EURUSD Forecast
The EURUSD continue to make upside pressure yesterday, topped at 1.2763 but still unable to move consistently above 1.2730, traded lower around 1.2700 at the time I wrote this comment. We are still in upside correction phase as long as price move inside the minor bullish channel but the major scenario remains bearish. The bias is neutral in nearest term. Another upside movement above 1.2730 could trigger another upside pressure testing 1.2770 – 1.2825. On the downside, a movement below 1.2650 and violation to the downside of the minor bullish channel could potentially end the upside correction testing 1.2587 – 1.2523 and keep the bearish scenario remains strong.
GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.5598 but traded lower around 1.5525 at the time I wrote this comment. The bias is neutral in nearest term. The major bearish scenario remains intact but we need a movement below 1.5480 to continue the downside pressure testing 1.5370 area. On the upside, another movement above 1.5580 could trigger further upside pressure testing 1.5700 which could be a serious threat to the bearish outlook.
USDJPY Forecast
The USDJPY failed to continue its bullish correction yesterday. Expected range in nearest term remains at 85.15 – 83.59/35 but still with more downside bias. Immediate support at 84.03. Break below that area could trigger further bearish pressure re-testing 83.59/35. On the upside, only break above the trendline resistance could be a serious threat to the current bearish outlook.
USDCHF Forecast
The USDCHF continued its bearish momentum yesterday, bottomed at 1.0221. The bias is bearish in nearest term testing 1.0130. Immediate resistance at 1.0250/70. Break above that area could lead us into neutral zone testing 1.0350 but overall the bias remains to the downside. On daily chart below, we have a falling wedge formation indicating potential bullish reversal warning in longer term view.
EURJPY Forecast
The EURJPY slipped above 107.63 yesterday but so far the upside pressure still limited and unable to consistently move above that level. On h1 chart below we can see that the minor trendline support has been broken to the downside indicating potential downside pressure especially if price able to break below 106.80 re-testing 105.50 area. On the upside, 108.25 remains potential resistance to be tested if price make another move above 107.63.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 132.01 but traded lower around 131.02 at the time I wrote this comment indicating limited bullish correction. The bias is neutral in nearest term but still in major bearish scenario especially if price able to move consistently below 130.80 testing 129.80 area. On the upside, break above 132.00 could trigger further upside pressure testing 133.30 region.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, slipped above the trendline resistance, topped at 0.8917 but traded lower and struggling around key level 0.8858 earlier today in Asian session at the time I wrote this comment. The bias remains neutral in nearest term. Consistent move below 0.8858 could trigger further bearish pressure testing 0.8715. On the upside, consistent move above the trendline resistance and 0.8917 could be a serious threat to the bearish scenario and lead us into neutral zone in medium term with potential bullish in nearest term testing 0.8970
Labels: Forex Analysis, forex signal, Forex Trend
