EURUSD Forecast
The EURUSD continued its bullish momentum yesterday after bounced from 1.3800 support area on Tuesday and made a significant breakout above 1.4050 earlier today in Asian session as you can see on my h4 chart below. The candle is not complete yet at the time I wrote this comment, but if we have a convincing bullish h4 candle on this breakout, bullish continuation scenario will be confirmed targeting 1.4120 in nearest term before testing 1.4170/90 and 1.4400 area. On the downside, immediate support at 1.4028/00. A pullback below that area could lead us to neutral zone in nearest term as direction would become unclear but the major scenario remains bullish.
GBPUSD Forecast
The GBPUSD had a bullish momentum yesterday and made a significant breakout above the minor bearish channel earlier today in Asian session as you can see on my h4 chart below indicates potential bullish continuation testing 1.6000/16. Break above that area could trigger further bullish momentum testing 1.6085 – 1.6100. Immediate support at 1.5937 (yesterday’s high). Break below that area could lead us to neutral zone as direction would be unclear but the major scenario remains bullish.
USDJPY Forecast
The USDJPY didn’t make significant movement yesterday, but had a strong bearish momentum earlier today in Asian session, break below 81.36 as you can see on my h4 chart below. The h4 candle is not complete yet at the time I wrote this comment, but if the candle able to close convincingly below 81.36, the hammer bullish scenario is fail and on the other hand could trigger further bearish continuation targeting 80.60 and 80.00 area. Immediate resistance at 81.72 (current high). Break above that area could lead us to neutral zone as direction would become unclear but the major scenario remains strongly bearish.
USDCHF Forecast
The USDCHF slipped below 0.9550 earlier today in Asian session, indicates potential bearish continuation testing 0.9450 before targeting 0.9350 especially if the h4 candle able to close convincingly below 0.9550. Any movement back above 0.9550 could lead us to neutral zone as direction would become unclear but the major scenario remains strongly bearish and long position is not recommended.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 114.68 but closed lower at 114.25. The bias is neutral in nearest term but as you can see on my h4 chart below we have an inverse head and shoulders formation, which is a bullish pattern especially if price make a clear break above the neckline located at 114.75 targeting 115.65 before testing 117.00. Immediate support at 113.75. Break below that area will cancel the inverse head and shoulders bullish scenario and could trigger further bearish pressure testing 112.84.
GBPJPY Forecast
The GBPJPY was corrected higher yesterday, topped at 130.30 and closed at 130.17 and now struggling around 129.82. The bias is neutral in nearest term. Like I said yesterday, technically we still have rooms for any bullish correction at this phase but the major scenario remains bearish. Immediate resistance at 130.69. Break above that area could trigger further bullish correction testing 131.75 area. On the downside, consistent move below 129.82 could trigger further bearish pressure testing 128.99.
AUDUSD Forecast
The AUDUSD made a significant break above 0.9917 earlier today in Asian session, made a new historical high at 0.9981, indicates potential further bullish continuation testing 1.0050, a new historical high projection. The bias is bullish in nearest term and bullish continuation scenario is now confirmed. Immediate support at 0.9917. Break below that area could lead us to neutral zone in nearest term as direction would become unclear but the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
