On-Line Forex Trading Tips

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2209 but closed higher at 1.2309. The bias is bullish in nearest term especially if price able to break above the descending triangle to the upside, re-testing 1.2450 region. On the other hand, another movement below the triangle and 1.2240 could trigger further bearish pressure testing 1.2150 and the lower line of the bullish channel. We are still in upside correction phase targeting the major trendline resistance (red) area. A break above the trendline resistance confirms the bullish reversal scenario indicated first by the breakout above the falling wedge formation I showed you on my last weekly summary on Saturday. Only a violation to the bullish channel could be a serious threat to the bullish correction/reversal scenario.

GBPUSD Forecast:
The GBPUSD continued its bullish momentum yesterday after break above the minor trendline resistance (red), as you can see on my h1 chart below. The bias is bullish in nearest term targeting 1.5050 – 1.5100 region. Immediate support at 1.4900/50 area. Break below that area could lead us into no trading zone in nearest term but overall we are still in bullish correction even potential reversal at this phase especially if price able to move consistently above 1.5000 psychological area testing 1.5400 – 1.5500 region in longer term.

USDJPY Forecast:
The USDJPY continued its bearish momentum yesterday, bottomed at 89.73 and closed at 89.79 after break below the descending triangle, confirms the bearish scenario targeting 89.00 even 88.23 area in nearest term. Immediate resistance 90.00/50 region. Break above that area could lead us into no trading zone in nearest term but I still prefer a bearish scenario at this phase.

USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. On h4 chart below we can see that price consolidating in rectangle area between 1.1137 – 1.1006. The bias is neutral in nearest term and we need a break from the rectangle area to see clearer direction. I prefer a breakdown targeting 1.0920 region but if price make a breakout above the range area I will stand aside and see further development as price may testing 1.1170 and 1.1245 resistance area.

EURJPY Forecast
The EURJPY attempted to push lower after break below the triangle yesterday, bottomed at 109.89 but found a good support at the trendline support (yellow) as you can see on my h4 below, and closed higher at 110.55. The bias is neutral in nearest term but this fact could trigger further upside rebound testing 111.70 region in nearest term. We need a break below the trendline support to continue the bearish scenario targeting 108.07 area.

GBPJPY Forecast
The GBPJPY attempted to push lower yesterday but failed to consistently move below the bullish channel. The bias is neutral in nearest term but this fact should keep the bullish correction intact. We also have an ascending triangle formation, which is a bullish pattern especially if price able to break above the triangle and 136.40 area targeting 139.50 region. Note that we still need a clear break below the bullish channel to end the bullish correction phase testing 130.50 and 126.75 region. As long as the bullish channel hold, I prefer a bullish scenario in nearest/medium term.

AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8661 but closed higher at 0.8738. This fact should keep the bullish scenario intact and strong especially if price able to break above the minor trendline resistance (red) targeting 0.8950 even 0.9100 in longer term. Immediate support at 0.8661 followed by 0.8550.

Labels: Forex Analysis, forex signal, Forex Trend