EURUSD Forecast:
The EURUSD made indecisive movement on Friday indicating consolidation after some bullish momentum. On daily chart below we can see that the pair still moving in a bullish channel but price retreat lower around the upper line of the bullish channel. I think the pair is in potential downside correction phase, testing 1.4446 support area. Break below that area should trigger further downside correction towards the bullish channel lower line. Only a violation the the bullish channel should be seen as bullish failure. Immediate resistance at 1.4633 area (Friday’s high). Break above that area should trigger further bullish momentum towards 1.4719. CCI in overbought area and heading down on daily chart suggesting potential downside pressure.
GBPUSD Forecast:
The GBPUSD attempted to push higher on Friday, topped at 1.6740 but whipsawed to the downside and closed lower at 1.6655, which is also the open price of the day, formed a Doji on daily chart. Like I already showed you on Saturday, the hanging man candlestick formation could lead us to some downside correction testing 1.6593 and 1.6500 ( 23.6% and 38.2% Fibo retracement of 1.6113 – 1.6740) support areas. Only a violation to the bullish channel could be seen as bullish failure. Immediate resistance at 1.6740 (Friday’s high). CCI just cross the 100 line down on h4 chart suggesting potential downside rebound.
USDJPY Forecast:
As I had expected, the USDJPY continued it’s bearish momentum on Friday, hit my short target at 90.70, bottomed at 90.20 and closed at 90.70. On h1 chart below we have a hammer formation after some bullish momentum, so watch out for potential bullish correction testing 90.70 – 91.15 resistance area. Break above that area should trigger further bullish correction testing 91.80. As long as the pair stay below that area, I still prefer bearish scenario. Immediate support at 90.20. (Friday’s low). Break below that area should trigger further bearish continuation towards 89.70 area.
USDCHF Forecast
The USDCHF made indecisive movement on Friday, formed a Doji on daily chart. On daily chart below we can see that a Doji appeared after an inverted hammer during bearish momentum indicating that the bearish might have exhausted now and we might have potential bullish correction testing 1.0527 resistance area. As long as the pair stay below that area I still prefer bearish scenario. Immediate support at 1.0338. CCI in oversold area and heading up on daily chart suggesting potential upside pressure.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum on Friday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view. The bias is bearish in nearest term targeting 149.02. Immediate resistance at 151.10. Break above that area should lead us into no trading zone as direction would become unclear.
No comments:
Post a Comment