EURUSD Forecast:
The EURUSD had a significant bearish momentum yesterday, bottomed at 1.2677 and closed at 1.2681. On h4 chart below we can see price is ready to test the trend line support. Break below the trend line support not only could continue the bearish pressure in nearest term but also could be the end of technical bullish correction and activate my bearish mode. CCI in oversold area and heading up on h4 chart so watch out for potential upside correction testing 1.2730 – 1.2770 resistance area as the trend line support may provide a good support at this phase. On the downside, break below the trend line support could trigger further bearish momentum at least targeting 1.2588 region.
GBPUSD Forecast:
The GBPUSD was volatile but indecisive yesterday. Price slipped below the trend line support but whipsawed to the upside and now back above the trend line support indicating limited bearish pressure so far. On h1 chart below we can see price is now testing the upper line of the bearish channel. Break above the bearish channel could trigger further upside correction testing 1.5423 (yesterday’s high) and the trend line resistance (red) but I still prefer a bearish scenario at this phase. Immediate support at 1.5340. Break below that area could trigger further bearish pressure targeting 1.5250 region.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 83.51 but closed higher at 83.83. The bias is bearish in nearest term testing 83.35. Break below that area could open the door for further bearish pressure testing 81.77 in longer term view. Immediate resistance at 84.25 (yesterday’s high). Break above that area could trigger further upside pressure testing 84.82 and the trend line resistance.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. The major scenario remains bearish but we have a rounding bottom formation indicating potential bearish exhaustion and upside correction especially if price able to move consistently above 1.0130 testing 1.0180 – 1.0220 region. Immediate support at 1.0065 – 1.0030.
EURJPY Forecast
The EURJPY had another significant bearish movement, break below the major bullish channel indicating potential bearish continuation re-testing 105.43. CCI in oversold area and heading up on h4 chart so watch out for potential upside pullback testing resistance at 107.00. Break above that area could lead us into neutral zone in nearest term but the main scenario remains to the downside.
GBPJPY Forecast
The GBPJPY slipped below 128.65 yesterday, bottomed at 127.89 but closed higher at 128.74. The bias is bearish in nearest term testing 126.75 but we need consistent move below 128.65 to continue the downside pressure. Immediate resistance at 129.20. Break above that area could lead us back into boring range market of 130.80 – 128.65.
AUDUSD Forecast
The AUDUSD was corrected lower yesterday after unable to break above the trend line resistance. The bias is neutral in nearest term but the major bullish scenario remains intact. Immediate support at 0.9090 and the minor trend line support (blue) as you can see on my h4 chart below. Break below that area could trigger further bearish pressure testing 0.9040 and the lower line of the bullish channel.
Labels: Forex Analysis, forex signal, Forex Trend
