EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3817 but closed lower at 1.3734 and keep moving lower around 1.3720 at the time I wrote this comment. While technical bullish view remains intact as price still move inside the bullish channel after formed a triple top formation, Euro bullishness is limited by hesitation on the Greek rescue package which is so far can’t really convince the market and could still weigh on Euro. Immediate support at 1.3670 area. Consistent move below that area should trigger further bearish momentum towards 1.3530 area and could be a serious threat to the bullish reversal scenario. On the upside, break above 1.3850 should trigger further bullish momentum towards 1.4020/50 area.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, after break above the bearish channel, topped at 1.5380 but closed lower at 1.5316. The technical bullishness is confirmed but we need a consistent move above 1.5350 area to continue further bullish scenario targeting 1.5530 area. A failure to do so and another move below 1.5200 area could be a serious threat to the bullish scenario, produce a false breakout and trigger significant bearish momentum towards 1.5000 area even further re-testing 1.4779 region.
USDCHF Forecast
The USDCHF was indecisive yesterday, formed a Doji on daily chart. Price attempted to push lower, bottomed at 1.0505 but closed higher at 1.0543. The bias is neutral in nearest term but the bearish correction scenario remains intact. Consistent move below 1.0507 area should continue the bearish momentum testing 1.0420 area. However note that as long as price still move inside the major bullish channel, the current bearish momentum should only be seen as a corrective move. Immediate resistance at 1.0600 and 1.0640 area. Break above 1.0640 area could be a serious threat to the bearish correction back to its major bullish direction testing 1.0888 area.
USDJPY Forecast:
The USDJPY made another indecisive movement yesterday. Price still able to move inside the bearish channel indicating bearish scenario remains intact but actually still trapped in a range area of 90.80 – 90.00. We need a clear break on either side to see clearer direction towards 91.50 or 89.50 area. The bearish major scenario still intact as long as price stay below the major trendline resistance (blue). Break below 89.50 could trigger further bearish momentum towards 88.50 while break above 91.50 could be a serious threat to the bearish scenario and potential new bullish phase.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 125.06 but closed lower at 124.04 and now is testing the lower line of the bullish channel indicating critical technical phase. After had bullish running since formed the double bottom around 119.70, the bullish momentum is now face a double top formation around 125.15. A violation to the bearish channel should be seen as bullish failure and trigger further bearish momentum at least towards 121.70 area especially if price able to break below 123.00 support. On the upside, break above 125.15 area should trigger further bullish momentum targeting 126.90.
GBPJPY Forecast
The GBPJPY slipped above 138.30 yesterday, topped at 139.34 but closed significantly lower at 138.32 and now move back below 138.30 area. As long as price still move inside the bullish channel, the bullish scenario should remain intact. The bias is neutral in nearest term but this fact could potentially produce a false breakout scenario if price fail to consistently move above 138.30 area testing the lower line of the bullish channel. Immediate support at 137.11. Break below that area should trigger further bearish momentum.
AUDUSD Forecast
The AUDUSD had a moderate bullish momentum yesterday, topped at 0.9250 and closed at 0.9234. The bullish scenario remains intact with technical target now around 0.9326 but we need a consistent move above 0.9250 to continue the bullish scenario. Immediate support at 0.9200. Break below that area could trigger further bearish correction testing 0.9140 but as long as price move above the trendline support the major bullish scenario remains intact.
Labels: Forex Analysis, forex signal, Forex Trend
