EURUSD Forecast:
The EURUSD was volatile but indecisive yesterday. The bias is neutral in nearest term. From another perspective on h4 chart below we can see price is moving in a triangle formation indicating consolidation but the main scenario remains to the downside. Immediate support at 1.2620/30 region. Break below that area could trigger further bearish pressure testing 1.2587 – 1.2523. Initial resistance at 1.2742 (yesterday’s high). Break above that area could trigger further bullish momentum testing 1.2825 as the triangle is broken to the upside.
GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.5326 and closed at 1.5346 after break below the triangle as you can see on my h4 chart below. This fact opens the door for further downside pressure testing 1.5250. Immediate resistance at 1.5370/85 area. Break above that area could trigger further upside pullback testing 1.5420/50 region but I believe the major scenario remains bearish.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 83.82 but closed higher at 84.17 and keep moving higher around 84.36 at the time I wrote this comment. The bias is neutral in nearest term but still within a major bearish scenario re-testing 83.59/35 area especially if price break below the minor bullish channel as you can see on my h1 chart below. Immediate resistance at the minor trendline resistance (red) and 84.50 area followed by 84.82. Break above 84.82 could trigger further upside momentum testing the major trendline resistance (white) and 85.50 region
USDCHF Forecast
The USDCHF continued its bearish pressure yesterday, bottomed at 1.0135 and closed at 1.0149. On daily chart below we can see the falling wedge formation has been violated to the downside indicating potential bearish continuation. The bias remains bearish in nearest term but we need a clear break below 1.0130 to continue the bearish scenario testing 1.0030 and 0.9917. Immediate resistance at 1.0220. Break above that area could lead us into neutral zone in nearest term but the main scenario remains bearish.
EURJPY Forecast
The EURJPY was indecisive yesterday. Price slipped above 107.65 but whipsawed to the downside, hit 106.24 and closed at 106.73. The bias is neutral in nearest term but still in a major bearish scenario. On h1 chart below we have a rising wedge formation. Break above the formation could trigger further upside momentum re-testing 107.65 and 108.25. On the other hand break below the formation could continue the bearish scenario testing 105.43.
GBPJPY Forecast
The GBPJPY continued its bearish momentum yesterday, bottomed at 128.65 but traded higher around 129.54 at the time I wrote this comment. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance at 130.50 followed by 130.80. Break above 130.80 could trigger further upside correction but as long as price move inside the major bearish channel I still prefer a bearish scenario. On the downside, break below 128.65 could continue the bearish scenario testing 126.75.
AUDUSD Forecast
The AUDUSD was indecisive yesterday but had some upside pressure earlier today in Asian session. I have made adjustment to the bullish channel, connecting the lower line of the channel to key support 0.8858 which has been a strong support preventing further bearish attack and keep the bullish scenario intact. Immediate resistance at 0.9040. Break above that area could trigger further bullish momentum testing 0.9145.
Labels: Forex Analysis, forex signal, Forex Trend
