FOREX TRADING

EURUSD Outlook

The EURUSD continued its bullish momentum on Friday after price break above the trend line resistance as you can see on my h1 chart below. This fact could trigger further upside pressure testing 1.2930 key resistance area like I said on my weekly summary. We are still in upside correction phase here. Break above 1.2930 could trigger further bullish momentum testing 1.3115. On the downside, immediate support at 1.2830 area. Break below that area and violation to the downside of the bullish channel could diminish the bullish outlook and keep the medium bearish outlook intact.

GBPUSD Outlook

The GBPUSD had a bullish momentum on Friday after break above the triangle as you can see on my h4 chart below. This fact could trigger further upside correction testing the trend line resistance and 1.5525 – 1.5575 region in nearest term. Immediate support at 1.5420. Break below that area could trigger further bearish pressure testing 1.5350 area and keep the major bearish scenario remains strong.

USDJPY Outlook

The USDJPY attempted to push higher on Friday, topped at 85.21 but whipsawed to the downside and closed lower at 84.41. This fact should keep the major bearish scenario intact with 83.59 as the nearest level to be re-tested. On the upside, only a move above the trend line resistance could be a serious threat to the current bearish outlook.

USDCHF Outlook

The USDCHF slipped above 1.0220 on Friday but closed lower at 1.0170. The bias remains neutral in nearest term. Price still move inside the minor bullish channel indicating we are still in upside correction phase but only a break above the trend line resistance (red) could seriously threat the major bearish outlook. On the downside we need a clear break below 1.0130 and the minor bullish channel to continue the downside pressure testing 1.0030.

EURJPY Outlook

The EURJPY slipped above 109.20 on Friday after break above the minor trend line resistance but unable to move consistently below 109.20 so far. On h4 chart below we can see price is moving in a new minor bullish channel (blue channel) indicating strong bullish correction but need a consistent move above 109.20 to continue the upside correction testing 110.40 region. Immediate support at 108.25 and the lower line of the minor bullish channel. Break below that area could trigger further downside pressure towards 107.65 before testing the lower line of the major bullish channel but as long as the major bullish channel hold we are still in upside correction phase.

GBPJPY Outlook

The GBPJPY attempted to push higher on Friday, slipped above 130.80 but closed lower at 130.50. The bias is neutral in nearest term. The major scenario remains bearish but further upside correction is still potential since the rejection to move below 128.65 support area testing the upper line of the bearish channel. Immediate resistance at 131.65 (Friday’s high). Break above that area could trigger further upside correction. On the downside we need a clear break below 128.65 to continue the bearish scenario. I will stand aside for now.

AUDUSD Outlook

The AUDUSD continued its bullish momentum on Friday topped at 0.9174 and closed at 0.9166. The bias is bullish in nearest term testing 0.9220 but we may have an important resistance around that level as price may form a double top formation. We need a clear break above 0.9220 to confirm the bullish continuation testing 0.9381 area. Immediate support at 0.9115. Break below that area could trigger further bearish pressure testing 0.9040 region.

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FX Instructor LLC

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