EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.3547 and closed at 1.3508 after positive results of Euro zone unemployment and CPI data. The bias is bullish in nearest term. On daily chart below we can see that price is now ready to test the bearish channel indicating critical technical phase with potential bullish reversal scenario. However, as long as the bearish channel valid, the main trend remains bearish. Trend exist until it’s broken. Immediate resistance at 1.3580 – 1.3600 area. Break above that area could be a serious threat to the bearish outlook at least testing 1.3817 and a beginning of a new bullish phase. Initial support at 1.3530. Break below that area should keep the bearish scenario intact testing 1.3450.
GBPUSD Forecast:
The GBPUSD had a significant technical movement yesterday by break above the major bearish channel, confirms the bullish reversal scenario. The bias is bullish in nearest term targeting 1.5380. Immediate support at 1.5100. Break below that area could trigger further bearish pressure testing 1.5000 region and could produce a false breakout scenario which could trigger significant bearish momentum testing 1.4873 area and keep the bearish scenario intact.
USDJPY Forecast:
The USDJPY continued its bullish momentum yesterday, topped at 93.62 and closed at 93.44. The bias remains bullish in nearest term but we need a clear break above 93.75 to continue further bullish momentum testing 95.50 region. Immediate support at 93.10/00 area. Break below that area should lead us into no trading zone but the main outlook remains bullish at this phase.
USDCHF Forecast
The USDCHF had a significant bearish momentum yesterday, slipped below the major bullish channel indicating critical technical phase with a bearish reversal scenario especially if price able to consistently move below the bullish channel today. The bias is bearish in nearest term targeting 1.0420. Immediate resistance at 1.0640. Break above that area could be seen as a false breakdown scenario which could trigger significant bullish momentum and keep the bullish scenario intact.
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 126.55 and closed at 126.24. The bias is bullish in nearest term targeting 128.80 but we need a clear break above 126.96 to continue the bullish scenario. Immediate support at 125.50. Break below that area should lead us into no trading zone testing 125.15 area.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday, topped at 141.99 and closed at 141.87. The bias is bullish in nearest term testing the major trendline resistance (red) but we need a consistent move above 142.00 to continue the bullish momentum testing 143.59 area. Break above the trendline resistance could be seen as potential bullish reversal scenario in longer term. Immediate support at 141.00. Break below that area could lead us back into no trading zone testing 139.34 region.
AUDUSD Forecast
The AUDUSD didn’t make significant technical movement yesterday. The bias remains neutral in nearest term but as you can see on daily chart below, on longer term point of view, price is ready to test the upper line of the descending broadening formation. A break above the formation confirms the bullish continuation at least targeting 0.9326 even 0.9404 region. Immediate support at 0.9131 (yesterday’s low). Break below that area could trigger further bearish momentum testing 0.9090/40 area. Initial resistance at 0.9250. Break above that area should trigger further bullish momentum towards 0.9326 before aim for 0.9404 area.
Labels: Forex Analysis, forex signal, Forex Trend
