EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.3546 but whipsawed to the upside and closed higher at 1.3612 and keep moving higher around 1.3645 at the time I wrote this comment. On h4 chart below we have a bullish flag formation indicating potential bullish scenario especially if price breakout above the flag targeting 1.3750 before testing 1.3830 area. Immediate support at 1.3610/00 area. Break below that area should lead us into no trading zone re-testing 1.3530 area.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.5448 but further bullish momentum was rejected as price closed lower at 1.5377. The bias is neutral in nearest term but note that we are still in bullish mode for this phase as price still able to move inside the bullish channel. Like the EURUSD, on h4 chart below we can see a bullish flag indicating potential bullish outlook especially if price breakout above the flag targeting 1.5550 area. Immediate support at 1.5330/50 region. Break below that area should lead us into no trading zone as direction would become unclear in nearest term but as long as the bullish channel hold I still prefer a bullish scenario.
USDJPY Forecast:
The USDJPY was indecisive yesterday, formed a Doji on daily chart. Price still in consolidation/bearish correction phase. The bias is neutral in nearest term and I think we are in no trading zone. Technically the 92.00 level remains a bearish correction target until we have a consistent move above 93.75 to end this bearish correction and continue the major bullish scenario towards 95.50.
USDCHF Forecast
The USDCHF had a significant bearish momentum yesterday. On daily chart below we can see that price break below the major bullish channel indicating potential bullish failure and a new bearish phase at least testing 1.0420 region. Immediate resistance at 1.0610/40 area. Break above that area could be seen a false breakdown scenario which could trigger significant bullish just like what happened on April 01 and keep the bullish scenario intact.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 125.69 but whipsawed to the upside and closed higher at 126.85 and keep moving higher around 127.34 at the time I wrote this comment. Since the gap has been filled, I think we are back to bullish outlook from now, testing 127.88. We need a clear break above that area to continue the bullish scenario targeting 128.70 region. Immediate support at 126.77 (current low). Break below that area should lead us into no trading zone as direction would become unclear in nearest term but overall the main scenario remains to the upside.
GBPJPY Forecast
The GBPJPY was indecisive yesterday, formed a Doji on daily chart. However price still able to move above the trendline so I still prefer a bullish scenario re-testing 144.70 area today. Break above 144.70 area should trigger further bullish momentum targeting 145.70 even 147.50 this week. Immediate support at 143.20 (current low). Break below that area should lead us into no trading zone as direction would become unclear.
AUDUSD Forecast
As you can see on my daily chart below, the AUDUSD had a bullish momentum after the bearish pressure failed to break below the upper line of the broadening formation, which proved to be a good support at this phase, keep the bullish scenario intact. The bias is bullish in nearest term targeting 0.9404 area. Immediate support at 0.9250. Only a movement back inside the formation could be seen as a serious threat to the bullish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
