EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2072 but unable to consistently move above 1.2050, and closed lower below 1.2000 psychological area. The Euro has been moving in rapid bearish movement since December 2009 from 1.5140, so any upside pressure is normal at this phase as price already in oversold area. We need a clear break below the minor bullish channel (blue channel) to continue the bearish scenario testing 1.1800 and 1.1600 area. As you can see on my h1 chart below, price has to move above the minor trendline resistance (red) to continue the bullish correction scenario. We still have some space for the upside correction in nearest term while market is still volatile, but the main scenario remains to the downside. Immediate resistance at 1.2050/70 followed by 1.2150 region.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday after rejection to move below the trendline support, topped at 1.4606 but closed lower at 1.4527. The bias is neutral in nearest term. On h4 chart below we can see that the upper line of the bearish channel still hold, prevent further upside movement, keep the major bearish scenario intact. However, if price violate the bearish channel, the bearish scenario could be in a serious threat. Immediate resistance at 1.4606 (yesterday’s high). Consistent move above that area could trigger further bullish correction towards 1.4700 region. On the downside we need a clear break below the trendline support to continue the bearish scenario testing 1.4240 region this week.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but as you can see on my h4 chart below price is moving inside a descending triangle after violation of the bullish channel indicating potential bearish scenario especially if price break below the triangle targeting 90.50 before testing 89.00 region. On the upside, consistent move above 91.80 could trigger further bullish momentum testing 93.00 area as the descending triangle bearish scenario fails.
USDCHF Forecast
The USDCHF slipped below 1.1445 yesterday, but closed higher at 1.1483. The fact that so far price unable to move consistently below 1.1445 could trigger further upside pressure testing 1.1695 region. On the other hand, we need a consistent move below 1.1445 to continue the bearish pressure testing 1.1300 region and could be considered as bullish scenario failure.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 110.58 but closed lower at 109.33. The bias is neutral in nearest term but the main scenario remains bearish. Resistance area at this phase provided by the minor trendline resistance (red). A consistent movement above that trendline could trigger further upside correction testing 113.36 area. On the downside we need a consistent move below 108.07 to continue the major bearish scenario testing 106.00 and 104.00 region.
GBPJPY Forecast
The GBPJPY made another volatile but indecisive movement yesterday. Price attempted to push higher, slipped above 133.20 but still unable to consistently move above that area indicating limited bullish correction at this phase. However as long as the bullish channel valid, the bullish correction scenario remains intact. Consistent move above 133.20 area could trigger further bullish momentum testing 134.50 and 136.24 region. On the other hand, violation to the bullish channel could end the bullish correction phase targeting 126.75 region.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.8356 but now struggling around 0.8275 as you can see on mt h4 chart below. This fact could be a serious threat to the bearish scenario especially if price able to consistently move above 0.8275 and break above the minor trendline resistance targeting 0.8550 region. On the other hand, another pullback below 0.8275 should keep the bearish scenario intact re-testing 0.8070.
Labels: Forex Analysis, forex signal, Forex Trend
