EURUSD Forecast:
As you can see on my daily chart below, the bearish pressure seems to have a strong support around 1.3267/00 area which is a bottom at this phase. Although major technical bearish outlook remains intact as Euro fundamental situation remains fragile, this bottom could lead to a bullish momentum in nearest term testing 1.3500 area especially if price break above 1.3415 area today. We need a clear break below 1.3267/00 area to continue the bearish scenario testing 1.3100 region.
GBPUSD Forecast:
The GBPUSD had been move in upside bias since touched the double bottom at 1.4779 area. The bias is bullish in nearest term targeting 1.5520 area before testing the major trendline resistance. Immediate support at 1.5370 (current low). Break below that area could lead us into no trading zone but overall the medium bias should remains to the upside as long as price stay above 1.5200 area.
USDJPY Forecast:
After corrected lower and slipped below the bullish channel since failed to break above 94.70 area, the USDJPY had a significant bullish momentum last week and break above 93.75 indicating potential bullish outlook as downside correction may end and price ready to continue the bullish scenario . However we need a clear break above 94.70 area to continue the bullish scenario targeting 95.50 even 96.70 – 97.80 region this week. Another move below 93.75 should lead us into no trading zone in nearest term but the main scenario remains to the upside.
USDCHF Forecast
Overall, the USDCHF shows no clear direction so far, moving in a range area of 1.0888 – 1.0420 in a volatile market. On daily chart below we have a raising wedge formation indicating potential bearish scenario especially if price break below the lower line. Immediate support at 1.0675 area. Break below that area could trigger further bearish pressure towards 1.0600 before re-testing 1.0420 region. Initial resistance at 1.0888. Break above that area could trigger further bullish momentum testing 1.1000 psychological level.
EURJPY Forecast
After significantly corrected lower since failed to break above 127.88 area, last week the EURJPY had a significant bullish momentum. On daily chart below we can seen that the lower line of the bullish channel did a great job preventing further bearish pressure and keep the bullish scenario intact and may end the bearish correction phase. The bias is bullish in nearest term re-testing 127.88 region. Immediate support at 125.50 (current low). Break below that area could lead us into no trading zone as direction would become unclear and price may re-testing the lower line of the bullish channel once again.
GBPJPY Forecast
The GBPJPY able to stay above the major trendline resistance last week, indicating a stable upside momentum and confirms my bullish reversal scenario. The bias is bullish in nearest term targeting 146.60 – 147.40 area. Immediate support at 144.60. Break below that area should lead us into no trading zone as direction would become unclear but I still prefer a bullish scenario at this phase.
AUDUSD Forecast
The AUDUSD showed no clear direction in a volatile market last week. On daily chart below we can see that price still able to move above the broadening formation and formed a triple bottom support area, keep the bullish scenario intact. The bias is neutral in nearest term but still within the bullish scenario. Immediate resistance at 0.9326. Break above that area could trigger further bullish momentum targeting 0.9381 – 0.9404 area. Initial support at 0.9220. Break below that area could trigger further bearish pressure re-testing the triple bottom support around 0.9170/60 area.
Labels: Forex Analysis, forex signal, Forex Trend
