower.
GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday, topped at 1.6197 and closed at 1.6188. The bias is bullish in nearest term but note that as long as stays below 1.6250, price is still in a bearish correction phase testing 1.6100 – 1.6000 support area. Immediate support is seen around 1.6150. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish correction phase remains strong. On the upside, a clear break above 1.6200 could trigger further bullish pressure testing 1.6250.
USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term but 80.23 – 79.52 area remains a good place to buy with tight stop loss below 79.52. On the downside, a clear break and daily close below 79.52/35 could be a threat to the bullish reversal scenario testing 78.27 or lower. Immediate resistance is seen around 80.00. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close back above 81.80 could end the current bearish correction phase and continue the major bullish reversal outlook after hit the record low.
USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday, bottomed at 0.9193. There are no changes in my technical outlook and I remain neutral. Overall price is still in a bullish intraday phase since bounced from 0.9041 but need a clear break above 0.9269 to continue the bullish pressure testing 0.9320 key resistance area. Potential daily range is seen between 0.9150 – 0.9270.
EURUSD Forecast
The EURUSD continued its bearish momentum on Friday closed at 1.3081, slipped below 1.3000 and broke below the descending triangle, hit 1.2960 earlier today. This fact could create further bearish scenario testing 1.2880. Below 1.2880, the next major support (bearish target) is seen at 1.2625 (January’s low). Note that we had a gap earlier today so watch out for a potential bullish pullback testing 1.3080 – 1.3100 resistance area. Overall I remain bearish with sell on rallies strategy.
EURJPY Forecast
The EURJPY had a bearish momentum on Friday, closed at 104.44. Price opened lower earlier today at 103.45. The bias is bearish in nearest term testing 102.20. However note that we had a gap earlier today so watch out for potential bullish pullback testing 104.44. Overall, as long as stays below 105.60 I remain bearish on this pair with sell on rallies strategy.
GBPJPY Forecast
The GBPJPY continued its bearish correction last week bottomed at 128.37. The bias is bearish in nearest term testing 127.85 – 127.09. Immediate resistance is seen around 129.05. A clear break above that area could lead price to neutral zone in nearest term testing 129.50 – 130.00.
AUDUSD Forecast
The AUDUSD continued its bearish momentum on Friday, bottomed at 1.0168. Price opened lower earlier today at 1.0119. The bias remains bearish in nearest term testing 1.0043 – 1.0000 but note that we had a gap earlier today so watch out for potential bullish pullback testing 1.0200 – 1.0250 resistance area. Overall I remain bearish on this pair with sell on rallies strategy.
GBPUSD Forecast
The GBPUSD was corrected lower last week and hit 1.6113 earlier today. The bias is bearish in nearest term and price is now in a bearish correction phase testing 1.6000 support area. Immediate resistance is seen around 1.6150. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close back above 1.6250 could end the current bearish correction phase.
USDJPY Forecast
The USDJPY had a bearish momentum last week, closed at 79.82. The bias remains bearish in nearest term but 80.23 – 79.52 area remains a good place to buy with tight stop loss below 79.52. On the downside, a clear break and daily close below 79.52/35 could be a threat to the bullish reversal scenario testing 78.27 or lower. Immediate resistance is seen around 80.00. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close back above 81.80 could end the current bearish correction phase and continue the major bullish reversal outlook after hit the record low.
