EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3385 but further upside correction was rejected as price closed lower at 1.3286. Earlier today in Asian session price is traded higher around 1.3315. The bias is neutral in nearest term but the main outlook remains bearish for this pair with 1.3100 as nearest technical target. Immediate resistance at 1.3350/80. Break above that area could trigger further upside correction testing 1.3450/35 area. Only a movement above 1.3450 area could be seen as a serious threat to the bearish scenario. Initial support at 1.3250. Break below that area should continue the bearish scenario towards 1.3100 region.
GBPUSD Forecast:
The GBPUSD slipped below the major trendline support, as you can see on my daily chart below. We have a potential bearish outlook, but price retreat to the upside towards the trendline. Unless price go back above the trendline, the bias remains to the downside with nearest technical target around 1.4779 before aim for 1.4500 in longer term. Immediate resistance at 1.4900. Break above that area could trigger further bullish momentum as price may create a false breakdown scenario testing 1.5000/50 area.
USDJPY Forecast:
The USDJPY able to maintain its bullish momentum yesterday, topped at 92.94 and closed at 92.66. The bias remains to the upside targeting 93.75 after price break above the major trendline resistance indicating bullish reversal scenario. Immediate support at 92.00. Break below that area could diminish the bullish outlook and take us into no trading zone.
USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 1.0672 but closed higher at 1.0732. This fact should keep the bullish scenario intact targeting 1.0888 region. Immediate support at 1.0672 (yesterday’s low). Break below that area could be a serious threat to the bullish outlook but as long as price still move inside the major bullish channel the main trend remains bullish.
EURJPY Forecast
The EURJPY had a volatile but indecisive movement yesterday. The bias is neutral in nearest term. However, the fact that price still able to stay above 123.00 area, opens the door for further bullish scenario targeting 124.00 even re-testing 125.15 double top area. Immediate support at 122.60 area. Break below that area could trigger further bearish momentum testing 121.50 region.
GBPJPY Forecast
The GBPJPY had indecisive movement yesterday, formed a Doji on daily chart. The bias is neutral in nearest term and I think we are in no trading zone. If you notice, I have made some adjustment to the bullish channel. Overall, price is bullish after touched the bottom around 132.50/00 area. As long as price still move inside the bullish channel the bullish correction scenario remains intact testing the major trendline resistance. Immediate support remains at 136.65. Break below that area could trigger further bearish momentum testing 135.50 area. Initial resistance at 138.00 followed by 139.34.
AUDUSD Forecast
The AUDUSD had a volatile but indecisive movement yesterday. The bias is neutral in nearest term and I think we are in no trading zone. However, so far price still able to stay below the trendline support indicating potential downside scenario testing 0.8970 region especially is price able to break below 0.9000. Immediate resistance at 0.9150. Break above that area should trigger further bullish momentum testing 0.9250 region.
Labels: Forex Analysis, forex signal, Forex Trend
