On-Line Forex Trading Tips

EURUSD Daily Forecast

The EURUSD failed to continue it’s bullish momentum yesterday. The pair was unable to stay above 1.4176 area bottomed at 1.3988 and closed at 1.4002. The Greenback was in fact supported by risk aversion following worse than expected NFP data. Technically on h4 chart below, the trendline support has been violated to the downside indicating potential bearish outlook. The failure to stay above 1.4176 and trendline support violation could trigger further weakness for the Euro. The bias is bearish in nearest term testing 1.3850 area but medium term trend remains unclear as the pair still trapped in 1.4176 – 1.3750 area. Immediate resistance is seen at 1.4050. Break above that area should trigger further upside scenario re-testing 1.4176.

GBPUSD Daily Forecast

The GBPUSD had a bearish momentum yesterday. The pair bottomed at 1.6322 and closed at 1.6391. On h4 chart below we can see that after failed to stay above 1.6660 key resistance level the pair reversed to the downside and violated the trendline support. This fact should support bearish view in nearest term, but medium term remains unclear. The bias is bearish in nearest term testing 1.6240. Immediate resistance at 1.6420. Break above that area should trigger further bullish momentum. CCI just cross the -100 line down on h4 chart suggesting potential downside pressure.

USDJPY Daily Forecast

The USDJPY had a bearish momentum yesterday. On daily chart below, we can see that the pair has been struggling around trendline area since June 23 indicating intense battle between buyers and sellers and we do not have the winner so far. I still prefer downside scenario as the long term trend is bearish. The bias is bearish in nearest term targeting 95.00. CCI just cross the -100 line up on h1 chart so watch out for potential upside pressure testing 96.70 resistance area. Break above that area should lead us into no trading zone.

USDCHF Daily Forecast

The USDCHF failed to continue it’s bearish momentum yesterday. On h4 chart below we can see that after breakdown from the triangle, price retreat to the upside and breakout from the triangle. The pair was technically a mess but the fact that we had an upside triangle breakout after bearish failure should support the bullish view. The bias is bullish in nearest term targeting 1.0925. Immediate support at 1.0830. Break below that area should lead us into no trading zone.

EURJPY Forecast
The EURJPY failed to continue it’s bullish momentum yesterday. On daily chart below we can see that the pair is now ready to challenge the trendline support. Violation to the trendline support should trigger further bearish scenario. The bias is bearish in nearest term testing 132.50 but remains neutral in medium term. Use only tight money management at this phase. Immediate resistance at 134.80. Break above that area should lead us into no trading zone.

GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday. On h4 chart below we can see that the minor bullish channel has been violated to the downside and the price is now challenging the major trendline support. The bias is bearish in nearest term testing 155.50 area. Immediate resistance at 157.50. Break above that area should lead us into no trading zone.

AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday. On h1 chart below we have confirmed bearish scenario indicated by violation of the neckline of H&S formation. The bias is bearish in nearest term testing 0.7850 but medium term bullish outlook remains intact so make sure to use only tight money management at this phase. Immediate resistance at 1.7980 followed by 0.8050. CCI just cross the -100 line up on h1 chart suggesting potential upside pressure.

Labels: Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading