EURUSD Forecast:
The EURUSD continued its bullish momentum yesterday, topped at 1.3032 and closed at 1.2998 after better than expected US core retail sales triggered another risk appetite sentiment. If we keep seeing good fundamental data, this bullish momentum likely to continue. On h4 chart below we can see price is moving strongly in a bullish channel indicating a strong bullish phase testing the trend line resistance (red). Although the medium and nearest term bias is strongly bullish, only a break above the trend line resistance could be a serious threat to the long term bearish outlook. Immediate resistance, which is also nearest bullish target is seen around 1.3120. Initial support at 1.2900 and the lower line of the bullish channel. Break below that area could lead us to neutral zone. CCI in oversold area and heading down on h4 chart so watch out for potential bearish pullback.
GBPUSD Forecast:
The GBPUSD had a bullish momentum, topped at 1.5585 after break above the triangle as you can see on my h4 chart below but we also had a fast downside pullback as price traded lower around 1.5490 at the time I wrote this comment. Overall we are still in bullish phase as many good fundamental data triggered risk appetite which produce broad Dollar weakness but market likely to stay volatile. Immediate support at 1.5460. Break below that area could lead us to neutral and no trade zone as direction would become unclear testing 1.5350 region. Initial resistance which is also the nearest bullish target is seen around 1.5650. Fundamental focus today will be on UK Claimant Count Change and BOE Gov King statement.
USDJPY Forecast:
The USDJPY had a bearish momentum yesterday, bottomed at 82.92 but whipsawed to the upside, testing the trend line resistance after the intervention by the Japanese government. Break above the trend line resistance could trigger further upside momentum testing 85.90. Immediate support at 83.35. Break below that area could trigger further bearish pressure but another intervention is possible. I prefer a bullish scenario at this phase. Intervention is something I don’t want to fight.
USDCHF Forecast
The USDCHF continued its bearish pressure yesterday, bottomed at 0.9933 but rebounded higher earlier today in Asian session traded around 0.9995 at the time I wrote this comment. The bias remains bearish in nearest term but as you can see on my weekly chart below we seem to have a good support around 0.9917. We need a clear break below that area to continue the bearish pressure testing 0.9869 even testing 0.9614 in longer term view. Immediate resistance at 1.0030 – 1.0060. Break above that area could lead us to neutral zone but the main scenario remains bearish.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 106.76 but intervention by the Japanese government brought the pair higher, traded around 109.50 at the time I wrote this comment. Break above that area could trigger further bullish momentum testing 111.10. Technically, the trend line resistance has been violated to the upside indicating a new beginning of a bullish phase. Immediate support at 107.73. Break below that area shows that the intervention fails but another intervention is possible. I prefer a bullish scenario at this phase as intervention is something I don’t want to fight.
GBPJPY Forecast
The GBPJPY had a bullish momentum earlier today in Asian session after the intervention, traded around 130.72 at the time I wrote this comment. The bias is bullish in nearest term and I don’t want to go against an intervention but as long as price move inside the major bearish channel the main scenario remains bearish. Immediate resistance which is also the nearest bullish target is seen around 132.00. Initial support at 130.30. Break below that area could lead us to neutral zone in nearest term.
AUDUSD Forecast
The AUDUSD was indecisive yesterday. The bias is neutral in nearest term but we are still in strong bullish phase here. A look a longer term view in weekly chart below suggests that we are in critical phase as price is now struggling around 0.9400 key resistance area. Consistent move above that area could trigger further bullish pressure testing 0.9506 before targeting 0.9848. Immediate support at 0.9312 (yesterday’s low). Break below that area could trigger further bullish exhaustion testing 0.9276 but the main scenario remains strongly bullish.
Labels: Forex Analysis, forex signal, Forex Trend
