EURUSD Forecast
The EURUSD attempted to push higher yesterday, topped at 1.4028 but whipsawed strongly to the downside, bottomed at 1.3856 and closed at 1.3924 after Trichet said that he support a strong Dollar. The bias is neutral in nearest term but as you can see on my h4 chart below the lower line of the bullish channel provided a good technical support area so far keep the major strong bullish scenario intact and only a violation to the bullish channel could be a serious threat to the current strong bullish outlook and may trigger a bearish reversal scenario at least testing 1.3750. On the upside, 1.4050 remains the nearest bullish target before testing 1.4400. Fundamental focus today will be on US NFP.
GBPUSD Forecast
The GBPUSD hit 1.6016 yesterday, but whipsawed strongly to the downside, bottomed at 1.5826 and closed at 1.5876. Technically, a strong pullback after hit a psychological resistance is not a surprise, but we all know that the bearish pullback was triggered by Trichet comment that he support a strong Dollar, created broad Dollar strength. The bias is bearish in nearest term, but as you can see on h4 chart below the lower line of the minor bullish channel did a good job so far preventing further bearish attack and keep the current strong bullish scenario intact. However note that a break below the minor bullish channel could trigger further bearish pressure testing 1.5750 area. On the upside, another bullish move above 1.5950 could trigger further upside pressure re-testing 1.6016 and 1.6069. Fundamental focus today will be on US NFP.
USDJPY Forecast
The USDJPY had a significant bearish momentum yesterday after break below 82.87, bottomed at 82.10 and closed at 82.36. The bias is bearish in nearest term targeting 81.75. Immediate resistance at 82.87. Break above that area could lead us to neutral zone but overall the rounding top bearish scenario should remains intact. Also note that we still have probability of another intervention if the Yen appreciation continues.
USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 0.9554 but whipsawed to the upside, topped at 0.9700 after Trichet comment that he support a strong Dollar created broad Dollar strength. The bias is neutral in nearest term but the major bearish scenario remains intact. On h4 chart below we can see price is now testing the lower line of the descending triangle. Break above the triangle and 0.9700 could trigger further upside correction testing the upper line of the bearish channel and 0.9778 resistance area. On the downside, we need a clear break below 0.9550 to continue the bearish pressure testing 0.9450 and 0.9350.
EURJPY Forecast
The EURJPY slipped below the bullish channel yesterday, but so far still unable to consistently move below the bullish channel. The bias is neutral in nearest term but we are at critical technical phase where a clear break below the bullish channel could be a beginning of a bearish reversal scenario at least testing 113.75. On the upside, we need a break above 115.30 to keep the bullish scenario remains strong targeting 117.00.
GBPJPY Forecast
The GBPJPY continued its bearish momentum yesterday and now seems comfortable move below 131.00. The bias is bearish in nearest term targeting 130.10. Another move above 131.00 could lead us to neutral zone in nearest term testing 131.80 even 132.55 but as long as price move inside the bearish channel we are still in bearish consolidation phase. The falling wedge bullish scenario, although remains intact, start to show potential failure.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday after break above 0.9849, topped at 0.9917 but whipsawed to the downside and closed lower at 0.9816 after Trichet comment that he support a strong Dollar created broad Dollar strength. The bias is neutral in nearest term. The major strong bullish outlook remains intact but need another move above 0.9849 to continue the bullish momentum targeting 0.9925 and 0.9949. Immediate support at 0.9749. Break below that area could trigger further bearish correction testing 0.9600 area but as long as price move inside the bullish channel the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
