On-Line Forex Trading Tips

EURUSD Daily Forecast

Finally, the EURUSD had significant movement yesterday. The pair broke above 1.4176 key level, topped at 1.4198 but closed lower at 1.4140. Technically the fact that 1.4176 was broken to the upside should setting up bullish scenario targeting 1.4336. However we need to be very patient since we will have NFP data today. If after NFP release the pair still able to maintain the bullish condition and stay above 1.4176, expect further bullish scenario. Immediate support is seen at 1.4050 – 1.4000 area. Break below that area should lead for further bearish pressure. CCI in overbought area and heading down on h4 chart suggesting potential downside consolidation.

GBPUSD Daily Forecast

The GBPUSD had indecisive movement yesterday, formed a Doji formation on daily chart. On h4 chart below we can see that the pair is struggling around trendline area. I think we are in no trading zone now and it’s better to stay away from the market. The bias is neutral in nearest term. Immediate resistance is seen at 1.6550 followed by 1.6660. Break above 1.6660 should trigger further bearish scenario in medium term. Initial support at 1.4350. CCI in neutral area both on h4 and daily chart.

USDJPY Daily Forecast

The USDJPY attempted to push higher yesterday, topped at 96.97 but closed lower at 96.64. The 96.70 resistance area was broken to the upside, but the bullish momentum is not convincing yet to set up a bullish outlook. On h4 chart below we can see that the trendline resistance has been violated to the upside but price attempted to retreat below the trendline indicating an intense battle around the trendline area. We need consistent move above 96.70 to confirm bullish scenario.

USDCHF Daily Forecast

The USDCHF had a bearish momentum yesterday. On h4 chart below we can see that the the triangle was broken to the downside indicating bearish outlook. The bias is bearish in nearest term targeting 1.0650. Immediate resistance is seen at 1.0770. Break above that area should take us back into no trading zone. CCI just cross he -100 line down on daily chart suggesting potential downside pressure.

EURJPY Forecast
The EURJPY had a bullish momentum yesterday. On h4 chart below we can see that the inverse H&S bullish scenario was confirmed as the neckline was convincingly violated to the upside. The bias is bullish in nearest term targeting 137.90. Immediate support is seen at 135.90. Break below that area should be seen as bullish failure and could trigger further bearish pressure towards 134.90 area. CCI in overbought area and heading down on h4 chart indicating potential downside consolidation.

GBPJPY Forecast
The GBPJPY had a moderate bullish momentum yesterday. On h4 chart below we still have valid bullish trendline and minor bullish channel that should support the bullish view. However the bias remains neutral in nearest term. Immediate resistance is seen at 160.25 area. Break above that area should trigger further bullish momentum targeting 161.25 area. Initial support at 158.20. CCI in neutral area on daily chart.

AUDUSD Forecast
The AUDUSD had indecisive movement yesterday. On daily chart below we can see that since hit 0.8261 on June 03, the pair corrected lower, forming a minor bearish channel. Unless the minor bearish channel violated to the upside, the bullish continuation scenario is not confirmed yet. However, once confirmed, 0.8500 area should be the next bullish target in medium term outlook. Immediate support is seen at 0.8000. Initial resistance at 0.8150 followed by 0.8261.

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