EURUSD Forecast
The EURUSD continue its bearish momentum yesterday. The bias remains bearish in nearest term but need consistent move below 1.2240 to continue the bearish pressure testing 1.2150 and the lower line of the major bullish channel (blue channel). Note that as long as price move inside the major bullish channel the upside correction scenario remains intact. So we still have conflicting bias between nearest and medium term. Price has been moving in a minor bearish channel (white channel) since failed to stay consistently above 1.2450 resistance area on Monday. Violation to that minor bearish channel and movement above 1.2300 – 1.2350 area could lead us into neutral area in nearest term.
GBPUSD Forecast
The GBPUSD didn’t make a clear technical move yesterday. On h1 chart below we can see that price still struggling around the minor trendline support area without clear direction. The bias is neutral in nearest term. We need a consistent move below the minor trendline support to continue the bearish pressure towards 1.4600 – 1.4550 before testing the major trendline support. On the upside, a consistent move above the minor trendline resistance (red) could trigger further bullish pressure towards 1.4935 before testing 1.5000/50 region.
USDJPY Forecast
The USDJPY had a bearish momentum yesterday. Beside the big symmetrical triangle, as you can see on my h4 chart below we also have a descending triangle indicating potential bearish view especially if price able to move consistently below the triangle targeting 89.00 region. Immediate reistance at 91.00 – 91.20 area. Break above that area could lead us back into no trading zone as direction would become unclear.
USDCHF Forecast
The USDCHF didn’t make significant technical movement yesterday. On h4 chart below we can see that price still struggling around the minor trendline resistance (white). The bias remains neutral in nearest term. A movement above the minor trendline resistance could give us some space for further upside correction testing 1.1170 even 1.1245 area but as long as price move inside the bearish channel the main outlook remains bearish. On the downside, 1.0920 area remains the nearest downside target.
EURJPY Forecast
The EURJPY had significant bearish momentum yesterday. On h4 chart below we can see that price violated the triangle to the downside after made a false breakout indicating potential bearish scenario targeting 110.66 and 109.75 area. Immediate resistance at 111.70 area. Break above that area and another movement back inside the triangle could lead us into no trading zone as direction would become unclear.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, but the lower line of the bullish channel did a good job preventing further bearish pressure as price closed higher after failed to break below the bullish channel. The bias is neutral in nearest term. We need a break above the minor trendline resistance (white) to continue the bullish scenario. As long as price move below that trendline, we may see further downside attempt re-testing the lower line of the bullish channel which could be a serious threat to the bullish correction phase. Immediate support at 133.10/20 area. Consistent move below that area could be the end of the bullish correction phase at least testing 130/40 region.
AUDUSD Forecast
The AUDUSD had a moderate bearish momentum yesterday. The bias is bearish in nearest term but overall the bullish scenario remains intact as long as price stay above 0.8550 region. Immediate support at 0.8710. Consistent below that area could trigger further bearish pressure testing 0.8550 and could be a serious threat to the bullish scenario. Initial resistance at 0.8770/90. Break above that area could trigger further bullish momentum testing 0.8950 even 0.9100 area in longer term.
Labels: Forex Analysis, forex signal, Forex Trend
