EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.3463 but further bearish momentum was rejected as price whipsawed to the upside and closed at 1.3566. The bias is neutral in nearest term. I am still expecting further downside pressure after violation of the bullish channel re-testing key support area around 1.3545/35 area before targeting 1.3100 this week. However, I will pay attention to 1.3600/10 resistance area today. Break above that area could trigger further bullish testing 1.3700/50 region. Initial support at 1.3500. Break below that area should trigger further bearish momentum re-testing 1.3450/35.
GBPUSD Forecast:
The GBPUSD failed to continue its bearish momentum yesterday, topped and closed at 1.5107. The main outlook remains bearish but we know that the major trendline support provides a good support area at this phase and we need a clear break below that trendline to continue further bearish momentum targeting 1.4500 this week. Immediate resistance at 1.5150. Break above that area could trigger further upside momentum testing 1.5255 even re-testing 1.5350/80 area. Initial support at 1.5050. Break below that area could trigger further bearish momentum re-testing 1.4930 – 1.4873 support area.
USDCHF Forecast
The USDCHF made another upside attempt yesterday, topped at 1.0660 but still closed below 1.0640 indicating limited upside momentum. The bias remains neutral in nearest term. The bearish correction scenario remains intact and only a consistent move above 1.0640 and violation of the bearish channel could end the bearish correction and back to its major bullish scenario testing 1.0888 area. On the downside, initial support at 1.0507. Break below that area should trigger further bearish pressure testing 1.0420 region.
USDJPY Forecast:
The USDJPY still trapped in range area of 89.60 – 91.07 yesterday indicating consolidation. We need a clear break from that area to see clearer direction. I think the best strategy form now is to short around 91.07 or long around 89.60 with tight stop loss. Break above 91.07 and movement above the major trendline resistance could be seen as potential bearish failure and new bullish phase. On the other hand, consistent move below 89.60 should keep the major bearish scenario intact testing 88.50 region.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 121.06 but whipsawed to the upside and closed higher at 122.20. This fact lead me to a no trading zone condition with expected range at 121.50/00 – 123.00 as direction is unclear for me. A breakout could trigger further bullish momentum testing 124.00 while a breakdown could trigger further bearish momentum testing 120.60 region.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 134.55 but closed higher at 136.07. The bias is neutral in nearest term. Technically, a retreat to the upside after violation to the bullish channel often happen in the market but unless price go back inside the bullish channel, the bearish scenario remains intact. Immediate resistance at 137.00. Break above that area could be s serious threat to the bearish scenario. Initial support at 135.60 area. Break below that area should keep the bearish scenario intact testing 133.90 region.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, bottomed at 0.9084 but whipsawed to the upside and closed at 0.9182. This fact should keep the bullish scenario intact testing 0.9250 before aim for 0.9326 region. Initial support at 0.9090/40 area. Break below that area and a movement below the major trendline support could be seen as potential bullish failure and a new bearish phase.
Labels: Forex Analysis, forex signal, Forex Trend
