Weekly Forex forecast for AUDUSD, EURUSD, EURJPY, GBPUSD, GBPJPY, (June 1 – 5 2020)

AUDUSD: Price is currently in a key supply zone which could signal a reversal or bullish continuation if price break above the resistance (shaded zone) retest and move to the next resistance.

This coming week i will be watching price reaction, if it break down and close below channel i will look for sell, and if it break up and close above the resistance zone on daily close basis i will look for buy signal on a retest.

EURUSD: A massive bullish rally on this currency pair last week which prompt break out from consolidation due to weakness in dollar, currently price is at key resistance and was rejected on Friday before the closing of the market.

This coming week we could see break out and price will move higher to the next resistance or reversal to the next support.

I will be favoring buying if buy opportunity come up when price break up and retest . The reaction of price will determine the move, we should not forget that the market is control more of fundamental now due to the pandemic.

GBPUSD: Dollar fell against all major currency last week due to poor economic data that was released from the US government. This make the pans to gain strength against the dollar, and will have a massive buy pressure.

This coming week we should see more weakness in dollar, DXY is trading down more also this is week of NFP.

I will still be looking for buy opportunity on a pullback to the trend line as long as it does not break blow, if it break below that will negate my buy bias and i will look to sell.

GBPJPY: Head & Shoulder formation has formed in H4 time frame and price has retest the neck line of the head & shoulder for bullish continuation.

This coming week i will be looking out to go long on this pair on a retest , the anticipation pips is 340 pips if price move as expected .

EURJPY: We are on bullish trend, price carving HH, HL, am hoping price will get to the shaded zone because a lot of liquidity is hanging up there.

This coming week i will be looking for long opportunity on a pullback 50% fib levels to buy. but if price revers then i will look out for sell opportunity.

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