EURUSD Forecast:
The EURUSD attempted to push lower yesterday, slipped below the minor bullish channel but whipsawed to the upside, topped at 1.2007 and closed at 1.1971. The pair is a little bit mess technically in nearest term but overall the major bearish scenario remains strong as long as price stay below 1.2150 region. Immediate resistance at 1.2000 – 1.2050 region. Consistent move above that area could trigger further upside recovery testing 1.2150 area. On the downside we need a consistent move below the minor bullish channel to continue the bearish scenario towards 1.1800 and 1.1600 this week.
GBPUSD Forecast:
The GBPUSD was volatile but indecisive yesterday. Price attempted to push lower but found good support around the trendline support as you can see on my h4 chart below. The bias is neutral in nearest term but the main scenario remains to the downside and I am expecting another attempt on the trendline support today. We need a consistent move below the trendline support to continue the bearish scenario testing 1.4240 region. A failure to do so and a consistent move above 1.4550 region could trigger further upside recovery testing 1.4600 – 1.4700 region.
USDJPY Forecast:
The USDJPY was indecisive yesterday. The bias remains neutral in nearest term. However, as you can see on h4 chart below, price is now moving in a new bearish channel after violated the bullish channel indicating potential bearish view at least testing 90.50 region before targeting 89.00 area. On the upside, consistent move above 91.80 region could trigger further upside pressure testing 93.00 area.
The USDCHF had a bearish momentum yesterday, but still trapped in the range area as the bullish pressure waning and unable to move break above 1.1695 area. We still need a clear break from the range area to see clearer direction. The major bullish scenario remains intact so I am thinking about long position if price go near around 1.1445 region with a tight stop loss targeting 1.1695 area. Good risk reward ratio.
EURJPY Forecast
The EURJPY failed to continue its bullish correction yesterday. On h1 chart below we can see that the minor bullish channel has been violated to the downside indicating the end of the upside correction at this phase testing 108.07 area before targeting 106.00 and 104.00 region. Immediate resistance at 109.50 area. Consistent move above that area could lead us into no trading zone in nearest term as direction would become unclear but the main bearish scenario remains intact.
GBPJPY Forecast
The GBPJPY was volatile but indecisive yesterday. Price attempted to push lower but found good support around the lower line of the bullish channel. Although the pressure seems more to the downside testing the bullish channel, note that as long as the bullish channel hold, the upside correction scenario is not over yet. We need a consistent move below the bullish channel to confirm bearish continuation at least towards 126.75. A failure to do so and another movement back above 133.20 area should keep the bullish scenario intact in nearest term, but the major scenario remains to the downside.
AUDUSD Forecast
The AUDUSD bounced to the upside yesterday after failed to move below 0.8070 support area. On h4 chart below we can see that price also found resistance around 0.8275. As long as price stay below 0.8275, the scenario is still more to the downside re-testing 0.8070 again. On the other hand, a consistent move above that area could be a serious threat to the bearish scenario testing 0.8550 region.
Labels: Forex Analysis, forex signal, Forex Trend
