EURUSD Forecast
The EURUSD regained its bullish momentum yesterday after rejected to move consistently below the bullish channel, whipsawed to the upside, topped at 1.3858 and closed at 1.3853. This fact keeps the strong bullish outlook intact targeting 1.3900 before testing my weekly target around 1.4050 area. Immediate support at 1.3800. Break below that area could trigger further bearish correction testing 1.3700 but overall we are still in strong bullish phase and short position is not recommended.
GBPUSD Forecast
The GBPUSD slipped below the minor bullish channel yesterday, but whipsawed strongly to the upside, topped at 1.5929 and closed at 1.5910. The bias is bullish in nearest term targeting 1.6000. Immediate support at 1.5845 and the lower line of the minor bullish channel. Break below the minor bullish channel could trigger further bearish correction testing 1.5750, but learning from yesterday’s experience, in a major strong bullish outlook a false breakdown to any support area often happen and short position is not recommended.
USDJPY Forecast
The USDJPY still trapped in range area of 84.00 – 82.87 yesterday but this time with more downside bias. The major scenario remains bearish but we need a break below 82.87 to continue the bearish pressure testing 82.20 and 81.75 region. On the upside break above 84.00 could trigger further bullish correction but only a break above 84.82 could cancel the bearish outlook.
USDCHF Forecast
The USDCHF made a significant bearish momentum yesterday, bottomed at 0.9643 after violated the descending triangle to the downside as you can see on my h4 below. This fact confirms further bearish scenario targeting 0.9585 and 0.9550. Immediate resistance at 0.9730. Another upside pullback above that area could lead us to neutral zone as direction would be unclear testing 0.9843 but overall we are still in strong bearish phase and long position is not recommended.
EURJPY Forecast
The EURJPY regained its bullish momentum yesterday, topped at 115.34 after failed to break below the bullish channel as you can see on my h4 chart below. This fact keeps the major bullish scenario intact targeting 115.48 and 117.00 area. Immediate support at 114.30 and the lower line of the bullish channel. Only a clear break below the bullish channel could be a serious threat to the current strong bullish outlook.
GBPJPY Forecast
The GBPJPY made another volatile but indecisive movement yesterday. Price slipped above 132.55 but still unable to stay above that level so far. The bias remains neutral in nearest term and we are still in consolidation phase, but looks like the upside pressure start to regain its bullish momentum after found support at 131.00 (61.8% Fibo). We need a consistent move above 132.55 to keep the falling wedge bullish scenario intact testing 133.55 and 135.03. On the downside, only a clear break below 131.00 could be a serious threat to my bullish outlook.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, slipped below 0.9600 but whipsawed to the upside, topped at 0.9725. This fact keeps the strong bullish outlook intact targeting 0.9792 and 0.9849 this week especially if price able to make a clear breakout above 0.9728/49 region. Immediate support at 0.9670 followed by 0.9600.
Labels: Forex Factory, forex signal, Forex Trend
