EURUSD Forecast
The EURUSD was corrected significantly lower yesterday, slipped below the bullish channel as you can see on my h4 chart below. This fact could be a serious threat to the current strong bullish outlook. Short trades could be profitable in nearest term but I think we need to have a little bit more patient here and not rush judging a bearish reversal although reversal is potential now. The Euro enjoys strong bullish momentum since mid-September, so any downside correction is normal. The bias is bearish in nearest term especially if price able to move consistently below 1.3850 targeting 1.3800 and 1.3750 area. CCI in negative territory on h4 chart and need to stay in that area if we want to see a convincing bearish reversal scenario. On the upside, immediate resistance at 1.3950. Break above that area should keep the bullish scenario intact and false breakdown scenario could be produced re-testing 1.4028/50 area.
GBPUSD Forecast
The GBPUSD also corrected lower yesterday, slipped below the minor bullish channel, but now still struggling around the lower line of the bullish channel as you can see on my h4 chart below. The bias is neutral in nearest term. We need a consistent move below the minor bullish channel and 1.5860 to continue the bearish correction testing 1.5750 and 1.5650. Another strong move which lead price back inside the channel could trigger another false breakdown scenario re-testing 1.6000 even higher.
USDJPY Forecast
The USDJPY was corrected higher yesterday. The hammer candle stick formation gives an upside correction opportunity testing 82.87, but the major scenario remains bearish, especially if price break below 81.36 testing 80.60 and 80.80. Break above 82.87 could trigger further bullish correction, even a new beginning of a bullish reversal phase.
USDCHF Forecast
The USDCHF had a moderate bullish correction yesterday, but still move below the descending triangle. The bias remains neutral in nearest term. We are still in consolidation phase after strong bearish momentum. The major scenario remains bearish but price keeps making higher lows as you can see on my h4 chart below. I think I will stand aside for now and wait for further development. A movement back above the triangle could trigger further bullish correction testing 0.9778. On the downside, we still need a clear break below 0.9550 to continue the bearish pressure testing 0.9450 and 0.9350.
EURJPY Forecast
The EURJPY didn’t make significant move yesterday, but still able to move below the bullish channel indicating potential further bearish scenario especially if price make a clear break below 113.75 targeting 112.95 and 112.30. Immediate resistance at 114.73 (yesterday’s high). Break above that area could lead us to neutral zone as direction would be unclear and technical outlook will be a mess.
GBPJPY Forecast
The GBPJPY made another indecisive movement yesterday. The bias remains neutral in nearest term. On daily chart we have three Doji in three consecutive days indicating unclear direction so far but as long as price move inside the bearish channel we are still in bearish phase especially if price able to make a clear break below 129.82 targeting 128.54. Immediate resistance remains 131.75 followed by 132.55.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday after unable to make a break above 0.9917. The major scenario remains bullish, but like I said yesterday, we can have a double top bearish scenario from here, testing 0.9775 and 0.9708 even 0.9600 and the lower line of the bullish channel. On the upside, we still need a clear break above 0.9917 to continue the bullish scenario.
Labels: Forex Abalysis, forex signal, Forex Trend
