EURUSD Forecast
The EURUSD was corrected higher yesterday after failed to break below 1.2968, topped at 1.3181 and closed at 1.3124. The bias is bullish in nearest term especially if price able to make a clear break above the trend line resistance (white) and 1.3181 area testing 1.3250 – 1.3300 but note that as long as price moves inside the bearish channel we are still in a major bearish outlook. I still prefer a bearish scenario but need a clear break below 1.3055 to see further bearish continuation and potentially end the bullish correction targeting 1.2968 – 1.2920 this week.
GBPUSD Forecast
The GBPUSD continued its bullish correction yesterday but still unable to move above 1.5650 resistance area so far. The bias is bullish in nearest term especially if price able to make a clear break above 1.5650 testing 1.5750. Immediate support at 1.5550. Clear break below that area could potentially end the bullish correction re-testing 1.5500 – 1.5450 support area. Although there are still more rooms for further bullish correction in nearest term, overall we are still in a major bearish outlook and any upside correction is normal unless the bearish channel violated to the upside.
USDJPY Forecast
The USDJPY had a bullish momentum yesterday after failed to consistently move below the trend line support and 83.40 support area. This fact keeps the bullish scenario intact but need a clear break above 84.40 to continue the upside pressure testing 85.00/22. Immediate support remains around 83.40. Break below that area could be a threat to the bullish outlook testing 82.87.
USDCHF Forecast
The USDCHF was indecisive yesterday, made a Doji on daily chart. Price slipped above 1.0050 but unable to consistently stay above that area so far. The bias is neutral in nearest term but still within the context of a bullish scenario testing 1.0182 after the break above the triangle. Immediate support at the trend line support (red) and 0.9920. Break below that area could trigger further bearish pressure testing 0.9850.
EURJPY Forecast
The EURJPY whipsawed to the upside yesterday, erased all the bearish momentum on Tuesday and now struggling around 110.30 area. This fact activates my wait and see mode for now. Overall I still prefer a bearish scenario but a break above 110.75 could trigger further bullish momentum targeting 111.91. Immediate support at 109.70. Break below that area could trigger further bearish pressure testing 108.90/33 region.
GBPJPY Forecast
The GBPJPY made a significant bullish correction yesterday, topped at 131.59 and closed at 131.32. The bias is bullish in nearest term testing 132.00 but overall we are still in a major bearish scenario and any upside momentum now is still considered as counter trend move. However, a break above 132.00 could be a threat to the bearish outlook. Immediate support at 130.84. A movement back below that area could trigger further bearish pressure testing 129.83 and keep the bearish outlook remains strong.
AUDUSD Forecast
The AUDUSD was corrected higher yesterday, topped at 0.9697 and closed at 0.9658. The bias remains neutral in nearest term and I think we are in consolidation phase but still within the context of a strong bearish trend since the fall from all time high at 1.0182. Immediate resistance at 0.9710. Clear break above that area could trigger further bullish correction testing 0.9778 area. Initial support at 0.9550/30. We need a clear break below that area to continue the bearish scenario testing 0.9450 this week.
Labels: Forex Analysis, forex signal, Forex Trend
