EURUSD Forecast:
The EURUSD had a bearish momentum yesterday, bottomed at 1.3154 but closed a little bit higher at 1.3193 and traded around 1.3209 at the time I wrote this comment. On h1 chart below we can see that price is moving in triangle formation indicating consolidation but still within a major bearish context. The bias is neutral in nearest term but the fact that price failed to continue its bullish momentum above 1.3267 – 1.3330/40 region should keep the bearish scenario intact especially if price able to break below 1.3125/15 area today testing 1.3040/50 region. On the other hand, another upside pullback above 1.3267 area could change the intra-day bias to bullish view testing 1.3330/40 region.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5210 but was traded higher earlier today in Asian session around 1.5260 at the time I wrote this comment. Note that in medium point of view we are still in a range area of 1.5520 – 1.5128 and need a clear break on either side to see clearer direction. Immediate support at 1.5175. Break below that area could trigger further bearish pressure testing 1.5128. Initial resistance at 1.5315 area. Break above that area could trigger further bullish momentum testing 1.5400 area.
USDJPY Forecast:
The USDJPY had a bullish momentum yesterday. On daily chart below we can see that price is now struggling around 94.70 region. The bias is bullish in nearest term but note that we need a consistent move above 94.70 area to continue the major bullish scenario towards 95.50 and 96.70 this week. Another movement below 94.70 area could lead us back into no trading zone as direction would become unclear.
USDCHF Forecast
The USDCHF had a bullish momentum yesterday, but as you can see on my daily chart below price still unable to stay consistently above 1.0888 region. The bias is bullish in nearest term but we need a clear break above 1.0923 area to confirm the bullish scenario targeting 1.1000 area. Immediate support at 1.0785. Break below that area could trigger further bearish momentum testing 1.0700 region.
EURJPY Forecast
As you can see in my daily chart below, the lower line of the bullish channel did a good job preventing further bearish pressure and keep the bullish scenario intact. The bias is neutral in nearest term as we haven’t see significant bullish momentum so far. Immediate resistance at 125.65. Break above that area could trigger further bullish momentum targeting 126.50 region. Initial support at 124.66 (current low). Break below that area could trigger further downside pressure re-testing the lower line of the bullish channel once again.
GBPJPY Forecast
The GBPJPY was indecisive yesterday but had some bullish momentum earlier today in Asian session, traded around 144.70 at the time I wrote this comment. The major bullish scenario remains intact but we need a break above 145.95 area to continue the bullish scenario. Immediate resistance at 145.00. Break above that area could trigger further bullish momentum testing 145.95. Initial support at 144.02 (current low). Break below that area could trigger further bearish pressure testing 143.00 region.
AUDUSD Forecast
The AUDUSD had a moderate bullish momentum yesterday. As you can see on my daily chart below price still trapped in triangle formation. I think we are still in no trading zone in nearest term but the major bullish scenario should remain intact. We need a clear break from the triangle area to see clearer direction. Immediate resistance at 0.9330. Break above that area could trigger further bullish momentum targeting 0.9381 0.9404 region. Initial support at 0.9190. Break below that area could trigger further bearish pressure testing 0.9150/00 area.
Labels: Forex Analysis, forex signal, Forex Trend
