EURUSD Forecast
The EURUSD has been moving in volatile but indecisive market for the last 48 hours. After the confirmation of “head and shoulders” bearish reversal scenario, now price is moving in a new bearish channel as you can see on my h4 chart below. This bearish outlook can only be cancelled by a movement above the right shoulder of the H&S formation which is around 1.2930 and violation to the bearish channel. Immediate resistance at 1.2730 followed by 1.2770. We will have some high impact data from the Euro zone and US today. The Euro usually move higher after data release lately but the bullish moves were short lived. Tricky market, but I am still on the bearish side.
GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday, bottomed at 1.5371 but rebound higher earlier today in Asian session traded around 1.5420 at the time I wrote this comment. The bias is neutral in nearest term but the main scenario remains to the downside especially if price able to move consistently below 1.5371 targeting 1.5250 region. On daily chart below we can see some V top patterns which usually followed by bearish movement. Immediate resistance at 1.5470 – 1.5500. Break above that area could trigger further bullish pullback testing 1.5580 but I still prefer a bearish scenario at this phase. Pay attention to some economic data from the Euro zone and US today.
USDJPY Forecast
The USDJPY had a significant bearish momentum yesterday, bottomed at 83.59 but rebound higher earlier today in Asian session around 84.30 at the time I wrote this comment. The bias is neutral in nearest term but the main scenario remains to the downside with 83.35 area to be tested. Immediate resistance at 85.15.
USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday and now back below 1.0350 indicating potential further downside pressure but overall we haven’t seen convincing and clear movement and price still consolidating in range area. The bias is bearish in nearest term testing 1.0257 – 1.0220 region. Another movement above 1.0350 could lead us to neutral zone in nearest term as direction is unclear and we are in no trading zone.
EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday, bottomed at 105.42 but rebound higher traded around 106.70 at the time I wrote this comment. The bias is neutral in nearest term. Although the main scenario remains bearish, watch out for potential significant upside rebound as price is now rebounding from one of the major supports, 105.50 area. Immediate resistance at 107.30. Break above that area could trigger further upside correction testing 108.25. Below 105.50, next bearish target around 104.63.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum yesterday, bottomed at 128.76 but rebound higher around 130.12 at the time I wrote this comment. The bias is neutral in nearest term but still within the context of bearish scenario testing 127.63. Immediate resistance at 130.80. Break above that area could lead us into neutral zone but I still prefer a bearish scenario at this phase.
AUDUSD Forecast
The AUDUSD slipped below 0.8858 key support area yesterday but still unable to move consistently below that area so far. The bias is neutral in nearest term but I believe the major trend is about to change to bearish but need consistent move below the descending triangle and 0.8858 targeting at least 0.8715. Immediate resistance at 0.8904 (yesterday’s high).
Labels: Forex Analysis, forex signal, Forex Trend
