EURUSD Forecast
The EURUSD continued its bearish pressure yesterday, bottomed at 1.2550 but closed higher at 1.2596. The bias is neutral in nearest term but the potential downside scenario by the rising wedge formation remains intact especially if price able to move consistently below 1.2550 today targeting 1.2465/80 support area. On the upside, consistent move above 1.2650 resistance area could be a serious threat to the bearish scenario testing 1.2720/50 region.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.4948 but closed significantly higher above 1.5000 area. The bias is neutral in nearest term but overall the bullish correction phase remains intact as downside pressure seems limited so far. I will pay attention to 1.5080 – 1.5100 resistance area today. Consistent move above that area could trigger further bullish pressure re-testing 1.5227. On the downside, another move below 1.5000 could trigger further bearish attempt testing 1.4900 – 1.4800 area.
USDJPY Forecast
The USDJPY was indecisive yesterday. The bias is neutral in nearest term but we are still in upside correction phase and only a movement back below 88.23 could be a serious threat to the upside correction scenario and resume the major bearish trend testing 87.00. Immediate resistance (which is also nearest bullish target) is seen at 89.50 followed by 90.50.
USDCHF Forecast
The USDCHF continued its upside correction yesterday, topped at 1.0675 but closed lower at 1.0603. The bias is neutral in nearest term but we are still in upside correction phase testing 1.0750 area. Immediate support at 1.0550. Consistent move below that area could be a serious threat to the upside correction scenario testing 1.0479 and 1.0400 area before testing 1.0220 in longer term.
EURJPY Forecast
The EURJPY was corrected lower yesterday but so far still move inside the bullish channel indicating the upside correction scenario remains intact especially if price break above the minor bearish channel (red) testing 113.50 area. Immediate support at 111.50. Consistent move below that area could trigger further bearish pressure testing 110.85 and the lower line of the bullish channel.
GBPJPY Forecast
The GBPJPY still move inside range area of 136.30 – 130.50 as you can see on h4 chart below. The bias remains unclear in nearest term as price is still in consolidation phase but the major trend remains bearish. Immediate support at 133.00. Consistent move below that area could trigger further bearish pressure towards 131.80 before testing 130.50. Initial resistance at 134.00 region. Consistent move above that area could trigger further upside pressure towards 135.20 before testing 136.30.
AUDUSD Forecast
The AUDUSD made another indecisive movement yesterday with no significant technical momentum. The bias remains neutral but overall we are still in bullish phase with 0.8858 as nearest upside target. Immediate support at 0.8725. Consistent move below that area could trigger further bearish pressure testing 0.8680/50 region before testing 0.8550.
Labels: Forex Analysis, forex signal, Forex Trend
