EURUSD Forecast:
The EURUSD continued its bullish momentum yesterday. On h4 chart below we can see that price is now struggling around the upper line of the major bearish channel indicating critical technical phase as a break above the bearish channel could be seen as bearish failure and a beginning of bullish phase. Immediate support at 1.3520/30. Break below that area should keep the bearish scenario intact testing 1.3450. Initial resistance at 1.3650/80 area. Break above that area could trigger further bullish momentum testing 1.3750 even 1.3817 as bullish reversal scenario confirmed. Fundamental focus today will be on US NFP. A good result may support the Dollar and keep the bearish scenario intact while a bad result may support the bullish reversal scenario.
GBPUSD Forecast:
The GBPUSD continued its bullish momentum yesterday, topped at 1.5297 and closed at 1.5288. The bias remains to the upside as my technical bullish reversal outlook is confirmed. However the pair has been moving in upside direction for five consecutive days now so any downside correction should not be a surprise. Immediate support at 1.5225/00 region. Break below that area could trigger further downside correction testing 1.5135/00 area. Initial resistance at 1.5380, which is nearest upside target at this phase. Fundamental focus today will be on US NFP. A good result may support the Dollar and trigger downside momentum while a bad result should continue the bullish scenario.
USDJPY Forecast:
The USDJPY continued its bullish momentum yesterday, topped at 94.03 and closed at 93.81 but still unable to consistently move above 93.75 area earlier today in Asian session. The main outlook remains bullish with 95.50 as bullish target but the bias is neutral in nearest term. We need a consistent move above 93.75 to continue the bullish scenario. Immediate support at 93.28 (yesterday’s low). Break below that area could lead us into no trading zone but I still prefer a bullish scenario at this phase.
USDCHF Forecast
The USDCHF had a volatile but indecisive movement yesterday. However, as you can see on my daily chart below, price is now back inside the bullish channel indicating the major bullish scenario remains intact but under a serious threat. Immediate resistance at 1.0610 area. Break above that area could trigger further bullish momentum testing 1.0683 region. Initial support at 1.0500. Break below that area should trigger further bearish momentum re-testing 1.0420 region.
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 127.54 and closed at 127.48. The bias is bullish in nearest term with 128.80 as technical target. Immediate support at 126.96. Break below that area could lead us into no trading zone testing 125.95 area but that should only be seen as a corrective move and I still prefer a bullish scenario at this phase.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday. As you can see on my daily chart below, price is now testing the major trendline resistance indicating critical technical phase. Break above the trendline resistance confirms the bullish reversal scenario at least targeting 144.70 even 145.85. Immediate support at 142.50/00 area. Break below that area should keep the long term bearish scenario intact but the bullish pressure still far from being over.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, topped at 0.9216 and closed at 0.9206. However, actually we have no significant technical movement yet so I will keep stay away from this pair. We need a clear break above the descending broadening formation to continue the bullish scenario. Immediate resistance at 0.9250. Break above that area could trigger further bullish momentum testing 0.9326 and may confirm the bullish continuation. Initial support at 0.9150/30. Break below that area could trigger further bearish momentum back towards 0.9040 region.
Labels: Forex Analysis, forex signal, Forex Trend
