EURUSD Forecast:
The EURUSD was recovered significantly yesterday, topped at 1.2393 and closed at 1.2359. I have been watching interesting reaction between Fibo retracement levels and the close price of h4 candle. As you can see on my h4 below, the last h4 candle still closed below the 38.2% Fibo retracement indicating good resistance around that level so far which keep the bearish scenario intact. However we had strong bullish momentum yesterday, so although the main scenario remains bearish, I will wait until we have a candle closed below the 23.6% Fibo (1.2274) area before thinking about short position testing 1.2140/50 region. On the other hand, if we have a candle that closed above the 38,2% Fibo (1.2350) , further bullish momentum targeting 1.2412 and 1.2472 can be expected before re-testing 1.2671 region.
GBPUSD Forecast:
The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price made a breakout above the range area indicating potential bullish scenario targeting 1.4715 region. The major bearish scenario surely in a serious threat, but we need a consistent move above 1.4527 to continue further bullish scenario. Another movement below 1.4527 should be seen as waning bullish momentum and activate my wait and see mode but vulnerable to further bearish pressure testing 1.4350 region in nearest term. Price has been very volatile lately so don’t rush jump into the market and make sure to execute stop loss without any hesitation, both for long or short trades.
USDJPY Forecast:
The USDJPY finally had a significant momentum yesterday, break convincingly above the range area, even back above the major trendline support. Although from medium term perspective this pair is technically a mess, at least in nearest term the bias is more to the upside targeting 91.80 area. Immediate support at 90.50. Another movement below that area could lead us into no trading zone as direction would become unclear.
USDCHF Forecast
The USDCHF had a bearish momentum yesterday, bottomed at 1.1482 and closed at 1.1510. Although the main scenario remains bullish, it’s obvious that the upside pressure is still very weak. Overall pair still trapped in the range area as you can see on my h1 below and I will keep waiting for a break on either side. Until that happen, I will stay away from the market. We need a break above 1.1695 to resume the bullish scenario. On the other hand, a clear break below 1.1445 could be a serious threat to the bullish outlook at least testing 1.1275 – 1.1300 region.
EURJPY Forecast
The EURJPY had a significant bullish correction yesterday. On h4 chart below we can see that the bearish channel has been violated to the upside indicating serious threat to the major bearish scenario testing 114.50 in nearest term but the medium and long term view remains bearish. Another movement back inside the bearish channel could produce a false breakout scenario which could trigger significant bearish momentum re-testing 110.66 and keep the major bearish scenario intact.
GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday. On h1 chart below we can see price had a strong bullish momentum after breakout above 130.80 and now struggling around 132.80. We need a clear break above 132.80 area to continue further bullish momentum testing 134.80 area. Immediate support at 131.80 region. Break below that area could trigger further bearish pressure testing 130.80 region.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, break above the range area convincingly with a huge bullish candle as you can see on my daily chart below. This fact should trigger further bullish scenario targeting 0.8716 region and only a move back below 0.8360 could be seen as bullish scenario failure. Immediate support at 0.8440 region. Break below that area could lead us into no trading zone in nearest term testing 0.8360 area. In medium term outlook we have potential range between 0.8360 – 0.8716.
Labels: Forex Analysis, forex signal, Forex Trend
