EURUSD Forecast:
The EURUSD had a bearish momentum yesterday after violation of the minor bullish channel, bottomed at 1.3355 and closed at 1.3396. Overall my technical outlook remains bearish for this pair but the bias is neutral in nearest term. We need a consistent move below 1.3350 to continue the bearish scenario testing 1.3267 before aim for 1.3100. On the upside, I will pay attention to the key resistance at 1.3450. Break above that area should trigger further bullish momentum towards 1.3530 region and surely diminish the bearish outlook.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5128 but whipsawed to the upside and closed higher at 1.5263, keep the bullish scenario intact. The bias remains neutral in nearest term as price still consolidating since the bullish running from 1.4804 with expected range at 1.5135/28 – 1.5380. Immediate support remains at 1.5202. Break below that area could trigger another bearish pressure re-testing 1.5135/28 region. We need a clear break above 1.5380 to continue the bullish scenario towards 1.5550 even 1.5830 region. On the other hand, consistent move below 1.5135/28 could be a serious threat to the bullish outlook testing 1.5000 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, slipped below 93.75 but further bearish pressure was rejected as price bounced to the upside, traded around 94.20 earlier today in Asian session at the time I wrote this comment. My major technical view remains bullish so I am expecting bullish continuation targeting 95.50 area from here. However, a clear break below 93.55 area could be seen as a serious threat to my bullish outlook testing 92.50/00 region.
USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday, slipped above the minor bearish channel but now still struggling around the upper line of the bearish channel. We need a consistent move above the bearish channel to confirm the bullish continuation towards 1.0888 area. A failure to do so could produce a false breakout scenario which could trigger significant bearish momentum testing 1.0583 area. Immediate resistance at 1.0750. Break above that area should trigger further bullish momentum testing 1.0888. Initial support at 1.0640. Break below that area should keep the bearish correction scenario intact.
EURJPY Forecast
The EURJPY had a significant bearish momentum after violated the minor bullish channel yesterday and still attempt to push lower earlier today in Asian market but found a good support around 125.15 area. My major technical outlook remains bullish and I am expecting the end of the bullish correction targeting 128.80 especially if price break above 126.55 area with nearest target around 126.96. On the other hand, break below 125.15 could trigger further bearish momentum back towards 124.00 area but that will take me to a neutral zone from longer term point of view.
GBPJPY Forecast
The GBPJPY is in critical technical phase as price is now struggling around the major trendline resistance. So far price still able to move above the trendline, so I still prefer a bullish scenario targeting 145.85 but we need a consistent move above the trendline resistance to continue the bullish scenario. Otherwise, a movement back below the trendline could produce a false breakout scenario which could trigger further bearish momentum towards 140.85 area and keep the long term bearish outlook intact. Immediate support at 142.90.
AUDUSD Forecast
The AUDUSD made a significant bullish momentum, break above the broadening formation, confirms the bullish continuation scenario after RBA raised the rate at 4.25% as expected. The bias is bullish in nearest term targeting 0.9326 – 0.9404 area. Immediate support at 0.9250. Break below that area could trigger further bearish correction testing the upper line of the broadening formation. A movement back inside the formation should lead us into no trading zone as direction would become unclear.
Labels: Forex Analysis, forex signal, Forex Trend
