EURUSD Forecast
The EURUSD bullish momentum was paused yesterday after failed to make a clear break above 1.3500 resistance area. The bias is neutral in nearest term as price is consolidating. The strong bullish outlook remains intact but need a clear break above 1.3500 to continue the bullish momentum testing 1.3700. On the downside, immediate support at 1.3400 and the lower line of the bullish channel. Break below that area could diminish the bullish outlook. As you can see on my h4 chart below, CCI maintain above zero level during the strong bullish momentum. A violation to the bullish channel followed by CCI movement below zero level could trigger significant bearish pressure testing 1.3310 support area. On the other hand, another rejection to move below zero level followed by a clear break above 1.3500 could continue the bullish scenario. My fundamental focus today will be on German Prelim CPI and US CB Consumer Confidence. Risk aversion/appetite sentiment likely to drive the movement during the release so good numbers could continue the upside pressure while bad numbers could trigger downside pullback.
GBPUSD Forecast
The GBPUSD slipped above 1.5841 yesterday but further bullish momentum was rejected and closed lower at 1.5808. The bias is neutral in nearest term but overall we are still in strong bullish phase indicated by two bullish channels as you can see on my h4 chart below. CCI in neutral area indicates limited bullish pressure so far as price is consolidating. Immediate support remains around 1.5728 followed the lower line of the minor bullish channel (red) and 1.5650. Break below that area could be a serious threat to the current bullish outlook testing the lower line of the major bullish channel (white). On the upside, initial resistance which is also potential technical bullish target is seen around 1.5900 followed by 1.6000. Fundamental focus today will be on UK Current Account and US CB Consumer Confidence. Risk aversion/appetite sentiment likely to drive the movement during the release so good numbers could continue the upside pressure while bad numbers could trigger downside pullback
USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. The bias is neutral in nearest term but after false breakout on Friday we have to assume that the rounding top bearish scenario remains intact especially if price able to break below 84.00 support area testing 82.87 region. However note that further Yen appreciation could trigger another intervention. I will keep stand aside from this pair. On the upside, break above 84.82 could cancel the bearish outlook and trigger further upside pressure testing 85.90 region.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. On h4 chart below we can see price slipped above the bearish channel but without a strong upside momentum so far. The bias is neutral in nearest term but still within a major bearish scenario. Immediate resistance remains around 0.9931. Break above that area could trigger further bullish momentum testing 1.0030/60 region. On the downside, we need a clear break below 0.9778 to end this consolidation and continue the major bearish scenario testing 0.9730 and 0.9647 region.
EURJPY Forecast
The EURJPY bullish momentum was paused yesterday. The bias is neutral in nearest but still within a major strong bullish scenario as price still move inside the bullish channel. Immediate support at the lower line of the bullish channel and 112.55 region. Break below that area could trigger further bearish pullback testing 111.50/60 area. On the upside, we need a clear break above 113.76 to continue the bullish scenario testing 114.73.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see price still struggling around the 23.6% level. We are now still in consolidation phase but the major scenario remains bullish after the falling wedge bullish scenario confirmed but still need a consistent move above 23.6% level (around 133.55) to continue the bullish scenario testing 135.03. On the downside, only a clear break below 131.70 could be a serious threat to the bullish outlook.
AUDUSD Forecast
The AUDUSD was indecisive yesterday. The major scenario remains strongly bullish but so far unable to stay above 0.9600 resistance area. The bias is neutral in nearest term. Immediate support at 0.9538. Break below that area could trigger further downside pullback testing 0.9467 but as long as price moves inside the bullish channel the major scenario remains bullish. On the upside, break above 0.9650 could trigger further bullish continuation testing 0.9715 before targeting 0.9849.
Labels: Forex Analysis, forex signal, Forex Trend
