EURUSD Forecast
The EURUSD was indecisive yesterday. The bias is neutral in nearest term but overall we are still in bullish phase. On h1 chart below we can see price is now testing the lower line of the bullish channel. Break below the bullish channel could trigger further bearish pullback testing 1.2920/50 but any downside rebound now should not be a surprise since we haven’t seen bearish correction since last weekend. On the upside, break above 1.3036 (yesterday’s high) could trigger further bullish momentum testing 1.3120. Fundamental focus today will be on four US economic data. PPI, unemployment claims, TIC purchases and Philly Fed Manufacturing Index. Good numbers could trigger another risk appetite, push Euro higher while bad numbers could trigger risk aversion lead us to technical downside rebound. However the results could be mixed and produce another high volatile market.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.5448 but whipsawed to the upside, topped at 1.5650 and closed at 1.5634. The bias is bullish in nearest term but we need a break above 1.5650 to continue the bullish pressure towards 1.5700 before testing 1.5800 region. CCI just cross the 100 line down and now in neutral area on h1 chart indicating potential downside correction testing 1.5531 and the lower line of the bullish channel but overall we are still in bullish phase and only violation to the bullish channel could be a serious threat to the current short/medium term bullish outlook.
USDJPY Forecast
The USDJPY had a significant bullish momentum yesterday, break above the trend line resistance as you can see on my daily chart below, suggests potential bullish reversal scenario. The power behind the bullish momentum was the intervention. The bias is bullish in nearest term testing 85.90. Break above that area could trigger further bullish momentum testing 87.00. Immediate support at 84.82. Break below that area could lead us to neutral zone in nearest term but I prefer a bullish scenario at this phase.
USDCHF Forecast
The USDCHF was corrected higher yesterday. On h1 chart below we can see price is moving in a new minor bullish channel indicates bullish correction/consolidation but the main scenario remains bearish. The bias is neutral in nearest term. Immediate resistance at 1.0060. Break above that area could trigger further upside pullback testing 1.0160. On the downside, my key level is at 0.9917 support area. I think we need a clear break below that area to continue the bearish scenario.
EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday after the Japanese intervention, topped at 111.60. On h4 chart below we can see price is now struggling around the trend line resistance indicates critical technical point. Consistent move above the trend line resistance could be a beginning of a new technical bullish reversal at least testing 112.30/50 area. Immediate support at 110.50 followed by 109.80. I prefer a bullish scenario.
GBPJPY Forecast
The GBPJPY was also had a significant bullish momentum yesterday after the intervention, break above the bearish channel as you can see on my daily chart below indicates potential bullish reversal scenario at least testing 136.00 region. Immediate support at 132.50. Break below that area could lead us to neutral zone in nearest term but I prefer a bullish scenario at this phase.
AUDUSD Forecast
The AUDUSD was indecisive yesterday, formed a Doji on daily chart. On h1 chart below we can see price is moving in a triangle formation indicates consolidation. The bias is neutral in nearest term and we need a break from the triangle to see clearer direction. Break above the triangle and consistent move above 0.9400 could trigger further bullish momentum testing 0.9506. On the other hand, break below the triangle could trigger further bearish correction testing 0.9275 but overall we are still in strong bullish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
