On-Line Forex Trading Tips

EURUSD Daily Forecast

The EURUSD failed to continue it’s bullish momentum yesterday. The pair attempted to push higher, topped at 1.4136 but further bullish scenario was rejected as the pair whipsawed to the downside, bottomed at 1.3888 and closed at 1.3927. On h4 chart below we can see that the pair now is re-testing the trendline support area. Break below the trendline support should trigger further bearish momentum re-testing 1.3750 key support area. However I think the pair is technically a mess so I think it’s not the best time to trade now. Immediate support is seen at 1.3850. Initial resistance at 1.4050 followed by 1.4176. CCI in neutral area both on h4 and daily chart.

GBPUSD Daily Forecast

The GBPUSD attempted to push higher yesterday. The pair hit my long target at 1.6505/59, topped at 1.6600 but further bullish scenario was rejected as the pair whipsawed to the downside, hit the bottom at 1.6367 and closed at 1.6405. After had a false triangle breakdown, yesterday the pair made a false breakout and now seem to re-testing the trendline support. The pair is technically a mess so I think we are now back in no trading zone. Immediate support is seen at 1.6350 followed by 1.6200. Initial resistance at 1.6505/59 area. CCI in neutral area both on h4 and daily chart.

USDJPY Daily Forecast

The USDJPY was corrected higher yesterday. On h4 chart below we can see that the pair is now moving around the trendline resistance (former broken support). As long as the trendline resistance hold, this upside correction is normal. Immediate support is seen at 95.00. Break below that area should trigger further bearish pressure testing 93.80. Initial resistance at 96.70. CCI in neutral area both on h4 and daily chart.

USDCHF Daily Forecast

The USDCHF had significant bullish momentum yesterday after the SNB intervention to weaken the Swiss Franc. The pair topped at 1.1019 and closed at 1.0977. The bias is bullish in nearest term but we seem to have strong resistance around 1.1050. Break above that area should trigger further bullish momentum towards 1.1150 area. Immediate support is seen at 1.0870. Break below that area should lead us into no trading zone. CCI just cross the 100 line down on h1 chart suggesting potential downside rebound.

EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 134.96 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 132.97 and closed at 133.21. Earlier today in Asian session the pair was traded higher around 133.90 at the time I wrote this comment. I think we are still in no trading zone now. On h4 chart below we can see that the price might re-testing the trendline support. Immediate support is seen at 132.97 (yesterday’s low). Break below that area should trigger further bearish pressure testing 131.40 area. Initial resistance at 135.35. CCI in neutral area on h4 chart.

GBPJPY Forecast
The GBPJPY had another indecisive movement yesterday. The pair attempted to push higher, topped at 158.22 but closed lower at 156.90. Earlier today in Asian session the pair traded higher again around 157.80 at the time I wrote this comment. On h4 chart below we can see that the pair is struggling at the triangle’s upper line indicating intense battle between buyers and sellers. Immediate resistance is seen at 158.22 (yesterday’s high). Break above that area should trigger further bullish momentum targeting 159.50. Initial support at 156.90 area. CCI in neutral area on daily chart.

AUDUSD Forecast
The AUDUSD attempted to push higher yesterday. The pair hit my long target at 0.8050, topped at 0.8053 but the bullish momentum was very limited as the pair closed lower at 0.7965. The bias is neutral in nearest term and I think we are in no trading zone now. On h4 chart below we can see that actually after hit 0.8261, the pair has been moving lower forming a descending triangle formation which is technically a bearish pattern with 0.7800 as key support level. Break below that area should change the medium term bullish outlook. Immediate resistance at 0.8053 (yesterday’s high). Break above that area should trigger further bullish momentum re-testing 0.8261 area. CCI in neutral area on daily chart.

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