EURUSD Forecast:
The EURUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but we are still in bullish correction phase as price is moving strongly inside the bullish channel as you can see on my h1 chart below. A break above the trend line resistance could trigger further upside momentum testing 1.2930. On the downside only a violation to the bullish channel and movement below 1.2770 support area could trigger bearish continuation at least testing 1.2700. Pay attention to US Non Farm Payroll data today.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5349 but closed higher at 1.5398 and keep moving higher around 1.5420 at the time I wrote this comment. On h1 chart below we can see price is moving inside a triangle indicating consolidation. Break above the triangle could trigger further bullish correction testing the trend line resistance and 1.5525 – 1.5575 region. On the other hand, break below the triangle could trigger further bearish momentum testing 1.5250. Pay attention to Non Farm Payroll data today.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. The bias remains neutral in nearest term and I think we are in no trade zone but still within a major bearish scenario. Potential range area at 84.82 – 83.59. Break above 84.82 could trigger further upside pressure but only a move above the trend line resistance could be a serious threat to the current bearish outlook.
USDCHF Forecast
The USDCHF didn’t make significant movement so far. The bias is neutral in nearest term and I think we are in no trade zone. The major scenario remains bearish but so far still unable to move consistently below 1.0130. Immediate support at 1.0095 (yesterday’s low). Break below that area could trigger further downside attempt testing 1.0030. Initial resistance at 1.0220. Break above that area could trigger further bullish correction testing the trend line resistance (red). Pay attention to Non Farm Payroll data today.
EURJPY Forecast
The EURJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but we are still in bullish correction phase. On h4 chart below we can see price slipped above the minor trend line resistance (red) indicating potential further upside momentum testing 109.20 but we haven’t seen significant volume on the break so far. On the downside, consistent move below 107.65 could trigger further bearish pressure testing 106.57 but as long as price move inside the bullish channel the upside correction scenario remains intact.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 129.16 but closed higher at 129.74 and traded around 130.04 at the time I wrote this comment. The bias is neutral in nearest term and potential range remains at 130.80 – 128.65. Break above 130.80 could trigger further upside correction towards 132.00 before testing the upper line of the bearish channel but as long as price move inside the bearish channel the major scenario remains bearish. On the downside, we need a break below 128.65, which is a strong support at this phase, to continue the bearish scenario testing 126.75.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday, but the 0.9040 support area still hold so far keep the bullish outlook strong. Price is now struggling around the trend line resistance. A clear break above that trend line could trigger further bullish momentum testing 0.9145 even 0.9220 region. On the downside, break below 0.9040 could trigger a bearish correction testing 0.8950/60 region but as long as price move inside the bullish channel and above 0.8858 key support area I still prefer a bullish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
