Jan-12 Daily Forex Forecast and Trend Analysis

Jan-11 Daily Forex Forecast and Trend Analysis

Jan-06 Daily Forex Forecast and Trend Analysis

Jan-06 Daily Forex Forecast and Trend Analysis

Jan-05 Daily Forex Forecast and Trend Analysis

Jan-04 Daily Forex Forecast and Trend Analysis

Dec-24 Daily Forex Forecast and Trend Analysis

Dec-23 Daily Forex Forecast and Trend Analysis

Dec-22 Daily Forex Forecast and Trend Analysis

Dec-21 Daily Forex Forecast and Trend Analysis





February 2007 March 2007 September 2007 November 2007 December 2007 February 2008 May 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 July 2009 August 2009 September 2009 October 2009 November 2009 December 2009 January 2010 February 2010 March 2010 April 2010 May 2010 June 2010 July 2010 August 2010 September 2010 October 2010 November 2010 December 2010 January 2011




Easy-Forex
Master-Forex
Forex-Factory
Forex-tsd
ForexYard
Forex Education
Marketiva
OnLine Forex



Blogger

FinalSense

Amazon

Yahoo

Ebay



Wednesday, March 31, 2010
Mar-31 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3535 but whipsawed to the downside, bottomed at 1.3395 and closed at 1.3412 after a better than expected US consumer confidence data. Technically this fact could end the bullish correction scenario testing 1.3250 and 1.3100 area. Today we will have unemployment and CPI numbers from the Euro zone. Good results may support the Euro and keep the bullish correction intact testing 1.3535 and 1.3600 region while bad results should trigger further significant drop. Immediate resistance at 1.3450/80 area. Break above that area could trigger further upside pressure but as long as price still move inside the bearish channel the main outlook remains bearish. Initial support at 1.3365 area. Break below that area could trigger further bearish momentum testing 1.3250.


GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.5124 but closed lower at 1.5067. The bias is neutral in nearest term. We are still in upside correction phase with the upper line of the bearish channel to be tested but the main scenario remains bearish as long as price still move inside the bearish channel. Immediate resistance at 1.5124 (yesterday’s high). Consistent move above that area could be a serious threat to the bearish outlook. Initial support at 1.5000 – 1.4950. Break below that area could end the bullish correction testing 1.4876 and 1.4779 area.


USDJPY Forecast:
The USDJPY was able to maintain its bullish tone yesterday and keep moving higher earlier today in Asian session around 93.20 at the time I wrote this comment. The bias is bullish in nearest term targeting 93.75 area before aim for 95.50 region. Immediate support at 92.74 (current low). Break below that area should lead us into no trading zone testing 92.00 area.


USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 1.0587 but as you can see on my h4 chart below, the minor trendline support did a good job preventing further bearish pressure and price closed higher at 1.0664. This fact should keep the bullish outlook intact. Immediate support at 1.0640. Break below that area should lead us into no trading zone as direction would become unclear. Initial resistance at 1.0750. Break above that area should trigger further bullish momentum testing 1.0888 region.


EURJPY Forecast
Yesterday the EURJPY slipped above 125.15, topped at 125.45 but whipsawed to the downside and closed lower at 124.44. This fact lead us back into the range area of 125.15 – 124.00. The bias is neutral in nearest term. The bullish scenario remains intact as price still maintain bullish tone earlier today in Asian session, traded higher around 124.80 at the time I wrote this comment, but we need a consistent move above 125.15 to continue further bullish momentum targeting 126.96.

GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday, break above 139.34, topped at 140.53 and keep moving higher earlier today in Asian session around 140.40 at the time I wrote this comment. The bias is bullish in nearest term targeting 142.00 area and may test the major trendline resistance. Only a movement back below 139.34 could lead us back into no trading zone.

AUDUSD Forecast
The AUDUSD failed to maintain its bullish momentum and traded lower earlier today in Asian session around 0.9160 at the time I wrote this comment. Price retreat back below the trendline indicating unclear direction as price forms a broadening formation. Expected range at 0.9090 – 0.9250. I prefer to stay away from this pair for now.

