EURUSD Forecast:
The EURUSD dropped significantly on Portugal downgrade yesterday. Price break below 1.3450/35 key support area, confirms technical bearishness targeting 1.3100 this week. Trichet is going to speak today and it make sense for me that probably he will say something “positive” about the Euro zone or the Euro to prevent further and faster drop. Whether market will believe it or not is something I’d like to see. Immediate resistance at 1.3380 area. Break above that area could trigger further bullish correction testing 1.3450 as correction after significant bearish move should not be a surprise and the fact that price already in extreme oversold area, but I am in bearish mode for this pair. Initial support at 1.3250/70 area. Break below that area could trigger further bearish momentum towards 1.3100/50 area.
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday. On daily chart below we can see that price is now struggling around the major trendline support indicating critical technical phase. Clear break below the trendline support should trigger further bearish scenario targeting 1.4500 region. Immediate resistance at 1.4950. Break above that area could trigger further upside correction testing 1.5000/50 area. Initial support at 1.4840/50 area. Break below that area confirms the technical bearishness targeting 1.4779 before aim for 1.4500.
USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday. Price finally break above 1.0640 and violated the bearish channel , put the bearish correction to its end as price should back to its major bullish trend testing 1.0888 area. Immediate support at 1.0670/40 area. Break below that area could lead us into no trading zone as direction would become unclear for me.
USDJPY Forecast:
Finally, the USDJPY made a significant bullish momentum after consolidating for almost three weeks, topped at 92.38 and closed at 91.87. The trendline resistance has been violated to the upside, confirms the bullish reversal scenario at least targeting 93.75 area. Immediate support at 91.60. Break below that area could trigger further bearish correction testing 91.07 area.
EURJPY Forecast
The EURJPY had a bullish momentum yesterday, but still unable to break above my range. Although the bias is more to the upside in nearest term, we will need a clear break above 123.00 to cancel the bearish outlook targeting 124.00 area. On the downside, 121.50/00 area should remain a key support level at this phase. Break below that area should trigger further bearish pressure testing 120.60 even 119.70 region.
GBPJPY Forecast
The GBPJPY failed to continue its bearish momentum yesterday. On h4 chart below we can see that the bearish channel has been violated to the upside indicating potential bearish failure and price is now struggling around the lower line of the bullish channel. A move back inside the bullish channel should confirm the bearish failure testing 139.34 area. Immediate support at 136.50 area. Break below that area could trigger further bearish momentum testing 135.50 area.
AUDUSD Forecast
The AUDUSD slipped below the trendline support yesterday indicating potential bullish failure and bearish reversal. However, price still struggling around the trendline support and can not stay consistently below the trendline so far. We need a clear break below the trendline to confirm the bearish scenario targeting 0.8970 area. Immediate resistance at 0.9150. Break above that area could be seen as a false breakdown scenario which could trigger further upside momentum re-testing 0.9250 and keep the bullish scenario intact.
Labels: Forex Analysis, forex signal, Forex Trend
