EURUSD Forecast:
The EURUSD continued its bearish momentum yesterday. On h1 chart below we can see that the minor bullish channel has been violated to the downside which potentially end the bullish correction at this phase. The bias is bearish in nearest term especially if price break below 1.2590 support area targeting 1.2523/00 key support level. Initial resistance at 1.2730. Break above that area could trigger another upside pullback testing 1.2800 region but overall the main scenario should remain bearish.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.4719 but further bearish pressure was rejected after political coalition of Conservative-Liberal Democrat made a new administration, brought the pair higher, topped at 1.5003 but this bullish momentum was short lived as price is now moving lower around 1.4892 at the time I wrote this comment. Price also no back below the major trendline support indicating bearish view. The bias is bearish in nearest term testing 1.4800 area. Immediate resistance at 1.5000. Another break above that area could trigger further bullish momentum testing 1.5100 region.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. On h1 chart below we can see that price still move below the minor trendline resistance indicating limited bullish momentum so far. The bias remains neutral in nearest term. We need a clear break above the minor trendline resistance to continue further bullish momentum towards 93.75 and 94.70. Immediate support at 92.00 – 91.71 area. Break below that area could trigger further bearish pressure re-testing the major trendline support.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. The bias is neutral both in nearest and medium term as price still trapped in range area of 1.1175 – 1.0888. Immediate support at 1.1045. Break below that area could trigger further bearish pressure testing 1.0950 region. Initial resistance at 1.1175. Consistent move above that area should trigger further upside pressure re-testing 1.1250 region.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday after price violated the bullish channel, as you can see in my h1 chart below. The bias remains to the downside targeting 115.00 – 114.50 area especially if price break below 116.40 support area today. Immediate resistance at 118.30 area. Break above that area could lead us into no trading zone as direction would become unclear.
GBPJPY Forecast
The GBPJPY was indecisive yesterday. Price attempted to push lower, bottomed at 135.89 but closed higher at 138.55 after new coalition administration takes charge in UK. Price still able to move below the trendline resistance so far indicating the bearish scenario remains intact and I think the bullish momentum is just a temporary short term reaction and the bearish scenario may continue especially if price able to break below 137.60 today targeting 135.70 area. On the upside, immediate resistance at 139.65 (yesterday’s high). Break above that area could be a serious threat to the bearish scenario.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday. On h1 chart below we can see that the bullish channel has been violated to the upside which potentially end the bullish correction especially if price able to break below 0.8880 area targeting 0.8000. Immediate resistance at 0.9000. Another movement above that area could lead us into no trading zone as direction would become unclear.
Labels: Forex Analysis, forex signal, Forex Trend
