EURUSD Forecast:
The EURUSD continued its bullish correction earlier today in Asian session. On h4 chart below we can see that price break above the trendline resistance indicating potential further upside correction testing 1.2230 before targeting 1.2325/50 even 1.2450 this week but the major scenario remains bearish. The tricky thing is that we have a gap between Friday’s close price (1.2093) and today’s open price (1.2118). Gaps are oftenly filled so a downside movement back towards 1.2093 should not be a surprise too, but as long as price still move in the bullish channel (blue channel), we are still in upside correction phase. Only a movement below that bullish channel and below 1.2000 could potentially end the upside correction and continue the major bearish scenario towards 1.1800 and 1.1600 area.
GBPUSD Forecast:
The GBPUSD had a huge bearish momentum on Friday, bottomed at 1.4503 but traded higher around 1.4589 at the time I wrote this comment. The bias is neutral in nearest term but the main scenario remains to the downside both in medium and long term. Immediate resistance at 1.4650. Break above that area could trigger further upside momentum re-testing 1.4769 and the trendline resistance area. On the other hand, consistent move below 1.4500 area could trigger further downside pressure testing the trendline support area and and 1.4400 region which could be a serious threat to the upside correction scenario.
USDJPY Forecast:
The USDJPY had a moderate bullish momentum on Friday. The bias remains neutral in nearest term as overall price still move inside the triangle indicating consolidation phase. Aggressive traders may short around the upper line of the triangle or long around the lower line with tight stop loss. Break above the triangle could trigger further upside momentum at least testing 93.00/50 area while break below the triangle could trigger further bearish pressure testing 89.00 region.
USDCHF Forecast
The USDCHF is technically a mess in nearest term. On h4 chart below we can see that price still unable to move consistently below 1.1445 and now back inside the range area. I think we need a consistent move below 1.1445 and the trendline support area to continue the bearish pressure testing 1.1300 region. Immediate resistance at 1.1550 area. Consistent move above that area could trigger further upside pressure testing 1.1695 and keep the major bullish scenario intact.
EURJPY Forecast
The EURJPY was indecisive on Friday, but push to the upside earlier today in Asian session testing the trendline resistance as you can see on my h4 chart below. We are still in upside correction phase especially if price break above the trendline resistance testing 113.36 region. On the downside, support is seen around 110.60 region. Break below that area could be a serious threat to the upside correction scenario testing 108.00 region.
GBPJPY Forecast
The GBPJPY attempted to push higher on Friday, topped at 135.13 but whipsawed to the downside and closed lower at 133.16. The bias is neutral in nearest term but we are still in upside correction phase especially if price break above the minor trendline resistance (white) testing 136.24 region. Immediate support at 133.20. Break below that area could trigger further bearish pressure testing the lower line of the bullish channel but note that as long as the bullish channel hold, the upside correction scenario remains intact.
AUDUSD Forecast
The AUDUSD was indecisive on Friday, but continue to push higher earlier today in Asian session, slipped above 0.8550 area. Consistent move above that level could trigger further upside momentum testing 0.8650 region and the trendline resistance area. On the other hand, a failure to consistently move above 0.8550 could wane the upside momentum testing 0.8425 region. Break below that area could trigger further downside pullback testing 0.8275 area.
Labels: Forex Analysis, forex signal, Forex Trend
