EURUSD Forecast:
The EURUSD was traded lower earlier today in Asian session around 1.2480 at the time I wrote this comment after touched the major trendline support on Friday. On h4 chart below we can see that price is now testing the lower line of the bullish channel. Although the major scenario remains bearish, note that as long as price move in the bullish channel the bullish correction scenario remains intact and only a violation to the bullish channel can be a threat the bullish correction scenario. Also I have been watching an interesting phenomena lately where price tend to go lower in Asian session but go to the upside significantly in US session. Immediate support at 1.2440 area. Consistent move below that area could trigger further bearish pressure testing 1.2350 before testing 1.2280/60 region. Initial resistance at 1.2700 area. Consistent move above that area could be a serious threat to the major bearish scenario.
GBPUSD Forecast:
As you can see on my h4 chart below, the GBPUSD is now struggling around the minor trendline resistance area indicating transition phase in medium term outlook. The bullish correction scenario remains intact but we need a consistent move above the minor trendline resistance to continue further upside momentum testing 1.4600/30 region. Immediate support at 1.4390 area. Consistent move below that area could trigger further bearish pressure testing 1.4240 area and we need consistent move below that area to continue the bearish scenario as bullish correction might be over at this phase.
USDJPY Forecast:
The USDJPY didn’t make significant movement on Friday. On h1 chart below we can see that price is trapped in range area of 90.50 – 89.00 area so far after violated the major trendline support. We need a break below 89.00 area to continue the bearish scenario testing 88.23. Break above 90.50 could lead us into no trading zone as direction would become unclear.
USDCHF Forecast
The USDCHF still has no clear direction so far, trapped in range area of 1.1595 – 1.1445. The bias remains neutral in nearest term and we still a break from the range area to see clearer direction. 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.
EURJPY Forecast
The EURJPY didn’t make significant movement on Friday. We had a high volatile market but price never make a convincing bullish candle on daily chart which might indicating some big players still selling the Euro ignoring intervention threat. On h4 chart below we can see price still moving in bearish channel indicating the major bearish channel remains intact. Expected range at 114.50 – 110.66 and another volatile market is likely today.
GBPJPY Forecast
As you can see on my h1 chart below, the GBPJPY slipped above the bearish channel indicating a serious threat to the bearish scenario but price so far unable to move consistently above the channel. Although nearest term pressure is now more to the upside, price still trapped in range area of 130.80 – 128.00. We need a clear break above 130.80 to continue the bullish scenario testing 132.80 region. On the other hand, Break below 128.00 could resume the major bearish scenario testing 126.75 region.
AUDUSD Forecast
The AUDUSD was corrected higher on Friday. On h4 chart below we can see that price struggling around 0.8250 area. The current h4 candle may give us an important technical clue today. A close below 0.8250 could trigger further bearish momentum testing 0.8070 while a close above 0.8250 could trigger further upside correction testing 0.8360 before testing 0.8500 region.
Labels: Forex Analysis, forex signal, Forex Trend
