EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2177 but whipsawed to the upside and closed significantly higher at 1.2343. We still have the volatility, where price attempted to push lower during Asian and European market but recovered significantly during US session. The bias is neutral in nearest term but we are still in a major bearish scenario. On h4 chart below, the upside correction found a good resistance around 38.2 Fibo retracement. The candle in the circle (which is not complete yet at the time I wrote this comment) could give us a clue for today. If the candle close below the 38.2% area, the bearish scenario could resume re-testing 1.2177 before testing 1.2000 region. On the other hand, if price close above the 38.2% area, further upside correction may resume testing 1.2480 – 1.2500 area. Immediate support at 1.2280 followed by 1.2177.
GBPUSD Forecast:
Similar to the EURUSD, the GBPUSD attempted to push lower yesterday, bottomed at 1.4259 but recovered significantly during US session, closed at 1.4406. On h4 chart below we can see that price is trapped in range area of 1.4527 – 1.4240 area indicating consolidation after a significant bearish movement. We need a break from that range area to see clearer direction but the main scenario remains to the downside and only a breakout above the range could be a serious threat to the bearish scenario. On the other hand, we need a clear break below 1.4240 to continue the bearish scenario testing 1.4000 psychological area.
USDJPY Forecast:
The USDJPY also had a volatile movement yesterday, but still trapped in range area of 90.50 – 89.00 indicating consolidation. I am expecting significant break from the range area to see clearer direction and still in wait and see mode. Aggressive traders can short around 90.50 or long around 89.00 with a tight stop loss.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.1695 but closed significantly lower below 1.1595. The bias is neutral in nearest term as direction is unclear so far, but we are still in the context of major bullish scenario. Immediate support at 1.1500 area. Break below that area could trigger further bearish pressure testing 1.1445 area. Initial resistance at 1.1650. Break above that area could trigger further bullish momentum testing 1.1695 and 1.1750 region.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 108.83 but whipsawed to the upside and closed higher at 111.37. The bias is neutral in nearest term but as long as price still move inside the bearish channel the main scenario remains bearish. Another movement below 110.66 could trigger another downside attempt testing 109.53 and 108.53 area. Immediate resistance at 112.30. Break above that area could trigger further bullish momentum testing the bearish channel.
GBPJPY Forecast
The GBPJPY was indecisive yesterday, moving in a volatile market. However there are no significant technical movement so far as price still trapped in range area of 130.80 – 128.00. The nearest bias is neutral but still in the context of major bearish scenario unless price make a breakout above the range area. We need a consistent move 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. Aggressive traders may short around 130.80 or long around 128.00 with tight stop loss.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8066 but whipsawed to the upside and closed higher at 0.8276 in a high volatile market. The main scenario remains bearish but as you can see on my h4 chart below price still trapped in range area of 0.8360 – 0.8070 and need a clear break from that area to see clearer direction. Break above 0.8360 could be a serious threat to the bearish scenario testing at least 0.8500 while a break below 0.8070 could resume the major bearish scenario testing 0.8000 psychological level even lower but note that all psychological levels tend to be a strong support.
Labels: Forex Analysis, forex signal, Forex Trend
