EURUSD Forecast:
The EURUSD attempted to push lower yesterday, slipped below the minor bullish channel (red channel) but failed to break below 1.2240 support area before whipsawed to the upside, topped at 1.2411 and closed at 1.2388. This fact should keep the bullish correction scenario intact with nearest target at 1.2450 area before testing 1.2520/30 region. Downside risk in nearest term indicated by CCI divergence but as long as price move inside the minor bullish channel the bullish correction scenario remains strong. Immediate support at 1.2350/00 area. Break below that area could diminish the upside momentum, lead us to no trading zone in nearest term testing 1.2240 support area but overall we are still in bullish correction phase.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, slipped below the minor trendline support but but failed to break below 1.4640 support area and whipsawed to the upside, topped at 1.4836 and closed at 1.4823. This fact should keep the bullish correction scenario intact and remains strong testing 1.4875 before targeting 1.5000 especially if price able to move consistently above the trendline resistance (red). Downside risk indicated by CCI divergence but as long as price move above the minor trendline support the bullish correction should remains strong. As a result from yesterday’s price action, I added a new minor trendline support a little bit below the old one. Break below those trendline support could diminish the bullish momentum, lead us into no trading zone in nearest term testing 1.4600 – 1.4550 area but overall we are still in bullish correction phase.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, but found a good support at the triangle’s lower line as you can see on my h4 chart below. The bias remains neutral in nearest term and I am still in wait and see mode but we could have upside rebound from here towards the upper line of the triangle and 92.07 area. Price still consolidate and need a break from the triangle to see clearer direction. Break below 90.50 could give us clearer direction towards 89.00 region.
USDCHF Forecast
The USDCHF had a significant bearish momentum yesterday, bottomed at 1.1095 and closed at 1.1116. This fact should continue the bearish outlook targeting 1.1050 before testing 1.0920 area. CCI in oversold area so watch out for potential upside correction testing 1.1245 region. Break above that area could lead us into no trading zone but as long as price move inside the bearish channel, the bearish scenario remains intact.
EURJPY Forecast
The EURJPY made another indecisive movement yesterday. The bullish power still unable to move consistently above the trendline resistance (red) indicating limited bullish so far. The bias is neutral in nearest term. We need a consistent move above the trendline resistance and 113.36 area to continue the bullish correction testing 114.15 and 115.50 area. On the other hand, break below the trendline support (white) and 111.70 support area could be a serious threat to the upside correction scenario and price may resume its major bearish trend re-testing 108.00 – 109.00 area.
GBPJPY Forecast
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term. The bullish correction scenario remains intact but need a consistent move above 136.24 to continue bullish momentum testing 138.20. On the downside, support is seen around the lower line of the bullish channel and 133.20 area. Consistent move below that area could be a serious threat to the bullish correction scenario and price may resume its major bearish trend testing 130.50 before re-testing 126.75 region.
AUDUSD Forecast
The AUDUSD had a moderate bullish momentum yesterday. On h4 chart below we can see that price is moving above the trendline resistance indicating potential bullish view testing 0.8745. Downside risk indicated by CCI divergence. Another movement back below the trendline resistance could trigger further downside pullback testing 0.8550 region.
Labels: Forex Analysis, forex signal, Forex Trend
