EURUSD Forecast
The EURUSD was able to maintain its bearish bias yesterday. Price attempted to push higher, topped at 1.3937 but whipsawed to the downside, slipped below the trend line support as you can see on my h4 chart below, fell below 1.3800 and hit 1.3735 earlier today in Asian session. The bias remains bearish in nearest term targeting 1.3700 area before testing 1.3500 this week. We have potential bearish reversal scenario here, but I need a clear break below 1.3700 to have further validation to the bearish reversal outlook. Immediate resistance at 1.3800. Break above that area could lead us to neutral zone in nearest term testing 1.3850 – 1.3900 area but as long as price move below 1.4000 I prefer a bearish scenario at this phase. After several weeks of unclear direction and inconsistent movement, I hope we can see a good trending market.
GBPUSD Forecast
The GBPUSD also had a bearish momentum yesterday after failed to make a clear break above 1.6170, bottomed at 1.5951 and closed at 1.5997. The bias is bearish in nearest term targeting 1.5900 even could test the lower line of the major bullish channel as you can see on my h4 chart below. Immediate resistance at 1.6079. Break above that area could lead us to neutral zone in nearest term but as long as price moves inside the bearish channel (blue) we are still in bearish correction phase and only a violation to the bearish channel could end the bearish correction testing 1.6170 – 1.6250 area.
USDJPY Forecast
The USDJPY made a false break down below the triangle yesterday before reverse its direction and made a strong break out above the triangle as you can see on my h4 chart below. This fact indicates a potential bullish scenario in nearest term but need a clear break above 81.95 to continue the upside recovery testing 82.87. Immediate support at 81.20. Break below that area could lead us to neutral zone as direction would become unclear and keep us in boring market and range area of 81.95 – 80.24.
USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 0.9586 but whipsawed to the upside and closed higher at 0.9684. This fact keeps the bullish correction scenario intact targeting 0.9730 – 0.9800 resistance area. Immediate support remains around 0.9650. Break below that area could trigger further bearish pressure testing the lower line of the minor bullish channel but only a violation the bullish channel could end this bullish correction phase testing 0.9550 and 0.9460 area.
EURJPY Forecast
The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term with expected range at 113.13 – 111.60. On h4 chart below we have a V-Top formation and from another point of view also look like a “head and shoulders” formation which is a bearish pattern especially if price able to make a clear break below 111.60 targeting 110.00. On the other hand, break above 113.13 could trigger further bullish pressure testing 113.75 and activate my wait and see mode but I prefer a bearish scenario at this phase as my technical study show more bearish bias now.
GBPJPY Forecast
The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. Similar to the EURJPY, as you can see on my h4 chart below, this pair forms a V-Top formation which also can be seen as a “head and shoulders” formation from another point of view, suggests more bearish bias at this phase especially if price made a clear break below 129.82 testing 129.00 even lower as bearish reversal scenario would be confirmed. On the other hand, a break above 131.00 could lead us to neutral zone testing 132.00 and activate my wait and see mode.
AUDUSD Forecast
The AUDUSD was volatile yesterday but overall still able to maintain its bearish correction bias. On h4 chart below we can see that the bullish flag scenario has failed which could set more bearish correction scenario especially if price make a clear break below 1.0000 testing 0.9920/00. As long as price moves inside the bullish channel we are still in a major bullish outlook, but need a clear break above 1.0182 to continue the bullish scenario making new historical highs projection around 1.0250 area. On the other hand, a break below the bullish channel could be a threat to the bullish outlook and potential bearish reversal scenario.
Labels: Forex Analysis, forex signal, Forex Trend
