by: Setyo Wibowo
EURUSD Forecast
The EURUSD made indecisive movement yesterday. The pair attempted to push higher, hit a seven week high at 1.4297 but closed lower at 1.4242. We are getting closer to the key level 1.4336. Only a clear break above that area should give us a bullish view towards 1.4719 area. Until that happen, I still prefer to keep stay out. We have been patiently waiting for several weeks now so it should not be a problem to wait just a little more (I hope). Immediate support at 1.4150. Break below that area should trigger further bearish pressure towards 1.4050.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.6380 but further bearish pressure was rejected as the pair whipsawed to the upside, hit the top at 1.6522 and closed at 1.6490. On h4 chart below we can see that it was a case of a false breakout from the rising wedge formation. The bias is neutral both in nearest and medium term. Immediate resistance at 1.6590. Initial support at 1.6380. Break below that area should trigger further bearish momentum.
USDJPY Forecast
The USDJPY had a moderate bullish momentum yesterday. The pair has been able to stay above key level 94.60 in the last three days. The bias is bullish in nearest term testing 96.05 area but remains neutral in medium term. CCI almost cross the 100 line on h4 chart suggesting potential upside pressure.
USDCHF Forecast
The USDCHF made indecisive movement yesterday, formed a Doji formation on Daily chart. On h4 chart below we also have triangle formation indicating consolidation. We have no clear direction so far, so stay away from the market. Immediate resistance at 1.0750. Consistent move above that area should trigger further bullish pressure towards 1.0900. Initial support at 1.0620. CCI in neutral area on h4 chart.
EURJPY Forecast
The EURJPY had a bullish momentum yesterday. The pair breakout from the triangle, topped at 136.08 and closed at 135.59. This fact should set up bullish view for us. The bias is bullish in nearest term targeting 138.90 area. However CCI in overbought area and heading down on h4 chart so watch out for a potential downside rebound testing 134.90. Break below that area should lead us back into no trading zone.
GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday, topped at 157.45 and closed at 156.95. The bias is bullish in nearest term. However, on h4 chart below we seem to have good resistance around 157.59, a double top formation which suggests potential downside rebound testing 156.00 area. Break below that area should be seen as potential threat to the bullish outlook. Break above 157.59 should trigger further bullish momentum targeting 158.50.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, topped at 0.8258 and closed at 0.8229. We are in critical point now and about to see whether this bullish momentum is strong enough to break above 0.8261 area and set up a bullish view for us towards 0.8500 area. Immediate support at 0.8170/50 area. Break below that area should trigger further bearish momentum.
Labels: Forex Analysis, forex signal, Forex Trend, FX Instructor, Market Analysis, Market Trend, money trading, Moving Average
