by: Setyo Wibowo
EURUSD Forecast:
The EURUSD continued it’s bullish momentum yesterday, topped at 1.4326 and closed at 1.4277. On h4 chart below, we can see that the broadening formation and trendline resistance has been violated to the upside suggests upside scenario. Notice that we are at critical technical point right now, where potential strong resistance seen at key level 1.4336. We need a clear break above that area to confirm the bullish view towards 1.4500 and 1.4719 as potential bullish targets and cancel the bearish reversal scenario. CCI in overbought area and heading down on h4 chart suggesting potential downside rebound testing 1.4220 – 1.4180 support area.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.6665 but the bullish momentum was limited as the pair closed lower at 1.6567. That was no surprise for me since 1.6660 is a key level resistance. On h1 chart below we can see that the bearish channel (red channel) has been violated to the upside and the pair is now making a new bullish channel (blue channel) so another bullish attempt re-testing 1.6660 area is expected as long as the bullish channel remains valid. Immediate support is seen at 1.6530. Break below that area could trigger further downside pressure back towards 1.6430 area.
USDJPY Forecast:
The USDJPY failed to continued it’s bullish correction scenario yesterday. On daily chart below we can see that the trendline support has been violated to the downside suggests that bullish correction might be over now and continue the long term bearish trend. CCI just cross the 100 line down on daily chart suggesting potential downside scenario. The bias is bearish in nearest term targeting 94.50 area. Immediate resistance is seen at 95.70.
USDCHF Forecast
The USDCHF continued it’s bearish momentum yesterday, bottomed at 1.0673 and closed at 1.0705. On h1 chart below wee still have a valid bearish channel indicating potential bearish continuation. The bias is bearish in nearest term testing key support area at 10580. However CCI just cross the -100 line up on h1 chart so watch out form potential upside correction testing 1.0740 area. Break above that area could trigger further upside pressure.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, slipped above the trendline, topped at 137.83 but further upside momentum was rejected as the pair whipsawed to the downside, bottomed at 135.54, closed at 136.15 and as you can see on h4 chart below, now traded below the trendline again. Like I said yesterday, a struggle around trendline after a break is normal and often happen but the fact that the price now back below the trendline should keep the bearish scenario intact. The bias is bearish in nearest term targeting 135.30 area before re-testing 134.06 (Wednesday’s low). Immediate resistance at 136.70 – 137.15 area.
GBPJPY Forecast
We have another volatile market yesterday. The pair attempted to push higher, topped at 160.33 but further bullish scenario was rejected as the pair whipsawed to the downside, bottomed at 157.36 and closed at 157.99. On h4 chart below we can see that the pair is now struggling around the lower border of the broadening formation. Although expecting downside scenario, I prefer to stay out from the market for now. I don’t want to anything inside broadening formation. Immediate support at 156.85 followed by 155.94 (Wednesday’s low). Initial resistance at 158.50.
AUDUSD Forecast
The AUDUSD continued it’s bullish momentum yesterday, topped at 0.8452 and closed at 0.8415. On h1 chart below we still have valid bullish channel indicating potential bullish continuation. The bias remains bullish in nearest term targeting 0.8500 area. CCI about to cross the 100 line up on h1 chart suggests potential upside pressure. Immediate support at 0.8370.
Labels: Forex Analysis, Forex Indicator, forex signal, Market Analysis, Market Trend, money trading
