EURUSD Forecast:
The EURUSD didn’t make significant movement yesterday, but we had bearish pressure earlier today in Asian session, hit 1.2789 at the time I wrote this comment. On h1 chart below we can see the bullish channel has been violated to the downside indicating potential bullish failure at least testing 1.2777 – 1.2740 support area. CCI in oversold area and heading up in h1 chart so watch out for potential upside pullback testing 1.2854 region. Break above that area could lead us into neutral zone as nearest term direction would be unclear. Above 1.2854, next resistance to be tested is 1.2930, which is my key level in medium term.
GBPUSD Forecast:
Overall the GBPUSD still move in choppy market in the last three weeks, but the main scenario remains to the downside. On h1 chart below we can see the bullish channel has been violated to the downside indicating potential bearish view but we have a good support at the trend line support (white) as you can see on my h1 chart below. We need a clear break below the trend line support to continue the bearish scenario testing 1.5250 region. CCI in neutral area on h1 chart. Immediate resistance at the minor trend line resistance (yellow) and 1.5415. Break above that area could trigger further upside recovery testing 1.5450 – 1.5487 area.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday. Overall price has been indecisive since last week but the main scenario remains bearish. The bias remains neutral in nearest term as there is no significant technical move so far and we might see one if price break below 83.59 or above the trend line resistance. Break above the trend line resistance could be a beginning of bullish reversal in nearest term while break below 83.59 could trigger further bearish pressure testing 83.35 even 81.77 in longer term view.
USDCHF Forecast
The USDCHF break below the minor bullish channel indicating potential bearish continuation as you can see on my h1 chart below testing 1.0065/30 region. However CCI just cross the -100 line up on h1 chart so watch out for potential upside pullback testing 1.0130. Break above that area could lead us into neutral zone as direction would be unclear in nearest term but the main scenario remains bearish. Immediate resistance at 1.0182 followed by 1.0220.
EURJPY Forecast
The EURJPY had a significant bearish movement, break below the minor bullish channel indicating potential bearish view in nearest term testing the lower line of the major bullish channel and 107.00 area but note that as long as the major bullish channel hold, we are still in upside correction phase. CCI in oversold area and heading up on h1 chart indicating potential upside pullback testing 108.25. Break above that area could trigger further upside momentum testing 109.20 and keep the bullish correction scenario remains strong.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday. The bias is bearish in nearest term testing 128.65 but overall I think we are still in consolidation phase and need a clear break below strong support 128.65 to continue the bearish scenario testing 127.64 and 126.75 area. On the upside, consistent move above 130.80 could trigger further upside correction. I will keep stand aside.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. On h4 chart below we can see price is struggling around the trend line resistance. The major scenario remains bullish but need a clear break above the trend line to continue upside pressure testing 0.9220, which is my key level from longer term point of view. Break above 0.9220 could trigger further bullish scenario testing 0.9381. Immediate support at 0.9115. Break below that area could trigger further bearish correction testing 0.9040 but as long as price move inside the bullish channel the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
