EURUSD Forecast
The EURUSD continued its bullish correction yesterday, topped at 1.3667 and closed at 1.3655. The bias remains bullish in nearest term testing 1.3700 – 1.3750 but I think the major bearish scenario remains intact and the current bullish momentum is still considered as a counter trend move. Immediate support at 1.3550. Break below that area could potentially end the current bullish correction testing 1.3500 – 1.3450 area.
GBPUSD Forecast
The GBPUSD continued its bullish momentum yesterday, topped at 1.6055 and closed at 1.6049. The bias remains bullish in nearest term testing 1.6100 and the upper line of the minor bearish channel (red). The major scenario remains bullish but as long as price moves inside the minor bearish channel overall we are still in bearish consolidation movement after the fall from 1.6292 on November 05. A violation to the minor bearish channel and consistent move above 1.6100 could potentially end the bearish correction and continue the major bullish scenario testing 1.6292 even higher. Immediate support at 1.5950. Break below that area could trigger further bearish pressure testing 1.5880 and the lower line of the major bullish channel (white) and could be the second threat to the major bullish outlook.
USDJPY Forecast
The USDJPY continued its bullish momentum yesterday but still unable to move consistently above 83.70 area. The bias is bullish in nearest term but need a consistent move above 83.70 to continue the bullish pressure testing 84.00 – 84.70 area. Immediate support remains around 82.84. Break below that area could trigger further bearish momentum testing 82.40 – 81.95 support area.
USDCHF Forecast
The USDCHF slipped below the minor bullish channel yesterday but whipsawed to the upside, topped at 0.9997 and closed at 0.9954 in a volatile market. This fact could potentially produced a false breakdown scenario and could continue the upside pressure especially if price make a clear break above 1.0000 targeting 1.0182 area. Immediate support at 0.9850. Break below that area could trigger further bearish pressure testing 0.9800 – 0.9750.
EURJPY Forecast
The EURJPY had a significant bullish momentum yesterday after made a strong breakout above 113.44 and the minor trend line resistance as you can see on my h4 chart below. The bias is bullish in nearest term testing 114.28 – 114.65 but note that we are still in range area where medium bias remains trendless. I will keep stand aside. Immediate support at 113.44. Another move below that area could lead us to neutral zone in nearest term testing 113.00 – 112.80.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday after break above 132.96, topped at 134.20 and closed at 134.06. The bias is bullish in nearest term testing 135.03 especially if price make another strong breakout above 134.20. Immediate support at 133.00. break below that area could lead us to neutral zone in nearest term but as long as price moves inside the bullish channel we are still in major bullish scenario.
AUDUSD Forecast
The AUDUSD continued it bullish correction yesterday, topped and closed at 0.9905. The bias is bullish in nearest term targeting 1.0000 especially if price able to make a clear break above 0.9920. However, note that overall the bearish reversal scenario after the violation to the bullish channel remains valid and the current bullish momentum is still considered as a counter trend move and only a move above 1.0000 could be a threat to the bearish reversal scenario. Immediate support at 0.9810. Break below that area could potentially end the current bullish correction testing 0.9750 even 0.9650 region.
Labels: Forex Analysis, forex signal, Forex Trend
