EURUSD Forecast
The EURUSD continued its bullish momentum yesterday. As you can see on h4 chart below, we had a significant bullish momentum after price break above 1.3036, topped at 3116. The bias is bullish in nearest term especially if we have another breakout above 1.3120 resistance area testing 1.3200 region. Immediate support at 1.3036. Break below that area could lead us to neutral zone in nearest term testing 1.2950/20 but overall we are still in bullish phase. Fundamental focus today will be on Germany PPI and Euro zone current account and US CPI and Consumer Sentiment. I believe that risk aversion/appetite sentiment will move the market during those data release.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.5537 but again, closed higher at 1.5602. The bias remains bullish in nearest term but like I said yesterday, we need a break above 1.5650 to continue the bullish scenario testing 1.5735 – 1.5800. Immediate support at 1.5531. Fundamental focus today will be on US CPI and Consumer Sentiment and it is likely that risk aversion/appetite sentiment will determine the direction during those data release.
USDJPY Forecast
The USDJPY was indecisive yesterday. The bias remains bullish in nearest term especially if we have a clear break above 85.90 targeting 87.00 region. The strong breakout above the trend line resistance confirms my technical bullish reversal outlook. Immediate support at 84.82. Break below that area could lead us to neutral zone in nearest term but I still prefer a bullish scenario at this phase.
USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday after break above 1.0060 and now struggling around 1.0160 as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to stay consistently above 1.0160 targeting 1.0277. Unless we have another movement back below 1.0060, I think we are still in strong bullish correction phase.
EURJPY Forecast
The EURJPY continued its bullish pressure yesterday and as you can see on my daily chart below price now seems comfortable above the trend line resistance suggests potential further bullish scenario. Looks like the intervention worked very well. The bias remains bullish in nearest term targeting 113.30 especially if price able to break above 112.35. Immediate support at 111.60 – 111.10 region.
GBPJPY Forecast
The GBPJPY was indecisive yesterday, formed a Doji on daily chart. The bias is neutral in nearest term but the intervention should keep the overall bias remains bullish targeting 136.00 region. Immediate support at 132.96/50 region. I do not expect any downside rebound below that area today.
AUDUSD Forecast
The AUDUSD was corrected lower yesterday, bottomed at 0.9329 but we had another bullish pressure earlier today in Asian session as price is struggling around 0.9400 region, which is a key resistance level from long term view. Consistent move above that area could continue the major bullish scenario testing 0.9506 before testing 0.9849. On the downside, immediate support at 0.9329 (yesterday’s low). Break below that area could lead us to neutral zone in nearest term but overall the major scenario remains strongly bullish.
Labels: Forex Analysis, forex signal, Forex Trend
