EURUSD Forecast:
The EURUSD failed to continue its bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating the end of the bullish correction phase and price ready to resume its major bearish scenario towards 1.2000 area especially if price able to move consistently below 1.2280/60 region. Although it’s obvious that technically this pair is set to push lower, note that the market remains tricky and still likely to have high volatility. Another intervention threat is still potential. Immediate resistance at 1.2440. Break above that area could trigger further bullish momentum testing 1.2500 region.
GBPUSD Forecast:
The GBPUSD made indecisive movement and still in a high volatile market yesterday. On h4 chart below we can see that price crossed up and down the minor trendline resistance indicating intense battle between buyer and seller without clear direction. Price so far back below the trendline at the time I wrote this comment. Technically speaking, as the major scenario remains to the downside, this fact should give us more bearish probability than bullish, testing 1.4240 region. However note that the market remains tricky and still likely to have high volatility. Immediate resistance at 1.4500/20 area. Break above that area could trigger further bullish momentum testing 1.4600 region.
USDJPY Forecast:
The USDJPY was indecisive yesterday. On h1 chart below we can see that price still trapped in 90.50 – 89.00 area. A boring pair which shows no significant direction and momentum. The bias remains neutral in nearest term but still in a bearish context 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 slipped above 1.1595, as you can see on my h1 chart below. Although the upside pressure above that area still limited so far, I prefer a bullish scenario at this phase as the main trend remains to the upside and 1.1650 remains nearest term bullish target before testing 1.1750 region. Immediate support at 1.1520 area. Break below that area could trigger further bearish pressure testing 1.1445 region and lead us back to the boring range area.
EURJPY Forecast
The EURJPY resume its bearish scenario yesterday, but still unable to move convincingly below 110.66 so far. We need a clear break below that level to resume the major downtrend scenario at least testing 109.53 area before targeting 106.00 region. Immediate resistance at 112.60. Break above that area could trigger further upside correction and keep us in range area of 114.50 – 110.66.
GBPJPY Forecast
The GBPJPY was indecisive yesterday. On h1 chart below we can see that price still trapped in range area of 130.80 – 128.00. The nearest bias is more to the downside testing 128.00 region but overall price is still in consolidation phases after significant bearish movement. We need a clear break below 128.00 could resume the major bearish scenario testing 126.75 region. On the other hand, a break above 130.80 could trigger further upside correction testing 132.80 region.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday but still in the context of a major bearish scenario. Although the nearest bias is more to the downside re-testing 0.8070 especially if price able to move consistently below 0.8185 area, a high volatile market is still likely. Another movement back above 0.8250 should lead us into no trading zone as nearest bias is unclear but could trigger further upside momentum testing 0.8360 area again.
Labels: Forex Analysis, forex signal, Forex Trend
