FOREX TRADING

The EURUSD attempted to push higher on Friday but found good resistance around 1.3000 psychological/key level, closed lower at 1.2926 and hit 1.2882 earlier today in Asian session. The bias is neutral in nearest term but overall we are still in upside correction phase. Immediate resistance at 1.2950 area.  Consistent move above that area could trigger further upside momentum re-testing 1.3000 before testing 1.3120 region. On the downside, initial support at 1.2840. Break below that area could trigger further bearish pressure testing 1.2750.

GBPUSD Outlook

The GBPUSD failed to continued its bullish momentum on Friday, bottomed at 1.5278 and closed at 1.5298. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see that price found a good support at 38.2% Fibo retracement of 1.4964 – 1.5470 around 1.5280 area. Break below that area could trigger further bearish pressure testing 1.5150 region and could be a serious threat to the bullish outlook. Immediate resistance at 1.5340. Consistent move above that area could trigger further upside momentum re-testing 1.5470 and keep the bullish scenario remains strong.

USDJPY Outlook

The USDJPY continued its bearish momentum on Friday, bottomed at 86.25 but closed higher at 86.66. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 87.00. Break above that area could lead us into neutral zone in nearest term testing 87.50 – 88.00 area. On the downside, 85.86 area remains potential nearest bearish target before testing 84.82.

USDCHF Outlook

The USDCHF failed to continue its bearish momentum on Friday, topped at 1.0541 and closed at 1.0515. This fact activates my wait and see mode for now but overall we are still in major bearish scenario. Immediate support at 1.0450. Break below that area could trigger further bearish pressure testing 1.0400 and 1.0320. On the upside, another movement above 1.0500 could trigger further upside pressure testing 1.0600 region

EURJPY Outlook

The EURJPY had a significant bearish momentum on Friday, slipped below the bullish channel as you can see on my h4 chart below indicating potential bullish failure testing 110.85 in nearest term. On the upside, another movement inside the bullish channel and consistent move above 112.30 resistance area could produce a false breakdown scenario which could potentially trigger another upside momentum testing 113.50 area

GBPJPY Outlook

The GBPJPY also had a significant bearish momentum on Friday, break below the minor bullish channel indicating potential downside pressure testing 131.25 and 130.50. However note that overall price still trapped in range area of 136.30 – 130.50 so I will keep stay out for now. Immediate resistance at 133.05 area. Consistent move above that area could trigger further upside pressure testing 134.00/20 region.

AUDUSD Outlook

The AUDUSD had a bearish momentum on Friday, bottomed at 0.8681 and closed at 0.8695 and hit 0.8631 earlier today in Asian session. I think this is a normal downside correction as long as price still move inside the ascending triangle which indicating major bullish scenario. We may have further downside consolidation inside circled area but only violation to the downside of the ascending triangle could cancel the bullish scenario after made a triple bottom formation around 0.8070 area. Immediate resistance at 0.8710/20 region. Break above that area could trigger further upside pressure testing 0.8780 before re-testing 0.8858.