by: Setyo Wibowo
EURUSD Forecast:
The EURUSD made indecisive movement yesterday. On h1 chart below we can see that the price still struggling around the upper line of the bearish channel. Although able to move above the upper line of the bearish channel indicating potential upside pressure, we have no significant bullish momentum yet as the market seems to consolidating now. Beside, we have CCI divergence, as you can see on h1 chart below indicating that the price might still struggling to push back inside the bearish channel. I still prefer to stay out for now. Don’t rush jump into the market. Immediate resistance remains at 1.4270. Clear break above that area could trigger further upside momentum towards 1.4336. Initial support at 1.4150 followed by 1.4050.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.6602 but further bullish momentum was limited, whipsawed to the downside, bottomed at 1.6450 and closed at 1.6500. On h1 chart below we can see that the price still struggling around the upper line of the bearish channel. We also have a triangle formation (yellow) indicating consolidation. I’ll keep stay out. Break from the triangle should give us clearer direction. I prefer a breakdown and bearish scenario but let the market decide the direction. Immediate resistance at 1.6602 and 1.6660. Break above 1.6660 should trigger further upside scenario towards 1.6750 area. Initial support at 1.6375. CCI in neutral area both on h1 and h4 chart.
USDJPY Forecast:
The USDJPY made indecisive movement yesterday. The market seems to consolidating now. On h4 chart below we still have the bearish channel and I am expecting bearish continuation. The bias is neutral in nearest term but I still prefer bearish scenario targeting 93.25 area. However, I will pay attention to the 94.65 resistance area. Break above that area should diminish the bearish scenario and lead us into no trading zone.
USDCHF Forecast
The USDCHF had a limited bearish momentum yesterday. On daily chart below we can see that the pair still trapped in rectangle area (1.0940 – 1.0590). The bias is neutral in nearest term. My focus remains on the attempt on break the lower line of the rectangle around 1.0590 area. A breakdown to the downside should trigger further bearish momentum. However if the pair fail to break and bounce to the upside, expect upside momentum back towards 1.0750 resistance area.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 134.62 but closed a little bit lower at 134.19. On h4 chart below we can see that the price is now testing the upper line of the bearish channel indicating critical technical phase. A violation to the upside of the bearish channel could be a potential threat to the current bearish outlook and trigger further bullish momentum at least towards 135.50 area. CCI about to cross the 100 line up on h4 chart indicating potential upside pressure. Immediate support at 133.70. Break below that area should trigger further bearish momentum and keep the bearish scenario intact. Don’t rush jump into the market.
GBPJPY Forecast
The GBPJPY made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we have a triangle inside of the bearish channel indicating consolidation but still in the context of a bearish scenario. Only violation to the bearish channel could be a potential threat to the bearish scenario. The bias is neutral in nearest term and I think it’s better to stay away for now and wait for further development. Immediate resistance at 156.66 area (yesterday’s high). Break above that area should be seen as bearish scenario failure. Initial support at 154.50 followed by 153.62.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. On h1 chart below we can see that the price still struggling around the trendline support area. The bullish momentum seems limited right now, and we also have a rising wedge formation (yellow) so any bullish exhaustion and violation to the downside of the rising wedge should trigger a bearish momentum back towards 0.8174 area. Immediate resistance at 0.8350 – 0.8400 area.
Labels: forex, Forex Analysis, Forex Indicator, forex signal, Market Analysis, Market Trend, money trading, Moving Average
