EURUSD Forecast
The EURUSD was volatile but indecisive yesterday. Price slipped below 1.3700 but whipsawed to the upside and closed higher at 1.3774. The bias is bullish in nearest term testing 1.3900 – 1.3950 area. The 1.3700 area is an important support at this phase so a strong rejection to move consistently below that area could trigger further upside momentum in nearest term but overall I think we are still in a bearish bias. Immediate support at 1.3750. Break below that area could trigger further bearish pressure re-testing 1.3700 but we need a clear break below 1.3700 to continue the bearish scenario testing 1.3500 area.
GBPUSD Forecast
The GBPUSD had a significant bullish momentum yesterday, break above the bearish channel as you can see on my h4 chart below. This fact could end the bearish correction phase especially if price able to make a clear break above 1.6170 targeting 1.6250/80 region. Immediate support at 1.6079. Break below that area could trigger further bearish pressure testing 1.6000 – 1.5950 but will activate my wait and see mode.
USDJPY Forecast
The USDJPY attempted to push higher yesterday, topped at 82.79 but closed lower at 82.22. The bias is neutral in nearest term. After made a strong break out above the triangle overall we are in bullish recovery phase, but another move below 81.95 would lead us to neutral zone as direction would become unclear both in short and medium term and reactivated my wait and see mode. On the upside 82.87 remains the nearest bullish correction target. Break above that area could trigger further upside momentum testing 83.70 area.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 0.9766 but closed lower at 0.9705. The bias is neutral in nearest term but as long as price move inside the bullish channel we are still in bullish correction phase. Immediate support remains at 0.9650. Break below that area could trigger further bearish pressure testing the lower line of the bullish channel and could be a threat to the bullish correction scenario. On the upside, another move above 0.9730 could trigger further upside momentum testing 0.9800.
EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday after unable to reach 111.60 support area. This fact activates my wait and see mode as overall we are still trapped in range market. The bias is bullish in nearest term testing 113.75. Break above that area could trigger further bullish momentum testing 114.65. Immediate support at 113.13 – 112.80 area and the lower line of the minor bullish channel. Clear break below that area could trigger further bearish momentum testing 111.60.
GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday. On h4 chart below we can see price break above the V-Top formation indicates bearish scenario failure and potential bullish continuation targeting 133.50/75. Break above that area could trigger further bullish momentum testing 135.03. Immediate support at 132.00. Break below that area could lead us back to neutral zone in nearest term testing 131.00 and reactivated my wait and see mode.
AUDUSD Forecast
The AUDUSD was volatile but indecisive in the last 24 hours. Overall we are still in bearish correction phase but need a clear break below 1.0000 to continue the bearish correction testing 0.9900 and the lower line of the bullish channel. The bias is neutral in nearest term and my wait and see mode is now activated. The major scenario remains bullish but need a clear break above 1.0182 to continue the bullish scenario making new historical high 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
