EURUSD Forecast:
The EURUSD didn’t make significant movement yesterday, but moving lower around 1.2480 earlier today in Asian session at the time I wrote this comment. The bias remains neutral in nearest term but if price able to move consistently below 1.2465/50 support area, further bearish pressure is potential at least testing 1.2350 area, but overall the bullish correction scenario remains intact as long as price move inside the bullish channel. Immediate resistance at 1.2610 (Friday’s high). Break above that area could continue the upside scenario testing 1.2900 region this week.
GBPUSD Forecast:
The GBPUSD has been moving lower after failed to consistently move above the trendline resistance. The bias is bearish in nearest term testing 1.5000 area but overall we are still in bullish correction phase so I think I will stand aside for now and see further development. Consistent move below 1.5000 and the trendline support could trigger further bearish pressure testing 1.4900 and could be a serious threat to the upside correction scenario. Immediate resistance at 1.5200. Break above that area could trigger further bullish momentum targeting 1.5400 – 1.5500 this week.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but the main scenario remains to the downside. On h1 chart below we have a descending triangle formation which is a bearish pattern especially if price break below the triangle targeting 85.86 area. On the upside, immediate resistance remains at 88.23. Break above that area and violation to the upside of the triangle could trigger further bullish momentum testing 89.00 region.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. The bias remains neutral in nearest term but still within a major bearish scenario. I think I will stand aside for now and see further development. Immediate resistance remains at 1.0750 area. Break above that area could trigger further upside correction. On the downside, Initial support at 1.0577. Break below that area could trigger further bearish pressure testing 1.0500 before targeting 1.0220 in longer term view.
EURJPY Forecast
The EURJPY was indecisive yesterday. The bias remains neutral in nearest term. On daily chart below we have a falling wedge formation, which is a bullish reversal pattern especially if price break above the formation targeting at least 111.20/70 region. Immediate support at 109.00 followed by 107.31.
GBPJPY Forecast
The GBPJPY attempted to push lower earlier today in Asian session, but found a good support at the lower line of the triangle, as you can see on my daily chart below. The bias remains neutral in nearest term. We need a break below the triangle to continue the bearish scenario at least testing 131.00 – 130.50 area. On the upside, initial resistance remains around 134.80. Break above that area and violation to the upside of the triangle could trigger further bullish pressure testing 134.40 even 138.00 area.
AUDUSD Forecast
The AUDUSD attempted to push lower earlier today in Asian session, testing 0.8316 support area, as you can see on my daily chart below. The bias remains neutral in nearest term and we need a clear break below 0.8316 to continue the bearish pressure testing 0.8200 area before testing 0.8070. On the upside, initial resistance remains at 0.8550. Break above that area could trigger further bullish momentum re-testing 0.8858 in longer term view.
Labels: Forex Analysis, forex signal, Forex Trend
