EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3863 but closed higher at 1.3908 after found support at the lower line of the minor bullish channel as you can see on my h1 chart below. This fact indicates that we are still in intra-day bullish outlook testing the upper line of the major bearish channel but medium term bias remains neutral. Immediate support at 1.3880. Break below that area and violation to the downside of the minor bullish channel could trigger further downside pressure testing 1.3800. Initial resistance at 1.4000. Consistent move above that area could trigger further upside pressure re-testing 1.4079 – 1.4158.
GBPUSD Forecast
The GBPUSD was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but overall we are still in a major bullish scenario re-testing 1.6105. Clear break above that area could trigger further bullish scenario testing 1.6230/50 area. Immediate support at 1.6000. Break below that area could trigger further bearish correction testing 1.5900 but any downside correction is normal and as long as price moves inside the major bullish channel the major scenario remains to the upside.
USDJPY Forecast
The USDJPY attempted to push higher yesterday, topped at 81.41 but closed lower at 80.57. The bias is neutral in nearest term but overall we are still in a strong bearish outlook at least testing 79.70/50 area. No significant new technical moves so far and the movement remains boring. Immediate resistance at 80.85 followed by 81.41. Break above 81.41 could trigger further upside momentum re-testing 81.95 but only a clear break above 81.95 could be a threat to the current bearish outlook.
USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 0.9970 but closed lower at 0.9918 and keep moving lower around 0.9907 at the time I wrote this comment. The bias is bearish in nearest term testing 0.9877 and 0.9800 but as long as price moves inside the bullish channel the major bullish scenario remains intact testing 1.0000 – 1.0100 area and any downside correction is normal.
EURJPY Forecast
The EURJPY slipped above the bearish channel yesterday, but so far still able to move inside the bearish channel indicates the major bearish scenario remains intact. I think we could still see further upside attempts re-testing the upper line of the bearish channel and 112.75 resistance area but only a clear break above the bearish channel could be a threat to the bearish scenario testing 113.75 and 114.65 region. On the downside, 111.60 remains an intermediate support level. Break below that area could continue the bearish pressure testing 110.00.
GBPJPY Forecast
The GBPJPY still maintain its upside pressure so far testing the upper line of the bearish channel. The bias is bullish in nearest term especially if price able to make a clear break above 130.00 and consistently move above the bearish channel targeting 131.00 area and could be an early phase of a new bullish scenario. Immediate support at 128.87 (yesterday’s low). Break below that area would keep the major bearish scenario intact testing 128.00 – 127.62 region.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum earlier today in Asian market, hit 0.9992 level. The bias is bullish in nearest term, but note that we may have an important resistance around 1.0000. Clear break above that area could trigger further bullish momentum, making new historical highs probably around 1.0050 – 1.0100 region. Immediate support at 0.9917. Break below that area could trigger further bearish correction testing 0.9850/30 but as long as price able to move inside the major bullish channel we are still in a major bullish scenario.
Labels: Forex Analysis, forex signal, Forex Trend
