EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2552 but whipsawed to the upside, closed at 1.2637. The bias is bullish in nearest term targeting 1.2750 area before testing 1.2900 especially if price able to move consistently above 1.2670 today. Immediate support remains at 1.2550 and the minor trendline support area (red). Break below that area could trigger further bearish pressure testing 1.2465 but overall we are still in a strong bullish correction at this phase.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5081 but whipsawed to the upside and closed at 1.5188. The bias is bullish in nearest term especially if price able to move consistently above 1.5227 targeting 1.5290 before testing 1.5400 – 1.5500 region this week. Immediate support at 1.5150/60 followed by 1.5080. On the downside, only a movement back below 1.5000 could be a serious threat to the current bullish bias.
USDJPY Forecast:
The USDJPY slipped below the descending triangle yesterday, but further bearish pressure was rejected after found support around 87.00 area and whipsawed to the upside, made a strong break above the triangle. Although the major scenario remains bearish, this downside rejection and descending triangle bearish scenario failure could trigger further upside pullback testing 88.23 area. Break above that area could trigger further bullish momentum towards 89.00. On the downside, I think we need a clear break below 87.00 area to continue the major bearish scenario testing 85.86.
USDCHF Forecast
The USDCHF made another moderate bearish momentum yesterday. On daily chart below we can see that price is now struggling around 1.0500 region which is a key support area during the major strong bearish trend. A consistent movement below that area could trigger further bearish pressure targeting 1.0400 area before testing 1.0220. Immediate resistance at 1.0550 followed by 1.0615 area.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 109.30 but whipsawed to the upside, topped at 110.93 and closed at 110.83. On daily chart below we can see that price now seems convincingly stay above the falling wedge formation indicating potential bullish view in nearest term and bullish reversal scenario in medium term. Nearest bullish target at 111.70 and 113.50 area. Immediate support at 110.70 (current low). Break below that area could lead us into neutral area in nearest term as direction would become unclear.
GBPJPY Forecast
The GBPJPY slipped below the triangle yesterday, but whipsawed to the upside and now back inside the triangle with strong upside pressure. This fact could potentially produce a false breakdown scenario which usually trigger significant bullish movement especially if price make a breakout above the triangle targeting 136.00 area. Immediate support at 133.01 (current low). Break below that area could lead us into neutral zone in nearest term as direction would become unclear.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday and slipped above my minor trendline resistance earlier today in Asian session indicating potential bullish outlook both in nearest and medium term at least targeting 0.8780 before testing 0.8858. Immediate support at 0.8621 (current low). Break below that area could lead us into neutral zone in nearest term but as long as price stay above 0.8550 the main scenario remains to the upside.
Labels: Forex Analysis, forex signal, Forex Trend
