EURUSD Forecast:
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2804 and closed at 1.2812. The bias remains bearish in nearest term. However as you can see on h1 chart below we have CCI divergence indicating potential upside correction but the major scenario should remain bearish. Immediate resistance at 1.2880 (former support). Break above that area could trigger further bullish correction testing 1.2940 area. Initial support at 1.2745. Break below that area could continue the bearish pressure targeting 1.2660 region.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5067 but closed higher at 1.5099 and touched 1.5146 earlier today in Asian session. On h4 chart below we can see that price still unable to move consistently below 1.5128 – 1.5070 area. The bias is neutral in nearest term. Immediate resistance at 1.5170 area. Break above that area could trigger further bullish momentum testing 1.5250 region and keep the medium term bias intact. Initial support at 1.5070 followed by 1.5000 area. Break below 1.5000 could trigger further bearish pressure testing 1.4950 before targeting 1.4779 area.
USDJPY Forecast:
The USDJPY had a bearish momentum yesterday. The major bullish scenario remains intact but the bias remains unclear in nearest term. On h4 chart below we can see price formed a top around 94.98 area indicating potential downside pressure testing the lower line of the bullish channel and 93.00 area. Immediate resistance at 94.50. Break above that area could trigger further bullish pressure testing 94.98 area.
USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 1.1186 and closed at 1.1179. The bias is bullish in nearest term. However, as you can see on my daily chart below CCI already in extreme overbought area and heading down so watch out for potential downside correction. Immediate support at 1.1110. Break below that area could trigger further bearish correction testing 1.1050/60 area. Initial resistance at 1.1250. Break above that area could trigger further bullish momentum testing 1.1300/30 area. ?
EURJPY Forecast
The EURJPY continued its bearish momentum yesterday after break below 122.35, bottomed at 119.94 and closed at 120.21. Earlier today in Asian session we had minor upside pullback, traded around 120.50 at the time I wrote this comment. CCI in oversold area and show potential bearish exhaustion so watch out for potential upside correction today. Immediate resistance at 121.10. Break above that area could trigger further bullish momentum testing 122.00 region. Initial support at 119.50/60. Break below that area could trigger further bearish momentum testing 118.50/40 area.
GBPJPY Forecast
The GBPJPY slipped below 141.60 yesterday but so far price still unable to consistently move below that level indicating the movement still trapped in range area. The best strategy remains to long around 141.60 or short around 145.95 with tight stop loss.
AUDUSD Forecast
As you can see on h1 chart below, the AUDUSD is moving in triangle area after significant bearish momentum indicating consolidation. The bias is neutral in nearest term and we need a break from the triangle to see clearer direction. Breakout above the triangle could trigger further bullish momentum testing 0.9160/50 area while breakdown below the triangle could trigger further bearish momentum testing 0.9000 – 0.8970 region.
Labels: Forex Analysis, forex signal, Forex Trend
