EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2297 but closed lower at 1.2219. The bias is neutral in nearest term. We are still in upside correction phase but still within the context of a major bearish scenario. I divide this bullish correction into two phases, the minor (red channel) and the major (blue channel). Break below the minor bullish channel could trigger further bearish pressure testing the major bullish channel but as long as the major bullish channel hold the upside correction remains intact. On the upside, as a result of the latest price action, I have a new trendline resistance (white). Break above the trendline could trigger further upside scenario targeting 1.2350 before testing 1.2450 region. Immediate support at 1.2150. Break below that area could trigger further bearish pressure testing 1.2050 – 1.2000 region.
GBPUSD Forecast:
The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price slipped above the trendline resistance and now struggling around that trendline. We are still in upside correction phase but need a consistent movement above the trendline and 1.4769 area to continue the bullish correction towards 1.4850/75 region before testing 1.5000 area. A failure to do so and a consistent move below the trendline could wane the bullish momentum testing 1.4600 area but as long as price move above the major trendline support (white, S2) the bullish correction scenario remains intact.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. Price seems to be trapped in range area of 92.07 – 90.83 in nearest term. The bias remains neutral as price still move inside the triangle indicating consolidation. 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 attempted to push lower yesterday, bottomed at 1.1349 but closed lower at 1.1419. On h4 chart below we can see that price is now moving in a bearish channel indicating potential bearish scenario at least in nearest term. Another movement back above the trendline could lead us into no trading zone and testing the bearish channel. Violation to the bearish channel could end this bearish correction phase re-testing 1.1695 region. Immediate support at 1.1350 – 1.1300 area which is the nearest technical bearish target.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, slipped above the trendline resistance (red) but now struggling around that trendline resistance indicating limited bullish so far, but the bullish correction scenario remains intact as long as price move above the trendline support (white). We need a consistent move above the trendline resistance to continue the bullish correction testing 113.36 and 114.15. Immediate support at 110.60 region. Break below that area and the trendline support could end this upside correction testing 109.00 – 108.00 region.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 135.87 but closed a little bit lower at 135.01. On h4 chart below we can see that price is now struggling around the minor trendline resistance indicating critical technical point at this phase. We need a consistent move above the minor trendline resistance to continue the bullish correction at least testing 136.24 area before targeting 138.15. Another pullback below that trendline resistance could wane the bullish momentum testing 133.20 region but as long as price move inside the bullish channel the bullish correction scenario remains intact.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.8665 but closed lower at 0.8586. On 4 chart below we can see that the trendline resistance (white) did a good job preventing further upside pressure so far. Another pullback below 0.8550 and the trendline support (red) could wane the bullish momentum testing 0.8425 region. On the other hand, a clear break above the trendline resistance could continue the bullish scenario testing 0.8745 region.
Labels: Forex Analysis, forex signal, Forex Trend
