On-Line Forex Trading Tips

EURUSD Daily Forecast

The EURUSD continued it’s upside momentum yesterday. On h4 chart below we have trendline resistance breakout suggesting bullish view but still unable to break above 1.4176 key resistance level. Today is the last trading day for this week and I hope we will see more significant movement. Break above 1.4176 should trigger further bullish momentum testing 1.4336 area. Initial support remains at 1.4050. CCI about to cross the 100 line down on h4 chart suggesting potential downside pullback.

GBPUSD Daily Forecast

The GBPUSD had indecisive movement yesterday. The pair failed to make a clear break above 1.6470 resistance area. On h4 chart below we have a rising wedge formation which is technically a bearish reversal pattern especially if violated to the downside. The bias is neutral both in nearest and medium term. Immediate support is seen at 1.6380 followed by 1.6310.

USDJPY Daily Forecast

The USDJPY bullish correction was stopped yesterday. The pair failed to move above 94.60 key resistance level, bottomed at 93.24 and closed at 93.75. My view remains the same, that as long as stay below 94.60 I prefer a downside scenario. The bias is bearish in nearest term but we seem to have good support around 93.25 area. Break below that area should trigger further bearish momentum towards 92.50 area.

USDCHF Daily Forecast

The USDCHF didn’t make significant movement yesterday. On daily chart below we can see that the trendline support still hold preventing further bearish attack since June 02. Break below the trendline support should trigger further bearish momentum and set up a bearish scenario. Immediate support is seen at 1.0700. Break below that area should trigger further bearish momentum. Initial resistance at 1.0800. Break above that area should trigger further bullish momentum. CCI just cross the -100 line up on h4 chart suggesting potential upside pressure.

EURJPY Forecast
The EURJPY bullish momentum was paused yesterday. On daily chart below we have a “hanging man” candlestick formation after bullish run indicating potential bearish reversal testing 131.50 area. However I think it’s better to stay away now. Break below 131.50 should give us a bearish view. Immediate resistance is seen at 133.40. Break above that area should continue the bullish momentum towards 134.50 area.

GBPJPY Forecast
The GBPJPY bullish run also paused yesterday. The bias is neutral in nearest term. On the upside we have important resistance around 155.20 area. Break above that area should set up further bullish scenario. On the downside pay attention to 153.00 area. Break below that area should trigger further weakness for the Cable.

AUDUSD Forecast
The AUDUSD bullish momentum was limited yesterday. The bias is neutral in nearest term. On h4 chart below we still have valid bullish channel but the trendline resistance should provide good support at this phase. Only clear breakout above the trendline would set up further bullish scnario re-testing 0.8261. Immediate support at 0.7950. Break below that area should trigger further bearish momentum.

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