EURUSD Forecast:
The EURUSD continued its moderate recovery yesterday. On h1 chart below we can see that price is moving in a new minor bullish channel but there are some downside pressure earlier today in Asian session as price is now testing the lower line of the bullish channel. Violation to the minor bullish channel could pause the recovery testing 1.2800 even 1.2735/00 and the lower line of the major bullish channel. Immediate resistance at 1.2916/30 area. Break above that area could trigger further recovery testing 1.3000. It’s been a difficult market for the last two weeks as I have conflicting trend in multi time frames and risk aversion-appetite seems to control the market sentiment again adding uncertainty and volatility.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above my trendline resistance but whipsawed to the downside after disappointing UK inflation report, bottomed at 1.5551 and closed at 1.5584. Now, as you can see on my h4 chart below, for the second time this week price slipped below the major bullish channel and testing 1.5550/30 key support area. Break below that area could be a serious threat to the major bullish outlook testing 1.5450 and 1.5380 area. Immediate resistance at 1.5615 region. Break above that area could trigger further recovery testing 1.5700 region and keep the bullish outlook intact.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term with expected range at 86.25 – 84.82/73 but still within a context of major bearish trend especially after price break below the minor bullish channel which could indicate the end of bullish correction at this phase. Below 84.82/73, next bearish target is seen at 83.35.
USDCHF Forecast
The USDCHF failed to continue its bearish momentum yesterday after unable to break below 1.0350 support area. The bias is neutral in both nearest and medium term as price is now trapped again in range area of 1.0675 – 1.0350. I will keep stay away from this pair. Aggressive traders may long around 1.0350 or short around 1.0675 with tight stop loss.
EURJPY Forecast
The EURJPY slipped below 109.20 support area yesterday but whipsawed to the upside, topped at 110.42, closed at 110.17 and traded lower earlier today in Asian session around 109.90 at the time I wrote this comment. Overall we are still in bearish outlook after violation to the bullish channel but price still trapped in range area between 110.70 – 109.20. We need a consistent move below 109.20 to continue the bearish pressure testing 108.07 – 107.30 area. On the upside, break above 110.70 could be a serious threat to the bearish outlook.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday. I found a bigger descending triangle on h1 chart below indicating potential bearish scenario especially if price break below the triangle and 133.03 testing 132.00 area. Immediate resistance at 133.93 (yesterday’s high). Break above that area could trigger further upside recovery testing 134.80 but the major scenario remains bearish as long as price move inside the bearish channel.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday, topped at 0.9079, closed at 0.9051 and now struggling around 0.9040 key level. We need a consistent move above 0.9040 to continue the bullish scenario testing 0.9145. Another movement below 0.9040 could diminish the bullish outlook re-testing 0.8858 area. Although technically this pair remains bullish, the risk aversion sentiment which is now seems to control the market could be a serious threat to the bullish outlook as investors usually tend to hold Dollar for safety during increasing pessimism on global recovery.
Labels: Forex Analysis, forex signal, Forex Trend
