EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2175 but closed higher at 1.2249. On h4 chart below we can see that price still moving inside the bearish channel indicating the major bearish scenario remains intact but surely under significant pressure since failure to consistently move below 1.2150 support area. A violation to the bearish channel and movement above 1.2350 could be seen as potential bearish failure, at least in nearest – medium term testing 1.2450/70 area even back to 1.2671 region. On the downside, only another movement below 1.2150 could resume the major bearish scenario towards 1.2000.
GBPUSD Forecast:
The GBPUSD was indecisive yesterday, formed a Doji on daily chart. Price attempted to push lower, but found support at the lower line of the bullish channel as you can see on my h4 chart below, indicating the bullish correction scenario remains intact with 1.4865 as nearest target especially if price able to move consistently above 1.4720 area today before testing 1.5000 – 1.5050 area. Immediate support at 1.4575 area. Break below that area and violation to the bullish channel could be a serious threat to the bullish scenario at this phase.
USDJPY Forecast:
The USDJPY had a significant bullish momentum yesterday, topped at 92.35 and closed at 92.11. The bias remains bullish in nearest term targeting 93.00 area. Immediate support at 91.80 area. Break below that area could lead us back into no trading zone but as long as price still move inside the bullish channel the main scenario remains to the upside.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. On h4 chart below we can see price still trapped in range area of 1.1695 – 1.1445. Price have been consolidating in range area for two weeks now so I hope a break is imminent to see clearer direction. A clear break below 1.1445 could be seen a a serious threat to the bullish scenario testing at least 1.1300 area. On the other hand, another upside attempt above 1.1695 should keep the major bullish scenario intact at least testing 1.1750 region.
EURJPY Forecast
The EURJPY had a bullish momentum yesterday, but still trapped in range area of 114.50 – 108.83. We have seen some significant upside pressure since rejection to move below 108.83 area so the nearest bias could be more to the upside testing 114.50 region at this phase. However, as long as price move below 114.50, the major bearish scenario remains intact but only a break below 108.83 could resume the bearish scenario.
GBPJPY Forecast
The GBPJPY had a moderate bullish momentum yesterday. The bias remains to the upside in short – medium term with 136.75 as nearest term bullish target before testing 139.50 region. Immediate support at 134.00 area. Break below that area could trigger further downside pullback testing 133.20 but as long as price still move inside the bullish channel the main scenario remains to the upside.
AUDUSD Forecast
The AUDUSD had a moderate bullish momentum yesterday. The bias is neutral both in short – medium term but the rejection to move below 0.8070 area could trigger further upside pressure at this phase. On h4 chart below we also see that price break above the minor trendline resistance indicating potential upside pressure testing 0.8550 region. I have made adjustment to the lower line support where 0.8360 is no longer a key support area, replaced by 0.8275. Only a movement below 0.8275 could trigger further downside pressure re-testing 0.8070 region.
Labels: Forex Analysis, forex signal, Forex Trend
