EURUSD Forecast:
The EURUSD had a bullish momentum earlier today in Asian market, traded around 1.2784 at the time I wrote this comment after some rejections to move below the trend line support last week. The bias is bullish in nearest term testing the trend line resistance (white) and 1.2830 region. Immediate support at 1.2700. The major scenario remains bearish but need a clear break below the trend line support (yellow) to continue the bearish scenario. On the upside, consistent move above the trend line resistance could continue the bullish correction phase testing 1.2930.
GBPUSD Forecast:
The GBPUSD also rebounded higher earlier today in Asian session traded around 1.5400 at the time I wrote this comment. The bias is neutral in nearest term but overall I believe this pair is still in bearish phase. Immediate resistance at the upper line of the bearish channel and 1.5450. Break above that area could trigger further upside correction testing the trend line resistance (white) and 1.5531. Immediate support at 1.5350 and the trend line support (red). Break below that area could trigger further downside pressure testing 1.5296 – 1.5250 region.
USDJPY Forecast:
The USDJPY had a bullish momentum on Friday, topped at 84.37 and closed at 84.19. The way I see it, this is the continuation of the bullish correction after failed to break below 83.35 historical support level last week. The trend line resistance could be a key resistance at this phase. Break above the trend line could trigger further upside correction testing 85.90. However note that as long as price move below the trend line resistance, the bearish scenario should remains intact and strong.
USDCHF Forecast
The USDCHF attempted to push higher on Friday, topped at 1.0277 but closed lower at 1.0195 and keep moving lower earlier today in Asian session around 1.0148 at the time I wrote this comment. On h4 chart below we can see price is now testing the lower line of the bullish channel. Break below the bullish channel and 1.0130 could end the bullish correction phase and continue the major bearish scenario re-testing 1.0060/30 region. Immediate resistance at 1.0277 (Friday’s high) followed by 1.0302.
EURJPY Forecast
The EURJPY had a bullish momentum on Friday after break above the triangle as you can see on my h1 chart below, and keep moving higher earlier today in Asian session traded around 107.60 at the time I wrote this comment. The bias is bullish in nearest term testing the trend line resistance and 108.30 region. Immediate support at 107.00. Break below that area could lead us into neutral and no trade zone in nearest term as direction would become unclear.
GBPJPY Forecast
The GBPJPY was indecisive on Friday. The bias is neutral in nearest term but as you can see on my h4 chart below price slipped above the falling wedge formation indicating potential upside correction testing 131.00 and the upper line of the bearish channel. Immediate support at 128.50 followed by 127.98.
AUDUSD Forecast
The AUDUSD still able to maintain its bullish bias so far by hold above 0.9220. The bias remains bullish in nearest term testing 0.9381. On the downside, break below 0.9220 could trigger further bearish correction testing 0.9160 but as long as price move inside the bullish channel the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
