EURUSD Forecast
The EURUSD had a bullish momentum yesterday, topped at 1.4057 and closed at 1.4032. On h4 chart below we can see that the major bearish channel has been violated to the upside indicates a serious threat to the bearish outlook and potential bullish continuation re-testing 1.4158 area. However we haven’t seen consistent momentum so far so the situation remains tricky. Immediate support at the lower line of the bullish channel and 1.3950 area. Break below that area could trigger further downside pullback testing 1.3880 and keep direction/bias remains unclear.
GBPUSD Forecast
The GBPUSD was volatile but remains indecisive yesterday. The bias is neutral in nearest term but the major outlook remains to the upside with 1.6105 as the nearest resistance line to be tested. Above that, 1.6250 could be seen this week. Immediate support at 1.6000 and the lower line of the minor bullish channel. Break below that area could trigger further downside pullback testing 1.5950 – 1.5900 but the main scenario remains to the upside and I still prefer a bullish scenario at this phase.
USDJPY Forecast
The USDJPY didn’t make significant movement yesterday. In fact, I think this pair has been trendless in the last two weeks. However the overall bias remains bearish testing 79.70 in nearest term. Immediate resistance at 80.85 followed by 81.95. The major outlook remains bearish but no significant bearish momentum so far.
USDCHF Forecast
The USDCHF was corrected lower significantly yesterday, bottomed at 0.9757 and closed at 0.9793. The bias remains bearish in nearest term testing 0.9730 and the lower line of the bullish channel but as long as price moves inside the bullish channel we are still in bullish phase. Immediate resistance at 0.9877. Break above that area could continue the bullish scenario testing 1.0000.
EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday, violated the bearish channel to the upside as you can see on my h4 chart below indicates a serious threat to the bearish scenario and potential bullish outlook testing 113.75 and 114.65 area. Immediate support at 112.25. Break below that area could trigger further bearish pressure testing 111.60 and keep the bearish scenario intact.
GBPJPY Forecast
The GBPJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but price is struggling around the upper line of the bearish channel as you can see on my h4 chart below indicates critical phase. A violation to the upside of the bearish channel could be a serious threat to the bearish scenario and a beginning of a bullish phase testing 131.00. Immediate support at 128.80. Break below that area would keep the bearish scenario intact testing 127.62.
AUDUSD Forecast
The AUDUSD made a new historical high yesterday, topped at 1.0023 and closed at 0.9986. The bias is neutral in nearest term but overall remains strongly bullish especially if break above 1.0023 today, probably would make new historical highs between 1.0050 – 1.0100. Immediate support at 0.9917. Break below that area could trigger further bearish momentum testing 0.9850 and the lower line of the bullish channel.
Labels: Forex Analysis, forex signal, Forex Trend
