EURUSD Forecast:
The EURUSD continued its bearish pressure yesterday and seems convincingly move below 1.2700 area. This fact could trigger further bearish pressure testing 1.2523 – 1.2470 region as the “head and shoulders” bearish reversal scenario is now confirmed. Another upside pullback above 1.2700 will lead us to neutral zone as direction is unclear but I think overall the pressure is more to the downside and I prefer short on rallies at this phase.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.5616 but whipsawed to the downside, bottomed at 1.5499 and keep moving lower earlier today in Asian session, hit 1.5433. The bias is bearish in nearest term testing 1.5380. Immediate resistance at 1.5470 – 1.5500. Break above that area could lead us into neutral zone testing 1.5580 resistance area but the bearish reversal scenario is confirmed and I prefer to short on rallies.
USDJPY Forecast:
The USDJPY continued its bearish momentum yesterday. The bias is bearish in nearest term but note that we have a strong support around 84.82/73 area that need to be broken to the downside to open the door testing 83.35 region. Immediate resistance at 85.66 (yesterday’s high). Break above that area could trigger further upside correction testing 86.25 and the trendline resistance.
USDCHF Forecast
The USDCHF failed to continue its bearish scenario yesterday and now back above 1.0350. From longer term perspective this fact leads us back to range area and neutral zone. CCI about to cross the 100 line up on h4 chart indicating potential upside pressure testing 1.0500 – 1.0550.
EURJPY Forecast
The EURJPY continued its bearish momentum yesterday, bottomed at 107.71 an hit 107.22 earlier today in Asian session. The bias remains bearish in nearest term but I think we have an important support around 107.30 area as it is the lower line of the range area on monthly chart which potentially provide a strong support at this phase. Break below that area could trigger further bearish pressure testing 106.75 (November 2001 low) and 105.50 (September 2001 low). Immediate resistance at 108.25 followed by 109.20.
GBPJPY Forecast
The GBPJPY continued its bearish momentum yesterday, bottomed at 132.02 and hit 131.16 earlier today in Asian session. The bias is bearish in nearest term testing 130.83. Immediate resistance at 132.00. Break above that area could lead us into neutral zone in nearest term but overall we are still in bearish scenario and I prefer short on rallies strategy at this phase.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.8981 but closed lower at 0.8913. The bias is neutral in nearest term but we have potential descending triangle as you can see on my h4 chart below indicating potential bearish scenario especially if price able to move consistently below 0.8858 key support area testing 0.8715. Immediate resistance at 0.8981 (yesterday’s high). Break above that area could trigger further upside pressure testing 0.9040.
Labels: Forex Analysis, forex signal, Forex Trend
