EURUSD Forecast
The EURUSD continued its bearish bias yesterday but still unable to make a clear break below Friday’s low around 1.3560/70 area. The bias remains bearish in nearest and medium term targeting 1.3500 – 1.3333 this week especially if price able to make a clear break below 1.3560/70 support area. Immediate resistance at 1.3650. Break above that area could lead us to neutral zone in nearest term testing 1.3700 but overall we are still in bearish phase. CCI still maintain position in negative territory on h4 chart suggests that the current bearish momentum is strong enough.
GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday, bottomed and closed at 1.6040. The bias is bearish in nearest term targeting 1.5950 but note that overall we are still in a major bullish outlook and only a violation to the bullish channel could be a threat to the bullish scenario. Immediate resistance at 1.6100. Break above that area could trigger further upside momentum but need a clear break above 1.6170/80 to continue the bullish scenario testing 1.6270 – 1.6300.
USDJPY Forecast
The USDJPY continued its bullish correction yesterday, topped at 83.25 and closed at 83.16. The bias remains bullish in nearest term testing 83.70 – 84.00. Immediate support at 82.87. Break below that area could lead us to neutral zone in nearest term but overall we are still in bullish phase.
USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 0.9870 and closed at 0.9851. The bias remains bullish in nearest term targeting 1.0000 especially if price make another break above 0.9880 and move above the triangle. The upper line of the triangle seems to be an important resistance to be watched closely at this phase. Immediate support at 0.9800 and the lower line of the minor bullish channel (red). Break below that area could trigger further bearish pressure testing 0.9730 but as long as price moves inside the major bullish channel we are still in bullish phase.
EURJPY Forecast
The EURJPY was volatile but indecisive yesterday. The bias remains neutral in both nearest and medium term as price still trapped in range area of 111.60 – 115.65 as you can see on my h4 chart below and we need a break on either side to see clearer direction. I will keep stand aside for now.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday but overall still maintain its bullish bias targeting 134.50 – 135.03 area. Immediate support at 133.00. Break below that area could trigger further bearish pressure testing 132.00 but only a violation to the bullish channel could be a threat to the current bullish scenario.
AUDUSD Forecast
The AUDUSD still maintain its bearish bias yesterday. The movement below the bullish channel is still a threat to the bullish outlook, but there is a triple bottom formation around 0.9810 indicates potential bottom in nearest term after strong bearish pullback since November 08. We need a clear break below 0.9810 to continue the bearish reversal scenario at least targeting 0.9750 – 0.9650 region. Immediate resistance at 0.9919 (yesterday’s high). Break above that area could trigger further bullish momentum testing 1.0000.
Labels: Forex Analysis, forex signal, Forex Trend
