EURUSD Forecast:
The EURUSD was indecisive yesterday. On h1 chart below we can see that price is now making a minor bullish channel (blue channel) indicating potential upside correction, which is normal after significant drop below 1.2000 area and the fact that price already in oversold area, but the main scenario remains to the downside. Immediate resistance at 1.2000 – 1.2050 area. Consistent move above that area could trigger further upside recovery testing 1.2150 region. On the downside, we need a clear break below the minor bullish channel to continue the bearish scenario testing 1.1800 before targeting 1.1600 this week.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above 1.4550 but closed lower at 1.4466. The bias is neutral in nearest term but still within the major bearish scenario testing 1.4240 area. Consistent move above 1.4550 could trigger further upside recovery testing 1.4600 – 1.4700 region. On the downside, we need a clear break below the trendline support and 1.4350 area, as you can see on my h4 chart below, to continue the bearish scenario.
USDJPY Forecast:
The USDJPY was technically a mess yesterday. Price slipped above 91.80 and now struggling around the lower line of the bullish channel. The bias is neutral in nearest term and I will stay away for now. Consistent movement above 91.80 area could trigger further upside momentum testing 93.00 region. Immediate support at 90.50 area. Break below that area could trigger further bearish pressure testing 89.00 region.
USDCHF Forecast
The USDCHF still trapped in the range area yesterday. The bullish pressure still unable to make significant upside momentum away from 1.1695 area. The bias remains neutral in nearest term but the main scenario remains to the upside with 1.1750 as nearest technical target. On the downside, only a movement below 1.1445 area could be seen as a serious threat to the major bullish scenario.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 108.07 but closed higher at 108.93 and keep moving higher around 109.50 area (23.6% Fibo retracement of 114.14 – 108.07) at the time I wrote this comment earlier today in Asian session. On h1 chart below we can see price is moving in a new minor bullish channel indicating potential upside correction but the main scenario remains to the downside. Consistent move above 109.50 area could trigger further upside recovery testing 110.40 region (38.2% Fibo retracement of 114.14 – 108.07). On the downside we need a consistent move below 108.83 to continue the major bearish scenario towards 106.00 and 104.00 region.
GBPJPY Forecast
The GBPJPY was indecisive yesterday. Price slipped above 133.20 but unable to stay consistently above that area so far. We are still in the bullish correction phase and only a violation to the bullish channel and movement below 129.89 could be seen as the end of the bullish correction and continue the major bearish scenario at least testing 126.75 region. Consistent move above 133.20 area could trigger further bullish correction testing 136.24 area.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday, bottomed at 0.8095 but traded higher earlier today in Asian session around 0.8140 area at the time I wrote this comment. The bias is neutral in nearest term but still within a major bearish scenario especially if price able to break below 0.8070 – 0.8000 area, which is a key support area at this phase. Immediate resistance at 0.8275. Break above that area could trigger further bullish pressure testing 0.8550 region.
Labels: Forex Analysis, forex signal, Forex Trend
