EURUSD Forecast:
The EURUSD made a moderate recovery yesterday, topped at 1.2870 and closed at 1.2825. Further bearish pressure was rejected around the lower line of the bullish channel but I think it’s too early to say that the bullish scenario has back to it’s track. If we look at the daily chart, actually price still making lower highs and lows and we must have at least a new higher high to see further recovery. The minor trendline resistance (white) on h4 chart below could be an important technical focus at this phase. A consistent move above that trendline resistance could trigger further upside recovery towards 1.2930 area before testing 1.3000. On the downside, immediate support at 1.2780. Break below that area could trigger further bearish pressure testing 1.2700 and the lower line of the bullish channel.
GBPUSD Forecast:
The GBPUSD was also made a moderate recovery yesterday. On h4 chart below we can see that price is now testing the trendline resistance, which need to be broken to the upside to see potential further recovery testing 1.5780 area. On the downside, 1.5550 and the lower line of the bullish channel remains a key support area at this phase. Break below that area could be a serious threat to the major bullish outlook.
USDJPY Forecast:
The USDJPY failed to continue its upside correction yesterday, break below the minor bullish channel as you can see on my h4 chart below indicating potential bearish pressure re-testing 84.82/73 region. Immediate resistance at 85.50 followed by 85.90. Break above that area could lead us into neutral zone as direction is unclear but the main scenario remains to the downside.
USDCHF Forecast
The USDCHF had a significant bearish momentum yesterday, bottomed at 1.0350 and closed at 1.0392. The bias is bearish in nearest term but we need a consistent move below 1.0350 to continue the bearish scenario testing 1.0220. Immediate resistance at 1.0450 area. Break above that area will take us back to boring range market.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday, but still unable to move consistently below 109.20 area. The main scenario remains bearish but again, we need a consistent move below 109.20 to continue the bearish pressure testing 108.07 – 107.30 area. Immediate resistance at 110.26 (yesterday’s high) followed by 110.70.
GBPJPY Forecast
The GBPJPY had a moderate bearish momentum yesterday. On h1 chart below we have a descending triangle indicating potential further bearish outlook especially if price break below the triangle testing 132.00. On the other hand, break above the triangle could trigger further upside recovery testing 134.80 area but the main scenario remains bearish as long as price move inside the bearish channel.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8858 but whipsawed to the upside, closed at 0.8978 and keep moving higher earlier today in Asian session. The bias is bullish in nearest term testing 0.9040 and 0.9094 area. Immediate support at 0.8930 area. Break below that area could trigger further bearish pressure re-testing 0.8858.
Labels: Forex Analysis, forex signal, Forex Trend
