EURUSD Forecast:
The EURUSD continued its bullish momentum yesterday after break above the trendline resistance as you can see on my h4 chart below. This fact could trigger further bullish correction testing 1.2450 especially if price able to move consistently above 1.2350 area today. Immediate support at 1.2240/20 area and the lower line of my minor bullish channel (red channel). Break below that area could lead us into no trading zone in nearest term but as long as price move inside the major bullish channel (blue channel) the upside correction scenario remains intact.
GBPUSD Forecast:
The GBPUSD was able to maintain its bullish bias yesterday. The bullish power finally won after price struggling around the trendline resistance and now seems comfortable stays above the trendline indicating potential further upside recovery in nearest term testing 1.4875 area before targeting 1.5000 region. Immediate support at 1.4750 – 1.4700 area. Break below that area could wane the bullish momentum testing 1.4640/00 region but overall we are still in bullish correction phase.
USDJPY Forecast:
The USDJPY made another insignificant movement yesterday as price still in consolidation phase inside the triangle. Expected range at 92.07 – 90.50. We need a break from the triangle to see clearer direction. 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 continued its bearish momentum yesterday. On daily chart below we can see price seems to reach top around 1.1695 area, formed a triple top formation indicating potential bearish reversal scenario. The bias is bearish in nearest term targeting 1.1245 before testing 1.1050. On the upside, only another movement above 1.1445 and violation to the bearish channel could be seen as a serious threat to the bearish scenario.
EURJPY Forecast
The EURJPY was able to maintain its bullish nearest term bias yesterday after failed to move below 110.60 support area and now seems comfortable stays above the trendline resistance indicating potential further upside recovery testing 113.36. Break above that area could trigger further bullish momentum testing 114.15 and 115.50 region. Immediate support provided by the minor trendline support (blue, S1) and 111.70 area. Break below that area could lead us into no trading zone in nearest term but as long as price move above the major trendline support (white, S2) and 110.60 support area the bullish correction scenario remains intact.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 133.93 but whipsawed to the upside and closed higher at 135.40. This fact should keep the bullish correction intact testing 136.24. Break above that area could trigger further bullish scenario testing 138.20 region. Immediate support at 134.70 and the minor trendline support (blue, S1). Break below that area could lead us into no trading zone in nearest term but as long as price move inside the bullish channel the bullish correction scenario remains intact.
AUDUSD Forecast
The AUDUSD slipped below the trendline support (red) yesterday but further downside momentum was rejected and now price back above the trendline support indicating potential bullish view. However note that we need a consistent move above the trendline resistance (white) to continue the bullish scenario targeting 0.8745 before testing 0.8860 region. On the other hand, consistent move below the trendline support could lead us into no trading zone testing 0.8550 support area.
Labels: Forex Analysis, forex signal, Forex Trend
