FOREX TRADING

EURUSD Outlook

The EURUSD was indecisive on Friday. We are still in bullish correction phase but my major bearish outlook remains intact especially if price break below the rising wedge formation and 1.2680 support area testing 1.2523 – 1.2470 area. On the other hand, if the upside correction continues and price break above the rising wedge, we could see further upside correction testing 1.2825 – 1.2930 region which could be a serious threat to the current bearish outlook.

GBPUSD Outlook

The GBPUSD attempted to push lower on Friday, bottomed at 1.5443 but closed higher at 1.5512. On h1 chart below we can see price is moving inside a triangle formation indicating consolidation. We are still in upside correction phase but my major bearish outlook remains intact especially if price break below the triangle re-testing 1.5370. On the other hand, break above the triangle could trigger further upside correction testing 1.5700 which could be a serious threat to the bearish outlook.

USDJPY Outlook

The USDJPY had a significant bullish momentum on Friday and keep moving higher earlier today in Asian session traded around 85.70 at the time I wrote this comment. The bias is bullish in nearest term but we need a clear break above the trendline resistance to continue the upside pressure testing 86.25 and 87.00. Immediate support at 85.33 (current low). Break below that area should keep the bearish scenario intact re-testing 84.82 region.

USDCHF Outlook

The USDCHF bearish momentum was paused on Friday after found support around 1.0220 area. Expected intra-day range at 1.0350 – 1.0220. Overall the major bearish scenario remains intact but we have a falling wedge formation as you can see on my h4 chart below indicating potential bullish reversal scenario especially if price break above the formation testing 1.0450 – 1.0500 region. On the downside, clear break below 1.0220 could continue the bearish scenario testing 1.0130.

EURJPY Outlook

The EURJPY continued its bullish momentum on Friday and keep moving higher testing 109.20 resistance area earlier today in Asian session. Break above that area could trigger further bullish momentum testing 110.40 region and could be a serious threat to the bearish outlook and potential bullish reversal scenario. Immediate support at 108.89 (current low). Break below that area could lead us into neutral zone in nearest term as direction is unclear but should keep the major bearish scenario intact testing 107.65 region.

GBPJPY Outlook

The GBPJPY also continue its bullish correction on Friday and keep moving higher around 133.10 at the time I wrote this comment. The bias is bullish in nearest term testing 134.50 and the upper line of the major bearish channel but note that as long as price still move inside the bearish channel the major bearish scenario remains intact. Immediate support at 132.52 (current low). Break below that area could lead us into neutral zone in nearest term as direction is unclear but should keep the major bearish scenario intact testing 132.00 – 130.80 region.

AUDUSD Outlook

The AUDUSD had a significant bullish momentum on Friday. As you can see on my h4 chart below price broke above the trendline resistance indicating potential further upside pressure especially if able to move above 0.9040 targeting 0.9145 – 0.9220. Immediate support at 0.8966. Break below that area could lead us into neutral zone in nearest term as direction would become unclear but looks like the bearish scenario has failed and I prefer a bullish scenario at this phase.

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