EURUSD Forecast
The EURUSD had significant bullish momentum earlier today in Asian session, slipped above the bearish channel as you can see on my h4 chart below. This fact could be a threat to the bearish scenario especially if price able to consistently move above the bullish channel testing 1.4049 and 1.4158 in nearest term. Immediate support at 1.3953 (current low). Break below that area could trigger further bearish pullback testing 1.3900 and 1.3800 and lead us back to difficult situation similar to what happened in the last two weeks where direction is unclear and momentum is not consistent.
GBPUSD Forecast
The GBPUSD bounced higher earlier today in Asian session after found support at the lower line of the major bullish channel as you can see on my h4 chart below. This fact keeps the major bullish scenario intact especially if price able to make a clear break above 1.5750 and 23% Fibo retracement of 1.6105 – 1.5649 testing 1.5800 – 1.5850. On the downside, only a clear break below the major bullish channel and 1.5650 support area could be a threat to the major bullish scenario.
USDJPY Forecast
The USDJPY still trapped in range area of 81.95 – 80.85 since October 13, indicating consolidation phase but the major scenario remains bearish. The bias remains neutral in nearest term and need a clear break from the range area to see clearer direction. Break below 80.85 could trigger further bearish pressure targeting 80.00 and keep the major bearish scenario remains strong while break above 81.95 could trigger further bullish correction testing 82.87. Aggressive traders may long around 80.85 or short around 81.95 with tight stop loss.
USDCHF Forecast
The USDCHF was corrected lower earlier today in Asian session, struggling around 0.9730 support area as you can see on my h4 chart below. The bias is bearish in nearest term especially if break below 0.9730 testing 0.9650 but as long as price move inside the bullish channel we are still in bullish phase. Immediate resistance at 0.9830 (Friday’s high). Break below that area could trigger further upside momentum testing 0.9877.
EURJPY Forecast
The EURJPY continued its bullish momentum earlier today in Asian session, testing the upper line of the bearish channel after bounced from 111.60 support area as you can see on my h4 chart below. A break above the bearish channel could be a threat to the bearish scenario targeting 114.65 even 115.65. On the downside, immediate support at 113.30/40. Break below that area should keep the major bearish scenario intact testing 112.80/50 area.
GBPJPY Forecast
The GBPJPY attempted to push lower on Friday, bottomed at 127.07 but closed higher at 127.55 in a narrow market. The bias is neutral in nearest term. The major bearish scenario remains intact testing 126.72 but CCI in neutral area on h4 chart suggests potential bearish exhaustion for now. Immediate resistance at 128.20 and the trend line resistance area (blue). Break above that area could trigger further bullish pullback testing 128.90 – 129.20 resistance area.
AUDUSD Forecast
The AUDUSD had a bullish momentum earlier today in Asian session, slipped above 0.9917 resistance area. Consistent move above that area could trigger further bullish continuation testing 1.0000 even make a new historical highs in near future. Immediate support at 0.9837 (current low). Break below that area could lead us to neutral zone as direction would become unclear testing 0.9775 but as long as price moves inside the bullish channel the major scenario remains bullish.
Labels: Forex Analysis, forex signal, Forex Trend
