EURUSD Forecast:
The EURUSD was indecisive yesterday. The bias is neutral in nearest term. On h1 chart below we can see that price still moving inside a minor bullish channel (white channel) indicating upside pressure in nearest term is still potential. Break below the minor bullish channel could trigger further bearish pressure towards 1.2240 support area before testing the major bullish channel (blue channel). On the upside, 1.2450 remains the nearest upside target especially if price able to move consistently above 1.2350 area.
GBPUSD Forecast:
The GBPUSD failed to continued its bullish momentum yesterday after unable to stay consistently above 1.5000 region. The bias is neutral in nearest term. We are still in bullish correction phase but as you can see on my h4 chart below we have a rising wedge formation which is a bearish pattern especially if price break below the formation, testing the major trendline support. Immediate support at 1.4800. On the upside, we need a consistent move above 1.5000 area to continue this bullish correction scenario targeting 1.5100 region before testing 1.5400 – 1.5500 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 89.22 but closed higher at 89.58. The bias is neutral in nearest term, but we have a falling wedge formation as you can see on my h4 chart below indicating potential upside pullback especially if price able to break above the formation testing 90.50/80 region. On the downside, we need a break below 89.00 area before testing 88.23 region.
USDCHF Forecast
The USDCHF slipped below the range area yesterday, bottomed at 1.0985 but unable to stay below the range area and now back inside the range area. The bias remains neutral in nearest term but this fact could produce a false breakdown scenario which could trigger upside pressure testing 1.1137 area. The main scenario remains bearish but note that we need a consistent move below 1.1006 region to continue the bearish pressure targeting 1.0920 region. Break above 1.1137 region could trigger further bullish momentum testing the bearish channel and 1.1245 resistance area.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, slipped below the trendline support but unable to move below the trendline support so far. The bias is neutral in nearest term. On another perspective, as you can see on my h4 chart below, price is moving inside a triangle area after a bearish rally indicating consolidation. We need a clear break from the triangle to see clearer direction. Consistent move below the lower line (which is also the trendline support) could resume the major bearish scenario testing 108.07 area. Immediate resistance at 110.70 area. Consistent move above that area could trigger further upside pressure towards 111.70 region before testing the upper line of the triangle.
GBPJPY Forecast
The GBPJPY made another insignificant movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see that price is now struggling around the lower line of the bullish channel and the ascending triangle indicating critical technical point. The bullish momentum is waning but we need a consistent move below the bullish channel and the ascending triangle to confirm bullish failure and resume the major bearish scenario at least testing 130.50 area.
AUDUSD Forecast
The AUDUSD continue to push lower yesterday after failed to move above 0.8858 on Monday. The bias is neutral in nearest term but the bullish scenario should remain intact as long as price stay above 0.8550 region. Immediate resistance at 0.8730 area. Break above that area and the minor trendline resistance (red) could trigger further upside pressure testing 0.8950 and 0.9100 in longer term. On the other hand, break below 0.8550 could be a serious threat to the bullish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
