EURUSD Forecast
The EURUSD still able to maintain its bullish bias yesterday. After attempted to push lower, bottomed at 1.3798, price whipsawed to the upside, topped at 1.3947 and closed at 1.3915. The bias remains bullish in nearest term targeting 1.4050 especially if break above 1.3947 today but looks like we may see volatility in the market again. Immediate support remains around 1.3800 and the lower line of the bullish channel. Only a violation to the bullish channel could be a serious threat to the bullish outlook and activate my wait and see mode.
GBPUSD Forecast
The GBPUSD failed to maintain its bullish bias yesterday. The bias is neutral in nearest term but overall we are still in bullish phase targeting 1.6000. I have made adjustment to the minor bullish channel as reaction to the newest price action. Immediate support at 1.5800 and the lower line of the minor bullish channel. Break below that area could trigger further bearish pressure testing 1.5750 even lower but I am not in the mood of having short position while broad Dollar weakness is still out there. I still think that EUR/USD is a better pair to be traded than GBP/USD.
USDJPY Forecast
The USDJPY slipped below 82.87 yesterday but so far still unable to move consistently below that area. The rounding top bearish scenario should remain strong but need a consistent move below 82.87 to continue further bearish pressure targeting 82.20 and 81.75. On the upside immediate resistance remains at 84.00. Break above that could trigger further bullish correction but only a break above 84.82 could cancel the bearish outlook.
USDCHF Forecast
The USDCHF had a moderate bearish momentum yesterday, bottomed at 0.9598 and closed at 0.9623. The bias remains bearish targeting 0.9585 and 0.9550 in nearest term as I see no serious threat to the descending triangle bearish scenario so far. Immediate resistance at 0.9683 (yesterday’s high). Break above that area could trigger further bullish correction testing 0.9730 but overall we are still in bearish phase and long position is not recommended.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 114.68 but still maintain its bullish bias, closed higher at 115.45. On h4 chart below we can see so far price still comfortable moving inside the bullish channel indicating strong bullish outlook remains intact. The bias remains bullish targeting 117.00. Immediate support around 114.60. Only a violation to the bullish channel could be a serious threat to my bullish outlook and activate my wait and see mode.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday, bottomed at 131.38 and closed at 131.62. The bias is bearish in nearest term especially if price able to move below 131.00 targeting 130.10. However, actually overall price still consolidating, trapped between 131.00 (61.8% Fibo) – 132.55 (38.2% Fibo). On the upside, immediate resistance remains around 132.55. We need a clear break above that area to keep the falling wedge bullish scenario intact. I will keep stand aside for now. For me EUR/JPY is a better pair to be traded than GBP/JPY.
AUDUSD Forecast
The AUDUSD continues the bullish momentum, hit 0.9845 earlier today in Asian session. The bias remains bullish in nearest term targeting 0.9925 and 0.9949 especially if price able to make another strong breakout above 0.9849. From long term perspective, as you can see on my monthly chart below, where previous historical highs since 1996 can be seen, price is now testing the historical high at 0.9849. If you are a long term currency speculator, you have a good reason to short the pair now with proper money management. But if you are an intra-day trader, you should trade what you see now where bullish momentum still strong. Note that broad dollar weakness is still out there. EUR/USD and GBP/USD still have many room for further bullish momentum and if they do keep moving higher, AUD/USD could be dragged higher too, making new historical highs. Immediate support at 0.9790 and 0.9756.
Labels: Forex Analysis, forex signal, Forex Trend