Labels: , ,

Tuesday, March 30, 2010
Mar-30 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD was indecisive yesterday. On h1 chart below we can see that price moves in range area of 1.3417 – 1.3507 indicating consolidation after bullish correction on Friday. The bias is neutral in nearest term. The major trend remains bearish but the fact that price so far still able to move consistently above 1.3450 area still indicating potential further upside correction testing the upper line of the major bearish channel. We need a break from the range area to see clearer direction. Break above 1.3507 could trigger further upside correction testing 1.3600 area while a break below 1.3417 not only could trigger further bearish momentum testing 1.3340 but potentially end the bullish correction phase testing 1.3250 and 1.3100 region.


GBPUSD Forecast:
The GBPUSD still able to move above the trendline support after the false breakdown. This fact could continue further upside correction testing the upper line of the bearish channel but as long as price move inside the bearish channel the main trend should remain bearish. Immediate resistance at 1.5050. Break above that area could trigger further upside correction testing 1.5150 area. Initial support at 1.4900 area. Break below that area could potentially end the bullish correction testing 1.4873 and 1.4779 region.


USDJPY Forecast:
The USDJPY was indecisive yesterday. Price still consolidating after significant bullish which violated the major trendline resistance. The bias is neutral in nearest term. Immediate support at 92.00. Break below that area could trigger further bearish pullback testing 90.50 but lead us into no trading zone as direction would become unclear. Initial resistance at 92.94. Break above that area should continue the bullish scenario targeting 93.75.


USDCHF Forecast
The USDCHF has been moving in unclear direction in the last three days. Price now back below 1.0640 indicating a weak bullish momentum but still maintain bullish view as price still move above the minor trendline support (red). The bias is neutral in nearest term and I think we area still in no trading zone. Immediate support at 1.0550. Break below that area could trigger further bearish pressure testing 1.0507 even 1.0420 region. Initial resistance at 1.0689 (yesterday’s high). Break above that area should trigger further bullish momentum testing 1.0750 even 1.0888.


EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 125.06 but closed lower at 124.64. Looks like we have a good resistance around 125.15 area preventing further bullish momentum. We need consistent move above that area to continue bullish momentum towards 126.96 region. Immediate support at 124.00. Break below that area could trigger further bearish momentum testing 123.00 region.

GBPJPY Forecast
The GBPJPY still didn’t make significant movement yesterday. The bias remains neutral in nearest term. Expected range at 136.65 – 139.34 but as long as price moves inside the bullish channel the bullish scenario remains intact. Immediate support at 137.70. Break below that area could trigger further bearish pressure testing 136.65 region. On the other hand, break above 139.34 could continue the bullish scenario towards 142.00 area.

AUDUSD Forecast
The AUDUSD failed to continue its bearish momentum yesterday. On h4 chart below we can see that price now move back above the trendline resistance indicating bearish failure. The bias is bullish in nearest term targeting 0.9250. Immediate support at 0.9150. Break below that area should lead us into no trading zone as direction would become unclear.

Labels: , ,

Monday, March 29, 2010
Mar-29 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD still maintain its bullish momentum earlier today in Asian market since triggered by hope on solution of Greek debt problem on Friday, slipped above 1.3450 but retreat lower around 1.3430 at the time I wrote this comment. Situation can be very tricky at this phase. The bias is bullish in nearest term. The major bearish scenario remains intact as long as price stay inside the bearish channel but we have potential upside risk. Note that Greek problem responsible for the Euro bearish momentum. So if the market optimism continues to grow and no longer see Greek problem as serious matter, then we have a good reason for bullish reversal scenario, especially if price violate the bearish channel. Immediate support at 1.3400. Break below that area should keep the bearish scenario intact testing 1.3300 – 1.3250 before testing 1.3100. Initial resistance at 1.3480. Break above that area should trigger further upside pressure testing 1.3530 and the upper line of the bearish channel which can be a serious threat to the technical bearish outlook.


GBPUSD Forecast:
The GBPUSD failed to stay consistently below the trendline support, indicating potential false breakdown scenario which could produce significant bullish momentum testing 1.5000/50 region. The trendline support remains the key support area at this phase. Another move below it should keep the bearish scenario testing 1.4500 intact. Immediate support at 1.4891 (current low). Break below that area could trigger further bearish momentum testing 1.4779 area.


