EURUSD Forecast:
The EURUSD failed to continued its bullish momentum yesterday. On h1 chart below we can see that price is now struggling around the trendline support area. Overall we are still in upside correction phase but a consistent move below the trendline support and 1.2240 could trigger further bearish pressure testing 1.2200 – 1.2150 area and could be a serious challenge to the bearish correction scenario. On the upside, we still need a break above 1.2465 resistance area to continue the bullish scenario at least testing 1.2645.
GBPUSD Forecast:
The GBPUSD had a limited bullish momentum yesterday but still able to move above 1.5000 area indicating the upside pressure is still potential. The bias is neutral in nearest term. Bearish potential indicated by CCI divergence as you can see on my h4 chart below. Break below 1.5000 area could trigger further downside pullback testing 1.4950/00 region but overall we are still in bullish correction phase. On the upside, the nearest target is seen around 1.5200 region. Break above that area could trigger further upside pressure testing 1.5400 – 1.5500 region.
USDJPY Forecast:
The USDJPY slipped below the descending triangle yesterday, but unable to move below 89.00 support area and now back inside the triangle. The bias is neutral in nearest term. We need a consistent movement below the triangle and 89.00 area to see further bearish pressure targeting 88.23. On the other hand, a movement above the triangle could lead us into neutral zone in nearest term testing 90.50 resistance area.
USDCHF Forecast
The USDCHF continued its bearish momentum yesterday, bottomed at 1.0817 but closed a little bit higher at 1.0866. The bias remains bearish in nearest term testing 1.0750 support area. Immediate resistance at 1.0950 – 1.1020 region. Break above that area could lead us into neutral zone in nearest term but the main scenario remains to the downside.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday, but found a good support at the lower line of the triangle as you can see on my h4 chart below. Note that we need a clear break below the triangle to end the bullish correction phase targeting 108.07 region. Immediate resistance at 110.80/90 region which is the top level since Friday. Break above that area could trigger further upside pressure testing 111.70 before testing the upper line of the triangle.
GBPJPY Forecast
The GBPJPY had a limited bullish movement yesterday, but overall still able to maintain its bullish bias after bounced from the lower line of the bullish channel on Friday. The bias remains bullish in nearest term testing 136.20 region. Break above that area could trigger further upside scenario testing 138.00 region. On the downside, immediate support at 134.17 (yesterday’s low) followed by 133.50/60 and the lower line of the bullish channel.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but overall we are still within a bullish view testing 0.8950 area especially if price able to move above 0.8850/60 region. Immediate support at 1.8650/00 region. Break below that area could trigger further bearish pressure testing 0.8550 but as long as price stay above the 0.8550 the main scenario remains to the upside.
Labels: Forex Analysis, forex signal, Forex Trend
