EURUSD Forecast
The EURUSD made another upside attempt yesterday, topped at 1.2726 but further upside pressure was still limited and traded lower around 1.2670 at the time I wrote this comment. The bias is neutral in nearest term and still within a bearish context but price is bouncing to the upside from 1.2587, moving in a minor bullish channel. We need a violation to the downside of the minor bullish channel to continue the bearish scenario. Break above 1.2730 could trigger further upside pressure testing 1.2770 – 1.2825 region before testing 1.2930 which could be a serious threat to the bearish scenario. Immediate support at 1.2620. Break below that area could trigger further downside pressure re-testing 1.2587 – 1.2523 and keep the bearish scenario intact.
GBPUSD Forecast
The GBPUSD bearish scenario was paused yesterday. Price is now rebound significantly to the upside after unable to break below 1.5370 testing 1.5480 resistance area. Clear break above that area could trigger further upside correction testing 1.5580. Immediate support at 1.5450. Break below that area could trigger further bearish pressure re-testing 1.5370 before testing 1.5250 area.
USDJPY Forecast
The USDJPY was corrected higher yesterday and keep moving higher around 84.80 at the time I wrote this comment. The bias is bullish in nearest term testing 85.15 and the trendline resistance. Break above the trendline resistance could be a serious threat to the bearish outlook testing 85.63 but as long as price move below the trendline the major bearish scenario should remains intact. Immediate support at 84.03. Break below that area could trigger further bearish pressure testing 83.59/35.
USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 1.0246 but rebound higher earlier today in Asian session around 1.0297 at the time I wrote this comment. The bias is neutral in nearest term. We need a clear break below 1.0250 to continue the bearish movement testing 1.0130 this week. Immediate resistance at 1.0350. Break above that area could trigger further upside pressure testing 1.0450.
EURJPY Forecast
The EURJPY made a significant bullish correction yesterday. On h1 chart below we can see price is now testing the 107.63 resistance area. Break above that area could trigger further upside correction testing 108.25 before testing 109.20 key resistance area. Immediate support at 106.80. Break below that area could trigger further bearish pressure re-testing 105.42.
GBPJPY Forecast
The GBPJPY also made a significant bullish correction yesterday and now move back above 130.80 key resistance area indicating potential further upside correction testing 132.00. Another move back below 130.80 could end the bullish correction testing 129.80 before re-testing 128.76.
AUDUSD Forecast
The AUDUSD made another downside attempt, bottomed at 0.8769 but further downside pressure was still limited and now traded higher around 0.8858 key level. The bias is neutral in nearest term. Another consistent move above 0.8858 could trigger further upside pressure testing 0.8904 and 0.8966. On the downside, 0.8715 remains key support level.
Labels: Forex Analysis, forex signal, Forex Trend