USDJPY Forecast:
The USDJPY was indecisive on Friday. I still prefer a bullish scenario with nearest technical target around 93.75 as bullish reversal scenario is now confirmed after price convincingly break above the major trendline resistance (blue). Immediate support at 92.00. Another move below that area should lead us into no trading zone as direction would become unclear.


USDCHF Forecast
The USDCHF failed to continue its bullish momentum on Friday. Earlier today in Asian session, price slipped below 1.0640 support area but retreat to the upside and traded around 1.0680 at the time I wrote this comment. I think we are in no trading zone. The major bullish scenario remains intact as long as price still move inside the bullish channel. Consistent move below 1.0640 should trigger further bearish momentum re-testing 1.0507. Immediate resistance at 1.0750. Break above that area should keep the bullish scenario intact testing 1.0888 region.


EURJPY Forecast
The EURJPY had a bullish momentum on Friday, topped at 124.18, closed at 124.04 and keep moving higher around 124.40 at the time I wrote this comment. The bias is bullish in nearest term targeting 125.15 area. Immediate support at 124.00. Break below that area lead us into no trading zone as direction would become unclear but the bullish scenario after bullish running from 121.50 area should remain intact as long as price stay above 123.00 region.

GBPJPY Forecast
The GBPJPY didn’t make significant movement on Friday. The bias is neutral in nearest term but as you can see on my h4 chart below price still move consistently inside the bullish channel indicating the direction still more to the upside in general testing 139.34 area. Immediate support at 137.30. Break below that area could trigger further bearish pressure testing 136.65 region.

AUDUSD Forecast
The AUDUSD attempted to push lower on Friday, bottomed at 0.9000, closed higher at 0.9038 and keep retreat higher around 0.9070 at the time I wrote this comment. The bearish scenario after price break below the trendline support remains intact but a break above 0.9090 should lead us into no trading zone with potential resistance to be tested around 0.9140 even back towards 0.9250 region. On the downside, 0.8970 remains key support area at this phase.

Labels: , ,

Friday, March 26, 2010
Mar-26 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3385 but further upside correction was rejected as price closed lower at 1.3286. Earlier today in Asian session price is traded higher around 1.3315. The bias is neutral in nearest term but the main outlook remains bearish for this pair with 1.3100 as nearest technical target. Immediate resistance at 1.3350/80. Break above that area could trigger further upside correction testing 1.3450/35 area. Only a movement above 1.3450 area could be seen as a serious threat to the bearish scenario. Initial support at 1.3250. Break below that area should continue the bearish scenario towards 1.3100 region.


GBPUSD Forecast:
The GBPUSD slipped below the major trendline support, as you can see on my daily chart below. We have a potential bearish outlook, but price retreat to the upside towards the trendline. Unless price go back above the trendline, the bias remains to the downside with nearest technical target around 1.4779 before aim for 1.4500 in longer term. Immediate resistance at 1.4900. Break above that area could trigger further bullish momentum as price may create a false breakdown scenario testing 1.5000/50 area.


USDJPY Forecast:
The USDJPY able to maintain its bullish momentum yesterday, topped at 92.94 and closed at 92.66. The bias remains to the upside targeting 93.75 after price break above the major trendline resistance indicating bullish reversal scenario. Immediate support at 92.00. Break below that area could diminish the bullish outlook and take us into no trading zone.


USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 1.0672 but closed higher at 1.0732. This fact should keep the bullish scenario intact targeting 1.0888 region. Immediate support at 1.0672 (yesterday’s low). Break below that area could be a serious threat to the bullish outlook but as long as price still move inside the major bullish channel the main trend remains bullish.


EURJPY Forecast
The EURJPY had a volatile but indecisive movement yesterday. The bias is neutral in nearest term. However, the fact that price still able to stay above 123.00 area, opens the door for further bullish scenario targeting 124.00 even re-testing 125.15 double top area. Immediate support at 122.60 area. Break below that area could trigger further bearish momentum testing 121.50 region.

GBPJPY Forecast
The GBPJPY had indecisive movement yesterday, formed a Doji on daily chart. The bias is neutral in nearest term and I think we are in no trading zone. If you notice, I have made some adjustment to the bullish channel. Overall, price is bullish after touched the bottom around 132.50/00 area. As long as price still move inside the bullish channel the bullish correction scenario remains intact testing the major trendline resistance. Immediate support remains at 136.65. Break below that area could trigger further bearish momentum testing 135.50 area. Initial resistance at 138.00 followed by 139.34.

