EURUSD Forecast:
The EURUSD bullish correction was paused yesterday. On h4 chart below we can see that price is now testing the lower line of my minor bullish channel (red channel). As long as the minor bullish channel valid, the upside correction scenario should remains strong. On the other hand, consistent move below the minor bullish channel could lead us into no trading zone in nearest term testing the lower line of the major bullish channel (blue channel). We need a consistent move above the trendline resistance (white) to continue the bullish correction towards 1.2400/50 area. Immediate support at 1.2240. Consistent move below that area could trigger further bearish pressure testing 1.2170/50 region which could be a serious threat to the bullish correction scenario.
GBPUSD Forecast:
The GBPUSD failed to continue its bullish momentum yesterday. On h4 chart below we can see that price is now testing the minor trendline support (S1). As long as price stay above that trendline the bullish correction scenario should remains strong. On the other hand, consistent move below the minor trendline support and 1.4640 area could lead us into no trading zone in nearest term testing the major trendline support (white, S2). Note that as long as price stay above the major trendline support the bullish correction scenario remains intact. On the upside, we need a clear break above the trendline resistance (red) and 1.4875 area to continue the bullish correction targeting 1.5000.
USDJPY Forecast:
The USDJPY made another indecisive movement yesterday, formed a Doji on daily chart. Price still consolidating in triangle formation. The bias remains neutral in nearest term and we are in no trading zone as direction is unclear so far. Expected range remains 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 attempted to push lower yesterday, bottomed at 1.1248 but closed higher at 1.1309. The bias is neutral in nearest term but the bearish scenario remains intact as long as price move inside the bearish channel. Only a movement above the bearish channel and 1.1445 area could be a serious threat to the bearish scenario. On the downside, we need a consistent move below the trendline support and 1.1245 area to continue the bearish scenario testing 1.1150 and 1.1050 region.
EURJPY Forecast
The EURJPY bullish correction was paused yesterday. On h4 chart below we can see that price slipped below the minor trendline support (blue) and struggling around that trendline. The bias is neutral in nearest term. Consistent move below the minor trendline support could trigger further bearish pressure testing the major trendline support (white) but as long as price stay above the major trendline support the bullish correction scenario remains intact. On the upside we need a movement above the trendline resistance (red) and 113.36 area to continue the bullish correction scenario testing 114.15 and 115.50 region.
GBPJPY Forecast
The GBPJPY failed to continue its bullish momentum yesterday. On h4 chart below we can see that price break below the minor trendline support indicating limited bullish and price may testing the lower line of the bullish channel. The bias is neutral in nearest term and we are in no trading zone but as long as price move inside the bullish channel the bullish correction scenario remains intact. Immediate support at 133.20. Break below that area could be a serious threat to the bullish correction scenario and price may resume its major bearish scenario. On the upside, we need a movement above 136.24 to continue the bullish correction testing 138.20.
AUDUSD Forecast
The AUDUSD was indecisive yesterday. The bias is neutral in nearest term. We need a consistent move above the trendline resistance to continue the bullish scenario testing 0.8745 and 0.8860 region. We also have an ascending triangle formation which is a bullish pattern especially if price break above the triangle. On the downside, break below the triangle and 0.8550 region could be a serious threat to the bullish scenario and activate my wait and see mode.
Labels: Forex Analysis, forex signal, Forex Trend
