EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday, after three high impact US data (Unemployment Claims, ISM Manufacturing PMI, Pending Home Sales) showed bad results. On h4 chart below we can see that price is now convincingly move above 1.2465 key resistance area (now support) indicating not only potential nearest term bullishness but also could mark the beginning of a new medium bullish outlook. Nearest bullish target is seen at 1.2670. Only a movement back below 1.2465 could diminish the bullish momentum but overall we are still in a strong bullish correction. We will have US NFP data today, which is expected to be a bad one, forecast at -106K. Unless we see a big positive surprise from the forecast, the Euro should keep its bullish bias at this phase.
GBPUSD Forecast:
The GBPUSD slipped below the minor trendline support yesterday, but whipsawed to the upside, topped at 1.5189 and closed at 1.5175 after three high impact US data (Unemployment Claims, ISM Manufacturing PMI, Pending Home Sales) showed bad results. The bias is bullish in nearest term targeting 1.5400 – 1.5500 region especially if price able to move consistently above the trendline resistance (yellow). Immediate support at 1.5100. Break below that area could lead us into neutral zone in nearest term but as long as price stay above 1.5000 area the bullish bias should remain intact. We will have US NFP data today, which is expected to be a bad one, forecast at -106K. Unless we see a big positive surprise from the forecast, the Sterling should keep its bullish bias at this phase.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 86.97 but closed higher at 87.59 and keep moving higher around 87.81 at the time I wrote this comment. The bias is neutral in nearest term but still in a major bearish outlook. Immediate resistance at 88.23 (former support). Break above that area could trigger further bullish correction testing 88.75 – 89.00 region.
USDCHF Forecast
The USDCHF continued its bearish momentum yesterday, bottomed at 1.0577 and closed at 1.0589. Like I said yesterday, a after break below 1.0750 area, potential bearish target is now seen at 1.0500 region. Break below 1.0500 could trigger further bearish momentum testing 1.0220 area in longer term view. Immediate resistance at 1.0650/70 region. Break above that area could lead us into neutral zone testing 1.0750 area but the main scenario remains bearish at this phase.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 107.49 but whipsawed to the upside, topped at 109.80. This fact changes my nearest bias to bullish, but the medium bias is neutral now. On h4 chart below we can see price is now testing the minor trendline resistance. A break above that trendline could trigger further bullish momentum testing 111.35 area. Immediate support at 109.50 area (current low). Break below that area should keep the medium term bearish bias intact re-testing 108.07 region.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 131.28 but whipsawed to the upside, topped at 133.06. On daily chart below we can see that price is moving inside triangle formation indicating consolidation phase, but the nearest bias is bullish testing 134.80 region. CCI just cross the -100 line up support the nearest term bullish bias. Immediate support at 132.00 area and the lower line of the triangle. Break below that area should continue the major bearish scenario at least testing 129.00 area.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8316 but whipsawed to the upside, topped at 0.8447, closed at 0.8429 and keep moving higher around 0.8471 at the time I wrote this comment. The bias is bullish in nearest term after price made a false breakdown below 0.8360 testing 0.8550 region. Break above 0.8550 could trigger further bullish momentum testing 0.8650 and keep the medium term bullish bias intact after made a triple bottom formation at 0.8070 area.
Labels: Forex Analysis, forex signal, Forex Trend
