EURUSD Forecast:
The EURUSD was indecisive yesterday. On h1 chart below we can see that price moves in range area of 1.3417 – 1.3507 indicating consolidation after bullish correction on Friday. The bias is neutral in nearest term. The major trend remains bearish but the fact that price so far still able to move consistently above 1.3450 area still indicating potential further upside correction testing the upper line of the major bearish channel. We need a break from the range area to see clearer direction. Break above 1.3507 could trigger further upside correction testing 1.3600 area while a break below 1.3417 not only could trigger further bearish momentum testing 1.3340 but potentially end the bullish correction phase testing 1.3250 and 1.3100 region.
GBPUSD Forecast:
The GBPUSD still able to move above the trendline support after the false breakdown. This fact could continue further upside correction testing the upper line of the bearish channel but as long as price move inside the bearish channel the main trend should remain bearish. Immediate resistance at 1.5050. Break above that area could trigger further upside correction testing 1.5150 area. Initial support at 1.4900 area. Break below that area could potentially end the bullish correction testing 1.4873 and 1.4779 region.
USDJPY Forecast:
The USDJPY was indecisive yesterday. Price still consolidating after significant bullish which violated the major trendline resistance. The bias is neutral in nearest term. Immediate support at 92.00. Break below that area could trigger further bearish pullback testing 90.50 but lead us into no trading zone as direction would become unclear. Initial resistance at 92.94. Break above that area should continue the bullish scenario targeting 93.75.
USDCHF Forecast
The USDCHF has been moving in unclear direction in the last three days. Price now back below 1.0640 indicating a weak bullish momentum but still maintain bullish view as price still move above the minor trendline support (red). The bias is neutral in nearest term and I think we area still in no trading zone. Immediate support at 1.0550. Break below that area could trigger further bearish pressure testing 1.0507 even 1.0420 region. Initial resistance at 1.0689 (yesterday’s high). Break above that area should trigger further bullish momentum testing 1.0750 even 1.0888.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 125.06 but closed lower at 124.64. Looks like we have a good resistance around 125.15 area preventing further bullish momentum. We need consistent move above that area to continue bullish momentum towards 126.96 region. Immediate support at 124.00. Break below that area could trigger further bearish momentum testing 123.00 region.
GBPJPY Forecast
The GBPJPY still didn’t make significant movement yesterday. The bias remains neutral in nearest term. Expected range at 136.65 – 139.34 but as long as price moves inside the bullish channel the bullish scenario remains intact. Immediate support at 137.70. Break below that area could trigger further bearish pressure testing 136.65 region. On the other hand, break above 139.34 could continue the bullish scenario towards 142.00 area.
AUDUSD Forecast
The AUDUSD failed to continue its bearish momentum yesterday. On h4 chart below we can see that price now move back above the trendline resistance indicating bearish failure. The bias is bullish in nearest term targeting 0.9250. Immediate support at 0.9150. Break below that area should lead us into no trading zone as direction would become unclear.
Labels: Forex Analysis, forex signal, Forex Trend
