EURUSD Forecast:
The EURUSD was indecisive yesterday, opened and closed at almost the same price. However on h4 chart below we can see that the minor bullish channel has been violated to the downside indicating potential bearish outlook as bullish correction might be over now. The bias is bearish in nearest term targeting 1.3350 area but we need a consistent move below 1.3450/35 area to continue the bearish scenario. Immediate resistance at 1.3537 (yesterday’s high). Break above that area could trigger further bullish momentum and bring the bullish correction scenario even reversal back in the game.
GBPUSD Forecast:
The GBPUSD didn’t make significant movement yesterday. The bullish outlook after break above the major bearish channel remains intact but the bias is neutral in nearest term. Immediate support at 1.5202. Break below could trigger further bearish momentum targeting 1.5135. Break below 1.5135 could be a serious threat to the bullish scenario. Initial resistance at 1.5380. We need a clear break above that area to continue the bullish scenario.
USDJPY Forecast:
The USDJPY failed to continue its bullish momentum yesterday and keep moving lower earlier today in Asian market. The bias is neutral in nearest term. I think this bearish pullback is just a normal correction after significant bullish last week. However, the bullish scenario might be in serious threat if price break below 93.75 area, testing 92.00 region. Immediate resistance at 94.69. Break above that area should continue the bullish scenario targeting 95.50.
USDCHF Forecast
The USDCHF was indecisive yesterday. The major bullish remains intact but once again, we need a consistent move above 1.0640 and violation to the minor bearish channel to continue bullish scenario towards 1.0888 even 1.1000 area. Immediate support at 1.0583. Break below that area could trigger further bearish momentum testing 1.0420/30 area and could be a serious threat to the major bullish outlook.
EURJPY Forecast
The EURJPY failed to continue its bullish momentum yesterday and keep moving lower earlier today in Asian market. We are still in major bullish scenario but price may corrected lower towards 125.95 even 125.15 especially if price break below the minor bullish channel (red channel). After two weeks of bullish running, downside corrective move should not be a surprise. Initial resistance at 127.88. We need a clear break above that area to continue bullish scenario.
GBPJPY Forecast
The GBPJPY was indecisive yesterday. The major bullish scenario remains intact but the bias is neutral in nearest term. Immediate support at 143.60. Break below that area could trigger further bearish correction testing 142.50/00 area. Initial resistance at 144.70 (yesterday’s high). We need a clear break above that area to continue the bullish scenario targeting 145.85.
AUDUSD Forecast
The AUDUSD still made no significant technical movement yesterday. Technically we are still in no trading zone. I think the market is waiting for the RBA rate decision today which is expected to raise the rate at 4.25%. If that expectation come to reality, we should have a break above the broadening formation and confirms the technical bullishness targeting 0.9326 – 0.9404 area. On the other hand, if RBA leaves rate at 4.00%, the bullish momentum might lose some momentum testing 0.9090 area.
Labels: Forex Analysis, forex signal, Forex Trend
