EURUSD Forecast
The EURUSD was volatile but indecisive yesterday, formed A Doji on daily chart. The bias is neutral in nearest term but overall price still maintain its strong bullish outlook. We have a resistance around 1.3700 area. Break above that area could continue the bullish pressure testing 1.3800 – 1.3888. Immediate support at 1.3600 followed by 1.3550. Lower, 1.3500 could be a key support area at this phase. Correction is natural and always happen in the market but technically I do not expect any correction below 1.3500 for now unless we have a big negative fundamental surprise in the Euro zone or US which could create risk aversion sentiment and push the Euro lower.
GBPUSD Forecast
The GBPUSD made another volatile movement yesterday but this time with more bearish bias than what happened on Tuesday and Wednesday. Price slipped below the minor bullish channel and now struggling around the lower line of the channel as you can see on my h4 chart below. On another technical perspective, this high volatile movement created a broadening formation, where price make new highs and lows but show unclear direction. I will stay away from this pair for now. For me, EUR/USD is a better pair to be traded in this condition. A consistent move below the minor bullish channel and break below the lower line of the broadening formation and 1.5650 support area could trigger further bearish momentum, change nearest term bias to bearish but as long as price move inside the major bullish channel (white) the major bullish scenario remains intact with target remains around 1.6000 especially if price able to move consistently above 1.5900.
USDJPY Forecast
The USDJPY attempted to push lower yesterday, bottomed at 83.16 but closed higher at 83.50. The bias is neutral in nearest term but still within the rounding top bearish scenario targeting 82.87. We may have a range between 84.00 – 82.87 at this phase. On the downside, fear of another Japanese government intervention to weaken the Yen remains a psychological support.
USDCHF Forecast
The USDCHF slipped below 0.9730 yesterday but further bearish pressure was rejected and whipsawed to the upside, topped at 0.9843 and closed at 0.9820. The major scenario remains bearish but we are now entering a bullish correction phase. CCI in neutral area on h4, slipped above zero level indicating more potential bullish correction testing 0.9931 resistance area. I will stand aside for now. Immediate support at 0.9778. Break below that area could trigger further bearish pressure retesting 0.9730 before targeting 0.9647.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, slipped below the bullish channel but the bullish channel hold so far and closed significantly higher at 113.82. This fact keeps the major bullish outlook intact, still targeting 114.73 even 115.48 in nearest term. Immediate support at 113.35 followed by 112.96 (yesterday’s low). Only a consistent move below that area and clear break below the bullish channel could be a serious threat to the current strong bullish outlook.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum yesterday, break below the 50% level and now struggling around the 61.8% level as you can see on my h4 chart below. The bias is bearish in nearest term especially if price able to move consistently below 61.% level (131.00) testing 130.10 area. As you know, I prefer a bullish scenario at this phase based on the falling wedge bullish scenario, but the bearish pullback is more than I had expected, so I will stay away from this pair for now. Immediate resistance at 131.70. Break above that area will keep the bullish scenario intact testing 132.71 (yesterday’s high).
AUDUSD Forecast
The AUDUSD was corrected lower yesterday after failed to make a clear break above 0.9728. The bias remains neutral in nearest term as price is consolidating but the major scenario remains strongly bullish, especially if we have a strong breakout above 0.9728 targeting 0.9792 and 0.9849. Immediate support at 0.9600 followed by 0.9467.
Labels: Forex Analysis, forex signal, Forex Trend