AUDUSD Forecast
The AUDUSD had a volatile but indecisive movement yesterday. The bias is neutral in nearest term and I think we are in no trading zone. However, so far price still able to stay below the trendline support indicating potential downside scenario testing 0.8970 region especially is price able to break below 0.9000. Immediate resistance at 0.9150. Break above that area should trigger further bullish momentum testing 0.9250 region.

Labels: , ,

Thursday, March 25, 2010
Mar-25 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD dropped significantly on Portugal downgrade yesterday. Price break below 1.3450/35 key support area, confirms technical bearishness targeting 1.3100 this week. Trichet is going to speak today and it make sense for me that probably he will say something “positive” about the Euro zone or the Euro to prevent further and faster drop. Whether market will believe it or not is something I’d like to see. Immediate resistance at 1.3380 area. Break above that area could trigger further bullish correction testing 1.3450 as correction after significant bearish move should not be a surprise and the fact that price already in extreme oversold area, but I am in bearish mode for this pair. Initial support at 1.3250/70 area. Break below that area could trigger further bearish momentum towards 1.3100/50 area.


GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday. On daily chart below we can see that price is now struggling around the major trendline support indicating critical technical phase. Clear break below the trendline support should trigger further bearish scenario targeting 1.4500 region. Immediate resistance at 1.4950. Break above that area could trigger further upside correction testing 1.5000/50 area. Initial support at 1.4840/50 area. Break below that area confirms the technical bearishness targeting 1.4779 before aim for 1.4500.


USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday. Price finally break above 1.0640 and violated the bearish channel , put the bearish correction to its end as price should back to its major bullish trend testing 1.0888 area. Immediate support at 1.0670/40 area. Break below that area could lead us into no trading zone as direction would become unclear for me.


USDJPY Forecast:
Finally, the USDJPY made a significant bullish momentum after consolidating for almost three weeks, topped at 92.38 and closed at 91.87. The trendline resistance has been violated to the upside, confirms the bullish reversal scenario at least targeting 93.75 area. Immediate support at 91.60. Break below that area could trigger further bearish correction testing 91.07 area.


EURJPY Forecast
The EURJPY had a bullish momentum yesterday, but still unable to break above my range. Although the bias is more to the upside in nearest term, we will need a clear break above 123.00 to cancel the bearish outlook targeting 124.00 area. On the downside, 121.50/00 area should remain a key support level at this phase. Break below that area should trigger further bearish pressure testing 120.60 even 119.70 region.

GBPJPY Forecast
The GBPJPY failed to continue its bearish momentum yesterday. On h4 chart below we can see that the bearish channel has been violated to the upside indicating potential bearish failure and price is now struggling around the lower line of the bullish channel. A move back inside the bullish channel should confirm the bearish failure testing 139.34 area. Immediate support at 136.50 area. Break below that area could trigger further bearish momentum testing 135.50 area.

AUDUSD Forecast
The AUDUSD slipped below the trendline support yesterday indicating potential bullish failure and bearish reversal. However, price still struggling around the trendline support and can not stay consistently below the trendline so far. We need a clear break below the trendline to confirm the bearish scenario targeting 0.8970 area. Immediate resistance at 0.9150. Break above that area could be seen as a false breakdown scenario which could trigger further upside momentum re-testing 0.9250 and keep the bullish scenario intact.


Labels: , ,

Wednesday, March 24, 2010
Mar-24 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD had a volatile movement yesterday but still able to maintain its bearish momentum as further upside pressure was rejected at the trendline resistance, closed lower at 1.3494 and keep moving lower around 1.3467 at the time I wrote this comment. We are now in critical technical phase where price ready to test the 1.3450/35 key support area. However, no matter how strong the downside pressure is, I believe we need a consistent and clear movement below 1.3450/35 to confirm further bearish scenario targeting 1.3100 this week. Above 1.3450/35, any upside pullback is still open wide. Immediate resistance at 1.3530 area. Break above that area could trigger further upside correction testing 1.3600/50 region.


