FOREX TRADING

EURUSD Outlook

The EURUSD was indecisive on Friday. Price attempted to push lower, bottomed at 1.2794 but closed higher at 1.2914. On h4 chart below we can see that price is moving inside a triangle formation after failed to consistently move above 1.3000 and found support around 1.2735 indicating consolidation. Breakout above the triangle could trigger further upside pressure re-testing 1.3000 before targeting 1.3120. On the other hand, breakdown below the triangle could trigger further bearish pressure testing 1.2735 region. Overall we are still in bullish phase.

GBPUSD Outlook

The GBPUSD continue its bullish momentum on Friday, topped at 1.5448 and closed at 1.5420. The bias is bullish in nearest term especially if price able to move consistently above 1.5470 area targeting 1.5573 (February 23 high) before testing 1.5685 region (February 18 high). Immediate support at 1.5400 – 1.5380. Break below that area could lead us into no trading zone in nearest term testing 1.5280/50 support area

USDJPY Outlook

The USDJPY had a significant bullish pullback on Friday, break above the minor bearish channel indicating potential further upside pullback in nearest term testing 88.23. Consistent move above that area could trigger further upside recovery testing 89.10. On the downside, immediate support at 87.00. Break below that area could trigger further bearish pressure testing 85.86 area. Overall we are still in major bearish scenario

USDCHF Outlook

The USDCHF attempted to push lower yesterday, but still unable to move consistently below 1.0399 area. The bias is neutral in nearest term. The major scenario remains bearish but we need a consistent move below 1.0399 to continue the bearish pressure targeting 1.0320 before testing 1.0220. Immediate resistance at 1.0500. Break above that area could trigger further upside pressure testing 1.0580 – 1.0600.

EURJPY Outlook

The EURJPY continued its upside pressure on Friday. On daily chart below we can see price is now testing 113.50 key resistance which is the upper line of my range area. A consistent move above that area could trigger further upside pressure targeting 115.50 before testing 117.00. Immediate support at 112.50. Break below that area could trigger further downside pressure and lead us back into range and no trading zone.

GBPJPY Outlook

The GBPJPY had a significant bullish momentum on Friday after breakout above my minor trendline resistance as you can see on my h4 chart below. The bias is bullish in nearest term testing 136.30 but note that overall we are still consolidating between 136.30 – 130.50. We need a clear break above 136.30 to take us into a new bullish phase at least testing 139.38 area. Immediate support at 134.50/00 region.

AUDUSD Outlook

The AUDUSD had a limited bullish momentum on Friday. The bias is neutral in nearest term but overall we are still in strong bullish phase targeting 0.9076. The tricky thing is that we have a rising wedge formation which is a bearish formation especially if price break below the formation and 0.8858 support area.