FOREX TRADING

Daily Technical Analysis

EURUSD Outlook

The EURUSD didn’t make significant movement on Friday. The bias is neutral in nearest term but we are still in bullish correction phase especially if price able to move consistently above 1.2450 area targeting 1.2520 before testing 1.2645 region. Immediate support at 1.2350 and the lower line of the minor bullish channel (red channel). Break below that area could diminish the bullish momentum, lead us into no trading zone but overall the bullish correction scenario remains intact as long as price move inside the major bullish channel (blue channel)

GBPUSD Outlook

The GBPUSD was indecisive on Friday, formed a Doji on daily chart. The bias is neutral in nearest term but we are still in bullish correction phase especially if price able to move consistently above 1.4875 area targeting 1.5000/50 region. Immediate support at 1.4750 and the minor trendline support area. Break below that area could lead us into no trading zone but as long as price stay above the major trendline support (white) the bullish correction scenario remains intact.

USDJPY Outlook

The USDJPY had a moderate bearish momentum on Friday. On h4 chart below we can see that price slipped below the triangle indicating potential bearish view. However we have not seen a significant downside momentum so far and need a consistent move below 90.50 to continue the bearish scenario testing 89.00 region. Another movement back inside the triangle will lead us back to no trading zone area. Immediate resistance at 91.07 (Friday’s high). Consistent move above that area could trigger further bullish momentum testing 92.07 region.

USDCHF Outlook

The USDCHF didn’t make significant movement on Friday. The bias is neutral in nearest term but the main scenario remains to the downside as long as price move inside the bearish channel. Immediate resistance at 1.1170. Break above that area could lead us into no trading zone. On the downside 1.0920 remains the nearest bearish target.

EURJPY Outlook

As you can see on my h4 chart below, he EURJPY is moving inside a triangle formation indicating consolidation phase. The bias is neutral in nearest term. The major trend still bearish but the we also still in upside correction phase. We need a break from the triangle to see clearer direction. Break above the triangle should continue the upside correction scenario testing 114.50 and 115.50 area. On the other hand break below the triangle could end the upside correction and price ready to resume its major bearish scenario at testing 109.75 region.

GBPJPY Outlook

The GBPJPY didn’t make significant movement on Friday. The bias is neutral in nearest term but we are still in upside correction phase especially if price able to break above the minor trendline resistance (white). On the downside, immediate support is seen at the lower line of the bullish channel. Consistent move below the bullish channel and 132.70 area could end the bullish correction phase and price ready to resume its major bearish scenario testing 130.40 region.

AUDUSD Outlook

The AUDUSD had a gap on Asian session earlier today. Price opened higher at 0.8805 more than 100 pips higher compared to its closing price on Friday at 0.8698. On daily chart below we can see that price has been moving to the upside after made a triple bottom around 0.8070. The break above 0.8550 confirm the bullish scenario targeting 0.8950 – 0.9100 area. Immediate support at 0.8698. Note that the gaps are oftenly filled so any downside pullback towards 0.8698 is surely normal. Break below that area could lead us into no trading zone in nearest term but as long as price stay above 0.8550 the main scenario remains bullish.