EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2921, but closed lower at 1.2851 and keep moving lower around 1.2800 earlier today in Asian market at the time I wrote this comment. On h4 chart below we can see that price break below the triangle indicating potential downside pressure testing the lower line of the bullish channel and 1.2700 key support area. Break below that area could be a serious threat to the bullish outlook. Immediate resistance at 1.2930 area. As long as the major bullish channel hold the bullish scenario remains intact but need to make consistent move above 1.2930 to make further recovery testing 1.3000 area.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5497 but made a temporary fast bullish momentum yesterday, topped at 1.5686 after the MPC meeting before whipsawed to the downside, hit 1.5549 earlier today in Asian market. This fact could trigger further downside pressure for the Cable even potentially trigger a technical bearish reversal outlook especially if price able to move consistently below 1.5550/30 area targeting 1.5450 – 1.5380 area. Immediate resistance at 1.5700. Price need to move above that area if we want to see further recovery towards 1.5800 region and keep the bullish scenario intact.
USDJPY Forecast:
The USDJPY made another insignificant movement yesterday. The bias remains neutral in nearest term with expected range remains at 86.25 – 84.82/73 but still in the context of a major bearish scenario. We know that 84.82/73 area is a strong support at this phase so price need to break below that area before continue the bearish scenario testing 83.35 region. On the upside, only a move above the trendline resistance could be a serious threat to the current bearish outlook.
USDCHF Forecast
The USDCHF was indecisive yesterday. The only technically clue I can see right now is that price is making higher lows in the last three days indicating potential upside pressure in nearest term but overall we are still trapped in range area of 1.0675 – 1.0350. Immediate resistance at 1.0480. Break above that area could trigger further upside pressure testing 1.0550. On the downside, only a clear break below 1.0350 could trigger bearish continuation scenario testing 1.0220.
EURJPY Forecast
The EURJPY didn’t make significant move yesterday. The bias remains neutral in nearest term but still within a major bearish scenario. Expected range remains at 110.70 – 109/20. Price need to make a clear break below 109.20 to continue the bearish scenario testing 108.07 – 107.30 area. On the upside, a move above 110.70 resistance area could lead us to neutral area in medium term outlook.
GBPJPY Forecast
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. On h4 below we can see price is making a minor bearish channel inside the major bearish channel which indicate that we are still in convincing bearish scenario. Immediate resistance at 133.73 (yesterday’s high). Break above that area could trigger further upside correction testing 134.50 area but as long as price moves inside the major bearish channel the main scenario remains to the downside with 132.00/50 as the nearest target.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday after failed to move consistently above 0.9040, bottomed at 0.8972 and closed at 0.8982. The bias is bearish in nearest term testing 0.8858 but only a clear break below 0.8858 could be a serious threat to the current bullish outlook. On the upside, we still need a consistent move above 0.9040 to continue the bullish scenario testing 0.9145.
Labels: Forex Analysis, forex signal, Forex Trend
