On-Line Forex Trading Tips

EURUSD Daily Forecast

The EURUSD failed to continue it’s bearish momentum yesterday. The pair topped at 1.4070 and closed at 1.4023. On daily chart below we can see that pair is now re-testing the trendline resistance. In medium term surely we still have no clear direction so far as the pair keep moving in 400 pips ranging area of 1.4176 – 1.3750 for the last 5 weeks now indicates indecisive (and boring) market. I hope we will see a clearer direction in upcoming week. Consistent move above 1.4050 should trigger further upside pressure re-testing 1.4176. Initial support at 1.3850 followed by 1.3750. CCI in overbought area and heading down on h4 chart suggesting potential downside pressure.

GBPUSD Daily Forecast

The GBPUSD had a bullish momentum yesterday. Fibonacci retracement study (of 1.6743 – 1.3500) on daily chart below show that since moving lower after hit 1.6743 on June 30, the pair seems to have good support level at 23.6% area around 1.5980. The bias is neutral in nearest term and we seems to have good resistance around 1.6370 area. Only clear break above that area should trigger further bullish momentum towards 1.6500. Immediate support is seen at 1.6280 followed by 1.6220. Break below that area should trigger further bearish momentum. CCI just cross the 100 line down on h1 chart suggesting potential downside pullback.

USDJPY Daily Forecast

The USDJPY was corrected higher yesterday. The pair topped at 93.59 but closed lower at 92.96. As long as the pair stay below 94.60, any upside pressure is a normal correction and I still prefer downside scenario. Immediate support is seen at 92.30. Break below that area should trigger further bearish momentum.

USDCHF Daily Forecast

The USDCHF had a bearish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the downside indicates potential downside scenario. However we need consistent movement outside the triangle to confirm the bearish scenario. Immediate support is seen at 1.0750. Break below that area should trigger further bearish momentum towards 1.0650 area. Initial resistance at 1.0850. Break above that area should trigger further bullish momentum back towards 1.0970.

EURJPY Forecast
The EURJPY was corrected higher yesterday. After huge bearish momentum on Wednesday, this upside pullback is normal and as long as the pair stay below 131.50 I still prefer downside scenario. Immediate support is seen at 129.40. Break below that area should trigger further bearish momentum towards 127.00 area. CCI in neutral area on h4 chart.

GBPJPY Forecast
The GBPJPY was corrected higher yesterday, topped at 152.34 and closed at 151.86. I think this is a normal correction after huge bearish movement on Wednesday. The bias is bullish in nearest term but as long as the pair stay below 153.00 area I still prefer downside scenario testing 145.00 in medium term. Immediate support at 150.20. Break below that area should trigger further bearish momentum.

AUDUSD Forecast
The AUDUSD had a moderate bullish momentum yesterday, topped at 0.7860 and closed at 0.7833. On h1 chart below we have minor bullish channel. I think this is a normal correction and as long as the pair stay below 0.7900 I prefer downside scenario re-testing key support level 0.7710.

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