EURUSD Forecast
The EURUSD was corrected higher yesterday and keep moving higher earlier today in Asian session hit 1.3593. The bias is bullish in nearest term testing 1.3650 – 1.3700 resistance area but overall we are still in strong bearish phase. Like I said, any upside pullback is normal and I still prefer a bearish scenario. Immediate support at 1.3500. Clear break below that area could end the current bullish correction testing 1.3333 this week.
GBPUSD Forecast
The GBPUSD bearish pressure was paused yesterday after found support at the lower line of the bullish channel. The bias is neutral in nearest term. The major bullish scenario remains intact especially if price break above 1.5950 targeting 1.6000 – 1.6080 area. On the downside, key support area remains at the lower line of the bullish channel and 1.5880. Clear break below the bullish channel could be a threat to the major bullish outlook at least testing 1.5750 – 1.5650 which could give an early validation to the bearish reversal scenario.
USDJPY Forecast
The USDJPY was corrected lower yesterday. I think this is a normal correction and overall we are still in bullish phase. The bias is neutral in nearest term. Immediate support remains at 82.84. Break below that area could trigger further bearish momentum testing 82.40 – 81.95 support area. Initial resistance at 83.70 which is also the nearest bullish target. Break above that area could trigger further bullish continuation testing 84.00 – 84.70.
USDCHF Forecast
The USDCHF was corrected lower yesterday. We haven’t seen significant bearish correction since strong bullish run from November 05 so this bearish pullback is normal and we are still in bullish phase. I think I will stand aside for now. Immediate support at the lower line of the minor bullish channel (red) and 0.9900. Consistent move below that area could trigger further bearish pullback testing 0.9800. Initial resistance at 0.9975. We need a clear break above that area to continue the bullish scenario targeting 1.0000 and 1.0182.
EURJPY Forecast
The EURJPY didn’t make significant movement yesterday and still trapped in range area of 115.65 – 111.60 in the last 9 weeks. The bias is neutral both in nearest and medium term and I think I will keep stand aside for now. Immediate resistance remains at 113.44 and the minor trend line resistance (red). Break above that area could trigger further bullish pressure testing 114.28 – 114.65. On the downside, key support level remains at 111.60. Break below that area could lead us to a bearish outlook.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 132.96 but further upside pressure was limited and closed lower at 132.31. The bias is neutral in nearest term but as long as price moves inside the bullish channel we are still in bullish phase especially if price able to break above 132.96 targeting 133.75 before testing 135.03. On the downside, key support area is seen around 132.00 and the lower line of the bullish channel. Only violation to the bullish channel could be a threat to the bullish outlook.
AUDUSD Forecast
The AUDUSD bearish momentum was paused yesterday after failed to consistently move below 0.9750. The bias is bullish in nearest term testing 0.9920 but this fact activates my wait and see mode. The bearish reversal scenario remains valid after the violation of the bullish channel but need a clear break below 0.9750 to continue the bearish pressure testing 0.9650 even lower. On the upside, clear break above 0.9920 could trigger further upside momentum testing 1.0000.
Labels: Forex Analysis, forex signal, Forex Trend
