EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.3950 and closed at 1.3943 but traded lower around 1.3890 at the time I wrote this comment. On h1 chart below we can see price is moving inside a minor bullish channel but the bullish channel is now being tested to the downside. We know that price is still consolidating without clear direction in the last three weeks with inconsistent momentum. A break below the minor bullish channel and a consistent move back below 1.3890 could trigger further bearish movement testing1.3800. On the upside, we need a clear break above 1.3950 to continue the bullish momentum testing 1.4028 and the upper line of the major bearish channel.
GBPUSD Forecast
The GBPUSD had a significant bullish momentum yesterday, topped at 1.5977 and closed at 1.5961. The bias is bullish in nearest term but I think we need a clear break above 1.6000 area to continue the bullish momentum re-testing 1.6105. Immediate support at 1.5900. Clear break below that area could trigger further bearish pullback testing 1.5800 support area. Overall we are still in a bullish major scenario as price is still moving inside the major bullish channel
USDJPY Forecast
The USDJPY had a bearish momentum yesterday, bottomed at 80.86 and hit 80.53 at the time I wrote this comment after failed to make a clear break above 81.95 as you can see on my h4 chart below. The bias is bearish in nearest term especially if break below 80.40 testing 80.00 and 79.70 area. On the upside, another move above 81.07 (current high) could lead us back to neutral zone and range condition with 81.95 as key resistance area.
USDCHF Forecast
The USDCHF was corrected lower yesterday, found support at 0.9800 area and traded higher around 0.9863 at the time I wrote this comment. The bias is neutral in nearest term. Overall we are still in bullish phase especially if price able to make another break above 0.9877 targeting 0.9928 and 1.0000. On the downside, clear break below 0.9800 could trigger further bearish pressure testing 0.9730 and the lower line of the bullish channel but as long as price moves in the bullish channel I still prefer a bullish scenario.
EURJPY Forecast
The EURJPY continued its bearish momentum today, hit 111.89 at the time I wrote this comment. The bias is bearish in nearest term testing 111.60. Clear break below that area could trigger further bearish pressure targeting 110.65 – 110.00. Immediate resistance at 112.97 (current high). Break above that area could trigger further upside momentum testing the upper line of the bearish channel but only a violation to the bearish channel could be a threat to the current bearish outlook testing 113.75 and 114.65.
GBPJPY Forecast
The GBPJPY had a significant bearish movement today, slipped below the minor bullish channel as you can see on my h4 chart below indicates potential bearish pressure testing 127.62 before testing 126.43. Immediate resistance at 129.29 (current high). Break above that area could trigger further upside momentum testing 129.82 and the upper line of the bearish channel.
AUDUSD Forecast
The AUDUSD is in critical phase now, a consolidation to find a clear direction. On h4 chart below we can see price still struggling around the lower line of the bullish channel. Immediate support at 0.9700. Break below that area could trigger further bearish pressure testing 0.9650/00 area and could be a threat to the bullish outlook as a bearish reversal scenario could be produced. On the upside, a clear break above 0.9793 could keep the bullish scenario intact testing 0.9917 – 1.0000 key resistance area.
Labels: Forex Analysis, forex signal, Forex Trend
