EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.3858 and closed at 1.3863 after violated the bullish channel and consistently move below 1.4000. The bias remains bearish in nearest term testing 1.3800 and the trend line support area as you can see on my h4 chart below. Clear break below that area could trigger further bearish momentum targeting 1.3700 even 1.3500 area this week. Immediate resistance at 1.3896 (current high). Break above that area could lead us to neutral zone in nearest term testing 1.3950 – 1.4000 but overall we are still in bearish bias at this phase.
GBPUSD Forecast
The GBPUSD also had a bearish momentum yesterday and attempted to push lower earlier today in Asian session, slipped below 1.6079 but rebounded to the upside, traded around 1.6130 at the time I wrote this comment. The bias is neutral in nearest term but I think we are still in bearish correction phase especially if price able to consistently move below 1.6079 targeting 1.6000 area. Immediate resistance at 1.6170. Break above that area could trigger further upside pressure testing 1.6250/80 region and could end the bearish correction phase.
USDJPY Forecast
The USDJPY was indecisive yesterday. Overall we are still in consolidation phase without clear direction and consistent move which is also indicated by triangle formation as you can see on my h4 below. We need a clear break from the triangle to see clearer direction. Break above the triangle could trigger further upside correction testing 81.95 while a break below the triangle could trigger further bearish continuation re-testing 80.24 – 79.70 area. I think I will stand aside for now.
USDCHF Forecast
The USDCHF was corrected higher yesterday, topped at 0.9680 and closed at 0.9674. The bias is bullish in nearest term testing 0.9730 but overall I think we are still in bearish phase. Immediate support at 0.9650. Break below that area could trigger further bearish pressure testing 0.9550.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday, bottomed at 112.37 and keep moving lower earlier today in Asian session, hit 112.04. The bias is bearish in nearest term targeting 111.60 and 110.00 support area. Immediate resistance at 112.66 (current high). Break above that area could lead us to neutral zone in nearest term testing 113.75 but I think we are in a bearish phase now and I prefer a bearish scenario with short on rallies strategy.
GBPJPY Forecast
The GBPJPY also had a bearish momentum yesterday, bottomed at 130.53 and hit 130.29 earlier today in Asian session. On h4 chart below we have a V-Top formation indicates potential bearish reversal scenario and a serious threat to the bullish outlook. The bias is bearish in nearest term targeting 129.82 – 129.00. Immediate resistance at 131.00. Break above that area could trigger further bullish momentum testing 132.00 and keep the bullish outlook intact.
AUDUSD Forecast
The AUDUSD was corrected lower yesterday, bottomed at 1.0078 and closed at 1.0100. The bias is bearish in nearest term testing 1.0000 area especially if price able to make a clear break below 1.0084. However, the major scenario remains bullish. We have a “flag” bullish formation as you can see on my h4 chart below. Break above the formation could continue the bullish pressure testing 1.0250 area.
Labels: Forex Analysis, forex signal, Forex Trend
