EURUSD Forecast:
The EURUSD failed to continue its bullish momentum yesterday. Price attempted to push higher, topped at 1.3691 but further bullish pressure was rejected as price whipsawed to the downside, bottomed at 1.3566 and closed at 1.3591. Looks like price now is trying to fill the gap and testing 1.3530 area. Break below that area could trigger further bearish momentum testing 1.3450 region. Initial resistance at 1.3700. Break above that area could trigger further bullish momentum testing 1.3750 – 1.3830 area.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.5484 but whipsawed to the downside, bottomed at 1.5351 and closed at 1.5366. The bias is bearish in nearest term testing 1.5250 area but note that as long as price still move inside the bullish channel, the upside scenario should remain intact. Immediate resistance at 1.5440. Break above that area could trigger further bullish momentum targeting 1.5550.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term and I think we are still in bearish correction phase with 92.50/00 as bearish correction target. We need a consistent movement above 93.75 to end the correction and continue the major bullish scenario towards 95.50.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. Price still struggling around the major bullish channel indicating critical technical phase. Break below the bullish channel could be a serious threat to the major bullish scenario and begin a new bearish phase. Immediate resistance at 1.0640. Break above that area should keep the bullish scenario intact testing 1.0750 even 1.0888. Initial support at 1.0520. Break below that area should trigger further bearish pressure testing 1.0420 region.
EURJPY Forecast
The EURJPY had a significant bearish momentum earlier today in Asian session. On daily chart below we can see that the gap has been filled. Although the bias is bearish in nearest term testing 125.15 area, the main scenario should remain bullish and the current bearish momentum, beside only to fill the gap, is also a normal downside correction. Initial resistance at 127.88. We need a clear break above that area to continue the major bullish scenario.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 144.49 but closed lower at 143.28 and keep moving lower earlier today in Asian session around 142.68. The bias is neutral in nearest term and I think we are in no trading zone. Price still struggling around the trendline indicating intense battle between buyer and seller. The bullish scenario should remain intact but we need a clear break above potential top around 144.70/50 area to continue the bullish testing 147.20 area. A failure to do so and another consistent movement below the trendline could trigger significant downside pressure testing 140.95 region.
AUDUSD Forecast
The AUDUSD had a significant bearish correction yesterday. On daily chart below we can see that price is testing the lower line of the broadening formation which is expected to be a good support at this phase to prevent further bearish pressure and continue the bullish scenario. I think the lower line of the broadening formation is a good place for a long position with stop loss below the lower line as actually the current bearish momentum is only a normal correction. A movement back inside the formation could lead us not only to a no trading zone but potential bearish outlook as bullish scenario may fail.
Labels: Forex Analysis, forex signal, Forex Trend
