EURUSD Forecast:
The EURUSD had a significant bearish momentum yesterday, break below 1.3267 area, bottomed at 1.3165 and closed at 1.3176, confirm my technical bearish continuation scenario targeting 1.3100 area and end the bullish correction at this phase. Immediate resistance at 1.3267 (former support). Another pullback above that area should lead us into no trading zone testing 1.3300/30 region but the main scenario remains bearish. On the downside, break below 1.3100 should trigger further bearish momentum testing 1.2880 region.
GBPUSD Forecast:
The GBPUSD also had a significant bearish momentum yesterday after break below 1.5370, bottomed at 1.5237 and closed at 1.5262. On h4 chart below we can see that price is now testing 1.5200 area, the lower line of range area indicating a critical technical phase. Breakdown below 1.5200 could be seen as potential bullish failure testing 1.5120 even 1.5000 psychological level. However note that as long as price still move above 1.5200 the bullish scenario remains intact. Immediate resistance at 1.5330 area. Break above that area could trigger further bullish momentum testing 1.5400 region and keep the bullish scenario intact.
USDJPY Forecast:
The USDJPY had a bearish momentum yesterday. On h1 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view. The bias is bearish in nearest term testing 92.50 region. Immediate resistance at 93.30. Break above that area should lead us into neutral zone as direction would become unclear in nearest term. My technical study is a mess with this pair so I will keep stay away. The major bullish scenario remains intact but we may have a significant downside pullback from here.
USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday. On daily chart below we can see that price is now challenging the upper side of the range area around 1.0888. Consistent move above that area should confirm bullish scenario targeting 1.1000 region. Immediate support at 1.0800. Break below that area could trigger further bearish momentum testing 1.0750 and keep the pair in range area of 1.0888 – 1.0420 in longer term point of view.
EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday. On daily chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish view testing 121.40 area. However we saw an upside pullback earlier today in Asian session indicating potential upside rebound testing the lower line of the bullish channel but as long as price able to stay below the channel the bias should remain to the downside. Immediate resistance at 123.40 area. Break above that area and a movement back inside the bullish channel could produce a false breakdown scenario which usually lead to significant bullish momentum and keep the bullish scenario intact.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum yesterday, bottomed at 141.60 and closed at 142.33. The bias is bearish in nearest term but as you can see on daily chart below the trendline support still does a good job preventing further bearish pressure, keep the major bullish scenario intact. We are in a critical and tricky technical phase now. Break below the trendline support could trigger further bearish momentum targeting 139.40 area. Immediate resistance at 143.20. Break above that area should trigger further bullish momentum and keep the bullish scenario intact. I think I will stay away from this pair for now.
AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday. On daily chart below we can see that price slipped below the support line but still unable to consistently move below the support line as price made an upside pullback earlier today in Asian session. The bullish scenario surely in a serious threat but the fact that we saw a rejection below the support line should keep the major bullish scenario intact. We need a consistent move below that support line to confirm bullish failure and potential bearish reversal scenario. Immediate support at 0.9135 area. Break below that area could trigger further bearish momentum. Initial resistance at 0.9250. I think I will stay away from this pair for now and wait for further development.
Labels: Forex Analysis, forex signal, Forex Trend
