EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.3438 and closed at 1.3393 following a strong break out above the trend line resistance on Tuesday. The bias remains bullish in nearest term testing 1.3500 area before testing 1.3700. Immediate support at 1.3333 (former resistance). Break below that area could lead us to neutral zone in nearest term testing 1.3267 but overall we are still in strong bullish phase. Fundamental focus today will be on some Euro zone Flash Manufacturing and Services PMI data and US Unemployment Claims and Existing Home Sales. Risk aversion/appetite sentiment likely to keep driving the market so good numbers could trigger further bullish momentum while bad numbers could trigger some technical downside rebound.
GBPUSD Forecast
The Cable is the only major currency that fail to gain from broad Dollar weakness after FOMC meeting. On h1 chart below we can see price still able to move inside the minor bullish channel (red) indicates strong bullish view remains intact but we haven’t seen significant bullish momentum so far. The bias is neutral in nearest term and need a clear break above 1.5728 to continue the bullish scenario towards 1.5800 and 1.6000. Immediate support at the lower line of the minor bullish channel and 1.5625. Break below that area could trigger further bearish pullback testing 1.5586 but overall we are still in bullish phase. Fundamental focus today will be on UK BBA Mortgage Approvals and US Unemployment Claims and Existing Home Sales. Risk aversion/appetite sentiment likely to keep driving the market so good numbers could trigger further bullish momentum while bad numbers could trigger some technical downside rebound.
USDJPY Forecast
The USDJPY attempted to push lower yesterday after break below 84.82, but found support around the trend line resistance as you can see on my h4 chart below. A downside pullback testing the violated trend line often happen technically, but a movement back below the trend line could be a serious threat to the bullish scenario re-testing 82.87 as the rounding top bearish reversal scenario is now confirmed. However, like I said yesterday, any further Yen appreciation could trigger another intervention and this could be a psychological support. On the upside, another move back above 84.82 should keep the bullish scenario intact testing 85.90 region.
USDCHF Forecast
The USDCHF continued its bearish momentum yesterday, bottomed at 0.9837 after break below 0.9931 as you can see on my h4 chart below. The bias remains bearish in nearest term testing 0.9730. Immediate resistance at 0.9931. A movement back above that area could lead us to neutral zone as direction would become unclear in nearest term but as long as price move inside the bearish channel we are still in strong bearish scenario.
EURJPY Forecast
The EURJPY had a moderate bullish momentum yesterday. I was expecting more bullish momentum but the upside pressure still limited. The bias is neutral in nearest term but overall we are still in strong bullish phase especially if price able to break above 113.51 testing 114.73. Immediate support at 112.55. Break below that area could trigger further bearish pullback testing the lower line of the bullish channel.
GBPJPY Forecast
The GBPJPY attempted to make another bearish pullback yesterday, but found support around 50% Fibo retracement of 128.54 – 135.03 after bullish momentum triggered by the intervention lose some momentum. The bias is neutral in nearest term. I still prefer a bullish scenario but we need a movement above 133.50 to see further upside pressure. On the downside, consistent move below 131.70 and 50% Fibo retracement could trigger further bearish pressure testing 131.00 region but note that that any further Yen appreciation may trigger another intervention by the Japanese government.
AUDUSD Forecast
The AUDUSD was indecisive yesterday, formed a Doji on daily chart. The bias is neutral in nearest term but overall we are still in strong bullish phase especially if price able to break above 0.9600 testing 0.9650 – 0.9715 region. Immediate support at 0.9467. Break below that area will activate my wait and see mode but as long as price still move inside the bullish channel the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
