by: Setyo Wibowo
EURUSD Forecast
The EURUSD failed to continue bullish momentum yesterday. The pair attempted to push higher, topped at 1.4303 but further bullish scenario was rejected as the pair whipsawed to the downside, hit bottom at 1.4130 and closed at 1.4171. Consistent move below 1.4150 should trigger further bearish pressure testing 1.4050 support area. Immediate resistance at 1.4250 followed by 1.4336. However the broadening formation as shown on h4 chart below suggests volatile market without clear direction in medium term where price can reach a new low just after it touched a new high which often happen lately. I still prefer to stay away from the market.
GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday. On h4 chart below we can see that this time the rising wedge formation has violated to the downside suggests a potential bearish view in nearest term but remains unclear in medium term. We have good support around 1.6380 area. Only a clear break below that area should trigger further bearish momentum towards 1.6300 – 1.6250 area. Immediate resistance at 1.6450 – 1.6490 area. Break above that area should trigger further bullish momentum.
USDJPY Forecast
The USDJPY failed to maintain bullish view by fell back below 94.60 yesterday. On h4 chart below we can see that the price is now testing the trendline support. A breakdown to the downside should set us a bearish view back towards 92.70 area. Immediate support at 93.70. Only break below that area should trigger further bearish pressure.
USDCHF Forecast
The USDCHF had a bullish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the upside suggests potential bullish view. However we have a good resistance around 1.0800 area. Only a clear break above that area should trigger further bullish pressure towards 1.0900 area. Immediate support at 1.0710 area. Break below that area should trigger further bearish momentum.
EURJPY Forecast
The EURJPY failed to continued it’s bullish momentum yesterday. The pair bottomed at 132.88 and closed at 133.93. It was technically a mess where price seemed to had a valid breakout from the resistance trendline but then retreated back below the trendline and now testing the bullish trendline support as seen at h4 chart below. A violation to that trendline support should set up a bearish view. Immediate support is seen at 132.90. Break below that area should trigger further bearish pressure testing 131.50 area. Initial resistance at 134.60.
GBPJPY Forecast
The double top formation around 157.59 area I showed you yesterday was proved to be a good signal of a bearish pullback. The pair bottomed at 154.12 and closed at 155.20. On h4 chart below we have a violated rising wedge formation which is also support bearish view. This fact should cancel the bullish scenario for now. The bias is bearish in nearest term testing 153.70 and even 152.30 area. Immediate resistance at 155.60. Break above that area should lead us into no trading zone.
AUDUSD Forecast
The AUDUSD had significant bullish momentum yesterday. Finally, after 9 weeks of range (consolidation) market between 0.7700 – 0.8261 the pair break above 0.8261, topped at 0.8337 but closed lower at 0.8235. Surely we have a hope for potential continuation bullish trend (which should give us a chance to trade) , but the fact that the pair closed below 0.8261 suggests that the bullish trend is not mature yet. So we have to be really careful here. Only consistent move above 0.8261 should trigger further bullish scenario targeting 0.8500 area. Immediate support at 0. 8150.
Labels: forex, Forex Analysis, forex signal, Forex Trend, Market Analysis, Market Trend, money trading, Moving Average
