by: Setyo Wibowo
EURUSD Forecast:
The EURUSD had a bullish momentum yesterday, topped at 1.4266 and closed at 1.4234. On h4 chart below we can see that the price is struggling around upper line of the bearish channel indicating a critical technical point. Surely the trendline support has been proved as a strong support preventing further bearish attack, but the upper line of the bearish channel, (which also a trendline resistance) still hold so far and not convincingly violated to the upside yet. From this perspective, actually we have no winner yet so don’t rush buying the Euro now. Immediate support at 1.4180/50 support area. Break below that area should trigger further bearish momentum back towards 1.4050 area. Initial resistance at 1.4270. Break above that area and consistent move above the trendline resistance (upper line of bearish channel) should trigger further upside pressure testing key level 1.4336 and could be a potential threat to my bearish reversal scenario.
GBPUSD Forecast:
The GBPUSD had indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.6374 but whipsawed to the upside, closed higher at 1.6536. On h4 chart below we can see that the price is now testing the upper line of the bearish channel and 38.2% Fibo retracement area (of 1.7042 – 1.6274) around 1.6570. A violation to the upside of the bearish channel and consistent move above 1.6570 should trigger further bullish momentum re-testing 1.6660 area (50% Fibo retracement of 1.7042 – 1.6274). As long as the pair stay below 1.6660 I still prefer a bearish scenario. UK economy outlook remains pessimistic and BoE decision to expand Quantitative Easing program can’t be too good for the Sterling. So any upside momentum should be very limited at this phase. I prefer to stay out for now. Immediate support is seen at 1.6470. Break below that area should trigger further bearish momentum back towards 1.6350
USDJPY Forecast:
The USDJPY continued it’s bearish scenario yesterday, bottomed at 93.66 but closed a little bit higher at 94.06. On h4 chart below we still have a nice valid bearish channel indicating bearish scenario targeting 93.25 area. However CCI in oversold area and heading up on h4 chart so watch out for potential upside rebound testing 94.65 and 95.25 area.
USDCHF Forecast
The USDCHF had bearish momentum yesterday, bottomed at 1.0622 and closed at 1.0649. The bias is bearish in nearest term testing 1.0590 but on daily chart below we can see that actually the pair is moving in rectangle area indicating consolidation (1.0940 – 1.0590). CCI in oversold area and heading up on h4 chart suggesting potential upside pullback testing 1.0750 resistance area. Given such facts, I prefer to stay out for now based on my bad risk-reward ratio. However, a valid break below 1.0590 area should trigger further bearish momentum and continue the bearish scenario towards 1.0360 area.
EURJPY Forecast
The EURJPY had indecisive movement yesterday formed ad Doji formation on daily chart. The pair attempted to push lower, bottomed at 132.17 but whipsawed to the upside and closed higher at 133.89. The bias is bullish in nearest term, but long position is not recommended at this phase. On daily chart below we still have a bearish channel indicating bearish view. So, I still prefer bearish scenario. Immediate support is seen at 133.50. Break below that area should trigger bearish momentum re-testing 132.17 area (yesterday’s low). Initial resistance at 135.75.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 153.62 but bearish momentum seemed limited as the pair closed high at 155.53. On h1 chart below we still have a valid bearish channel indicating bearish view. The bias is neutral in nearest term but I prefer a bearish scenario today, re-testing 153.62 (yesterday’s low). Immediate resistance is seen at 155.95 followed by 156.90.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8174 but whipsawed to the upside, topped at 0.8312 and closed at 0.8299. On h4 chart below we can see that the trendline support has been violated to the downside, but further downside scenario was rejected by 38.2% Fibo retracement (of 0.7700 – 0.8476) support around 0.8180 area and now traded higher around the trendline. I think we are in no trading zone now but as long as the pair able to stay below the trendline resistance, I prefer a downside scenario. Immediate resistance is seen at 0.8330/50 area. Initial support at 0.8230.
Labels: Forex Analysis, Forex Indicator, forex signal, Forex Trend, Market Analysis, Market Trend, money trading