GBPUSD Forecast:
The GBPUSD was also volatile yesterday, but still able to maintain its bearish momentum. Price is now ready to make another attempt to break the major trendline support and we need a clear break below that trendline support to continue further bearish scenario targeting 1.4500 area this week. Above the trendline support, any upside pullback is still open wide. Nearest technical bearish target is seen at 1.4873 and 1.4779 area. Immediate resistance at 1.5070 area. Break above that area could trigger further upside correction towards 1.5125/50 area.


USDCHF Forecast
The USDCHF made another indecisive movement yesterday. Price attempted to push higher, topped at 1.0637 but closed lower at 1.0574. The bias remains neutral in nearest term and I think we are in no trading zone. Once again, the 1.0640 resistance area was proved to be a strong resistance keep the bearish correction scenario intact. Unless we have a clear break above that area and violation of the bearish channel, price may go for another downside pressure testing 1.0507 even 1.0420 region as bearish correction scenario should remain intact.


USDJPY Forecast:
The USDJPY still consolidating in range area of 89.60 – 91.07 yesterday. We have no significant technical movement yet. The major bearish scenario remains intact as long as price stay below the major trendline resistance, but the bullish correction also still alive and kicking with potential bullish reversal scenario especially if price breakout above the range area and move above the trendline resistance at least testing 93.75 area. On the downside, break below 89.60 should keep the major bearish scenario intact testing 88.50 region.


EURJPY Forecast
The EURJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term and I am still in no trading zone for this pair with expected range at 121.50/00 – 123.00 as direction still unclear, but the major outlook after fell from the double top at 123.15/20 area remains bearish. Break below 121.50/00 could trigger further bearish momentum re-testing 119.70 key support area.

GBPJPY Forecast
The GBPJPY also indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but as you can see on my h4 chart below, after violated the bullish channel price is now still able to move inside the new bearish channel indicating potential bearish outlook. Immediate resistance at 136.50. Break above that area could trigger further bullish momentum testing 137.30 region and could be a serious threat to the bearish outlook. Initial support at 135.00. Break below that area should keep the bearish scenario intact testing 133.90 even 132.50/00 key support level.

AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.9134 but closed higher at 0.9185. The main bullish scenario remains intact and but we are still consolidating between 0.9250 – 0.9090 area. We need a clear break on either side to see clearer direction, whether price will continue its bullish scenario at least towards 0.9326 – 0.9404 area or break below the trendline support which can be a new beginning of a bearish reversal scenario.

Labels: , ,

Tuesday, March 23, 2010
Mar-23 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.3463 but further bearish momentum was rejected as price whipsawed to the upside and closed at 1.3566. The bias is neutral in nearest term. I am still expecting further downside pressure after violation of the bullish channel re-testing key support area around 1.3545/35 area before targeting 1.3100 this week. However, I will pay attention to 1.3600/10 resistance area today. Break above that area could trigger further bullish testing 1.3700/50 region. Initial support at 1.3500. Break below that area should trigger further bearish momentum re-testing 1.3450/35.


GBPUSD Forecast:
The GBPUSD failed to continue its bearish momentum yesterday, topped and closed at 1.5107. The main outlook remains bearish but we know that the major trendline support provides a good support area at this phase and we need a clear break below that trendline to continue further bearish momentum targeting 1.4500 this week. Immediate resistance at 1.5150. Break above that area could trigger further upside momentum testing 1.5255 even re-testing 1.5350/80 area. Initial support at 1.5050. Break below that area could trigger further bearish momentum re-testing 1.4930 – 1.4873 support area.


USDCHF Forecast
The USDCHF made another upside attempt yesterday, topped at 1.0660 but still closed below 1.0640 indicating limited upside momentum. The bias remains neutral in nearest term. The bearish correction scenario remains intact and only a consistent move above 1.0640 and violation of the bearish channel could end the bearish correction and back to its major bullish scenario testing 1.0888 area. On the downside, initial support at 1.0507. Break below that area should trigger further bearish pressure testing 1.0420 region.


USDJPY Forecast:
The USDJPY still trapped in range area of 89.60 – 91.07 yesterday indicating consolidation. We need a clear break from that area to see clearer direction. I think the best strategy form now is to short around 91.07 or long around 89.60 with tight stop loss. Break above 91.07 and movement above the major trendline resistance could be seen as potential bearish failure and new bullish phase. On the other hand, consistent move below 89.60 should keep the major bearish scenario intact testing 88.50 region.


EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 121.06 but whipsawed to the upside and closed higher at 122.20. This fact lead me to a no trading zone condition with expected range at 121.50/00 – 123.00 as direction is unclear for me. A breakout could trigger further bullish momentum testing 124.00 while a breakdown could trigger further bearish momentum testing 120.60 region.

GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 134.55 but closed higher at 136.07. The bias is neutral in nearest term. Technically, a retreat to the upside after violation to the bullish channel often happen in the market but unless price go back inside the bullish channel, the bearish scenario remains intact. Immediate resistance at 137.00. Break above that area could be s serious threat to the bearish scenario. Initial support at 135.60 area. Break below that area should keep the bearish scenario intact testing 133.90 region.

AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, bottomed at 0.9084 but whipsawed to the upside and closed at 0.9182. This fact should keep the bullish scenario intact testing 0.9250 before aim for 0.9326 region. Initial support at 0.9090/40 area. Break below that area and a movement below the major trendline support could be seen as potential bullish failure and a new bearish phase.

Labels: , ,

Monday, March 22, 2010
Mar-22 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD continued its bearish momentum on Friday, bottomed at 1.3502 and closed at 1.3528. The key support level to be tested at this phase is the triple bottom area around 1.3450/35 area as technical bearishness was strong after the violation of the bullish channel. Break below that area should trigger further bearish momentum targeting 1.3100 this week. Immediate resistance at 1.3580. Break above that area should trigger further upside correction testing 1.3650 area.


GBPUSD Forecast:
The GBPUSD had a significant bearish momentum on Friday after failed to consistently move above the bearish channel, indicating false break out which could trigger significant bearish scenario. On daily chart below we can see that price is now ready to test the major trendline support which is the key support area at this phase. Break below the trendline should trigger further bearish momentum targeting 1.4500 area this week. Immediate resistance at 1.5050. Break above that area could trigger further bullish momentum 1.5125/50 region.


USDCHF Forecast
The USDCHF attempted to push higher on Friday but again, 1.0640 proved itself as a strong resistance area at this phase. Although the bearish momentum wanes as price is now making a new minor bullish channel as you can see on my h4 chart below, as long as price move below 1.0640 the bearish correction scenario remains intact. We need a consistent move above that area to end this bearish correction and back to its major bullish trend testing 1.0888 area. Immediate support at 1.0550 followed by 1.0507 area.


USDJPY Forecast:
The USDJPY made another insignificant movement on Friday. The fact that price still able to move above the bearish channel indicating the bullish correction scenario testing the major trendline resistance remains intact but as you can see on my h4 chart below actually price still trapped in range area of 89.60 – 91.07 area in the last two weeks, made 2 Dojis on weekly chart indicating indecisive market. A break above the trendline resistance could be seen as bearish failure and a potential new bullish phase.


EURJPY Forecast
The EURJPY had a moderate bearish momentum on Friday. The bias is neutral in nearest term but the outlook is more to the downside after the violation of the bullish channel indicating bullish failure. Expected range at 123.00 – 121.50. Break above 123.00 could trigger further bullish correction towards 124.00 while a break below 121.50 could trigger further bearish momentum targeting 120.60 area before aim for 119.70 key support level.

GBPJPY Forecast
The GBPJPY had a significant bearish momentum on Friday as price violated the bullish channel indicating bullish failure and potential bearish scenario testing 133.90 area. CCI in oversold area and heading up on h4 chart suggesting potential upside correction but as long as price stay below 136.50 I still prefer a bearish scenario. Break above 136.50 area could trigger further bullish momentum but would lead us to no trading zone as direction would become unclear.

AUDUSD Forecast
The AUDUSD had a bearish momentum on Friday, bottomed at 0.9128 and closed at 0.9152 after failed to move above 0.9250 resistance area. This fact could trigger further bearish correction towards 0.9040 especially if price able to stay below 0.9140 level today but as long as price move above the major trendline support the major bullish scenario remains intact. Immediate resistance at 0.9180. Break above that area should trigger further upside momentum testing 0.9250 area.

Labels: , ,