EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday after worse than expected US CPI numbers and rumor about ECB intervention, topped at 1.2422 and closed at 1.2412 in a high volatile and tricky market. However earlier today in Asian session the Euro loss some bullish momentum after found resistance around the trendline as you can see on my h1 chart below. The bullish run yesterday didn’t reflect substantial progress in Euro fundamental condition so this upside momentum might be short lived and the main scenario remains to the downside with 1.2000 as potential target especially if price able to break below 1.2143 area, but intervention threat is something we can’t ignore. Immediate support at 1.2260 which should be tested today in order to see sustainable bearish condition. Initial resistance at 1.2500. Break above that area could be a serious threat to the technical bearish view. We will have US unemployment claims and Philly Fed Manufacturing Index today which potentially produce another high volatile market.
GBPUSD Forecast:
The GBPUSD also gained yesterday after worse than expected US CPI numbers and rumor about ECB intervention paused the Dollar rally, topped at 1.4447 and closed at 1.4442. On h4 chart below we can see that the minor trendline resistance (red) did a good job preventing further upside momentum as the main scenario remains to the downside especially if price able to move consistently below 1.4370 testing 1.4240 area. On the other hand, break above the minor trendline resistance could trigger further bullish correction testing 1.4600/30 region.
USDJPY Forecast:
The USDJPY attempted to push lower after break below 91.71 yesterday, bottomed at 90.95 but price bounced to the upside after found support around the major trendline support and now back struggling around 91.71 area. The bias is neutral in nearest term. The battle now is between the trendline support (white) and trendline resistance (red) as you can see on my h1 chart below. Break on either side could give us clearer direction. Short around the trendline resistance and long around the trendline support can be a good idea in this phase.
USDCHF Forecast
The USDCHF was indecisive yesterday. Price attempted to push higher, topped at 1.1584 but closed lower at 1.1503. The bias is neutral in
nearest term. Potential range at 1.1595 – 1.1445. Break above 1.1595
could trigger further bullish momentum testing 1.1650 area while a
break below 1.1445 could trigger further bearish correction testing
1.1400 – 1.1380 area but I still prefer a bullish scenario at this
phase.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 110.85 but whipsawed to the upside and closed higher at 113.80 after rumor about ECB intervention. On h4 chart below we can see price is struggling around the trendline resistance. The bias is neutral in nearest term. Technically I still prefer a bearish scenario but the intervention threat is something I don’t want to ignore. Immediate support at 112.90. Break below that area could trigger further bearish pressure testing 110.85/66 region. Initial resistance at 114.75. Break above that area could trigger further bullish momentum testing 116.20 region.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 129.75 but whipsawed to the upside and closed higher at 132.40. On h4 chart below we can see that the upper line of the bearish channel still did a good job preventing further upside correction. Immediate support at 131.50. Break below that area could trigger further bearish momentum re-testing 129.75/89 area. Initial resistance at 133.30. Break above that area could trigger further bullish momentum testing 134.25 area but the main scenario remains to the downside.
AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.8357 but closed higher at 0.8469 in a volatile market. The bias is neutral in nearest term but from longer term outlook, the scenario is to the downside targeting 0.8200/50 region. Before that, 0.8357 could be tested again today but price already in oversold area so watch out for potential upside correction testing 0.8540/70 area. Break above that area could be a serious threat to the bearish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
