EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.3246, closed at 1.3288 but traded higher earlier today in Asian session around 1.3340. This fact keep the bullish correction intact as price still moves inside the bullish channel (blue) and still struggling around the upper line of the bearish channel (red). I think we are still in consolidation and critical technical phase. The bias is neutral in nearest term. Immediate resistance at 1.3438. Clear break above that area could trigger further bullish momentum testing 1.3500 before testing 1.3700. On the other hand, break below the bullish channel and consistent move below 1.3240/00 could end the bullish correction and continue the bearish scenario testing 1.2920.
GBPUSD Forecast
The GBPUSD attempted to push lower yesterday, bottomed at 1.5654 but closed higher at 1.5708 and hit 1.5749 earlier today in Asian session. The bias is neutral in nearest term. We are still in bullish correction phase but would need a clear break above 1.5787 to continue the bullish pressure testing 1.5850 – 1.5900. Immediate support remains around 1.5650. Clear break below that area could trigger further bearish pressure testing 1.5550 – 1.5500 and keep the major bearish scenario remains strong.
USDJPY Forecast
The USDJPY didn’t make significant movement yesterday but overall still maintain its bearish bias, hit 82.33 earlier today in Asian session. The bias remains bearish in nearest term targeting 81.50 area. Immediate resistance at 82.87. Break above that area could lead us to neutral zone in nearest term testing 83.40.
USDCHF Forecast
The USDCHF failed to continue its bearish momentum yesterday after found support at 0.9725, slipped above 0.9850 and traded around 0.9800 at the time I wrote this comment. The bias is neutral in nearest term. The bearish outlook since the break below the trend line support (red) remains intact but need a clear break below 0.9725 to continue the bearish pressure testing 0.9670 even lower. Immediate resistance at 0.9873. Break above that area could trigger further bullish pressure testing 1.0000. I think I will stand aside for now.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday after failed to make a clear break above the trend line resistance and now struggling around 109.85. The bias is bearish in nearest term especially if price able to make a clear break below 109.55 targeting 108.33. Initial resistance at 110.75 and the trend line resistance area. Break above that area could trigger further bullish momentum but I think we need a clear break above 111.19 to continue the bullish scenario targeting 111.91 even higher.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday but still unable to break below 129.33 which is a good and strong support at this phase. I still maintain my bearish outlook but need a clear break below that area to continue the bearish scenario testing 127.97 and 126.43. Immediate resistance at 130.84 – 131.10 area. Clear break above that area could trigger further bullish pressure testing 132.00.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. There are no changes in my daily outlook and I am still in wait and see mode. We are still in bullish correction phase but only a clear break above 1.0000 would be a threat to my bearish reversal view. Immediate support remains at 0.9800. Break below that area could trigger further bearish pressure testing 0.9710 but only a clear break below 0.9710 would reactivate my bearish mode.
Labels: Forex Analysis, forex signal, Forex Trend
