EURUSD Forecast
The EURUSD was corrected lower yesterday after bad Euro zone Flash Manufacturing and Services PMI numbers. The bias is neutral in nearest term. We haven’t seen significant bearish correction during the strong bullish momentum, so any bearish correction is normal and I don’t see potential technical bearish reversal scenario so far. On h4 chart below we can see price is moving in a minor bearish channel, (which is also can be seen as a bullish flag formation) indicating bearish consolidation but overall we are still in bullish phase but need a break out above the bearish channel to continue the bullish scenario testing 1.3500. Immediate support at 1.3250, which is the 23.6% Fibo retracement of 1.2644 – 1.3438. Fundamental focus today will be on German Ifo Business Climate and US Durable Goods Orders and New Home Sales. Trading in the weekend with some high impact data and technical consolidation could be very tricky so don’t rush jump into the market.
GBPUSD Forecast
The GBPUSD made another volatile but indecisive movement yesterday. The bias is neutral in nearest term but overall we are still in bullish phase. I have made adjustment to the minor bullish channel (red). Price has been moving in range area of 1.5728 – 1.5500 and need a break on either side to see clearer direction. I still prefer a bullish scenario and expect a clear breakout above 1.5728 testing 1.5800 before targeting 1.6000 in longer term view. Immediate support at 1.5585 and the lower line of the minor bullish channel. Break below that area could be a serious threat to the current bullish outlook testing 1.5500 and the lower line of the major bullish channel (white). Fundamental focus today will be on US Durable Goods Orders and New Home Sales. Risk aversion/appetite sentiment likely to stay and drive the movement for now.
USDJPY Forecast
The USDJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term. So far I have conflicting technical view, where violation to the trend line resistance indicates bullish reversal scenario but the rounding top formation indicates bearish scenario. We need a break above 84.82 to cancel the rounding top bearish scenario and continue the upside attempt testing 85.90. On the other hand, break below 84.00 could give further bearish confirmation testing 82.87.
USDCHF Forecast
The USDCHF was indecisive yesterday, made a Doji on daily chart indicating consolidation, which is normal after a strong bearish momentum. The bias is neutral in nearest term but still within a major bearish context. Immediate resistance remains around 0.9931 and the upper line of the bearish channel. Break above that area could diminish the bearish outlook and activate my wait and see mode but overall we are still in major bearish scenario with 0.9730 as nearest target.
EURJPY Forecast
The EURJPY was corrected lower yesterday, but found support around the lower line of the bullish channel as you can see on my h4 chart below and whipsawed to the upside, hit 113.74 earlier today in Asian session. This fact could trigger further bullish continuation testing 114.73 in medium term. Immediate support at 113.00. Break below that area could lead us to neutral zone in nearest term but overall we are still in strong bullish phase as long as price move inside the bullish channel.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday, but had some bullish momentum earlier today in Asian market, hit 133.75 after rebounded from 50% Fibo retracement of 128.54 – 135.03 as you can see on my h4 chart below and now struggling around the 23.6% level. This fact could trigger further bullish continuation re-testing 135.03 in medium term especially if price able to stay consistently above the 26.3 % level around 133.60. Immediate support at 132.50.
AUDUSD Forecast
The AUDUSD was corrected lower yesterday, but found support around 0.9467 as you can see on my h4 chart below. The bias remains neutral in nearest term as price still consolidating in range area. The major scenario remains bullish but need a clear break above 0.9600 to continue the bullish pressure testing 0.9650 – 0.9715 region. On the downside, break below 0.9467 could diminish the bullish outlook, lead us to neutral medium bias but as long as price moves inside the bullish channel the main scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
