EURUSD Forecast
The EURUSD had a bearish momentum yesterday, bottomed at 1.3125 and closed at 1.3149. The bias remains bearish in nearest term testing 1.3000 – 1.2968 key support area but note that overall we are still trapped in range area as you can see on my daily chart below and need a clear break below the trend line support to continue the major bearish scenario. Immediate resistance at 1.3200. Break above that area could lead us to neutral zone in nearest term testing 1.3250 – 1.3300.
GBPUSD Forecast
The GBPUSD had a bearish momentum yesterday. The bias is bearish in nearest term but overall we are still in consolidation phase without clear direction and consistent momentum. On h4 chart below we can see that during the major bearish move, price made some upside corrections before continue to move lower after broke below some minor trend line supports. Now, price is testing another minor trend line support. Break below that minor trend line support and 1.5450 support area could trigger further bearish pressure testing 1.5370/50 but note that the major trend line support remains a strong support at this phase and the major bearish continuation scenario testing 1.5000 would be validated only by a clear break below that major trend line support. Immediate resistance at 1.5550. Break above that area could lead us to neutral zone in nearest term testing 1.5600 – 1.5650.
USDJPY Forecast
The USDJPY continued its bullish momentum yesterday. On h4 chart below we have a big bullish candle as price made a strong breakout above 82.33. The bias remains bullish in nearest term testing 84.40, which is a key resistance area at this phase. Break above that area could be an early signal of a long term bullish reversal scenario. Immediate support at 82.80. Break below that area could lead us to neutral zone in nearest term as direction would become unclear testing 82.33 support area.
USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, violated the bearish channel as you can see on my h4 chart below indicates bearish failure and potential bullish reversal scenario. The bias remains bullish in nearest term targeting 0.9750 – 0.9800 resistance area. Immediate support at 0.9600. Break below that area could lead us to neutral zone in nearest term testing 0.9550.
EURJPY Forecast
The EURJPY made another volatile but indecisive movement yesterday. The bias remains neutral in nearest term. As long as price moves below the trend line resistance, the overall bias should be more to the downside. Immediate support at 109.00. Break below that area could trigger further bearish pressure testing 108.60 – 107.80 support area. On the upside, consistent move above 110.22 and trend line resistance could be a serious threat to the bearish scenario and could be an early signal of a bullish reversal scenario.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday on a broad Yen weakness but so far still unable to move consistently above 129.30. The bias remains bullish in nearest term but need a clear break above 129.30 to continue the bullish scenario targeting 130.30 in nearest term even higher as my bullish reversal scenario would be validated. Immediate support at 128.50. Break below that area could lead us to neutral zone in nearest term but would keep the major bearish scenario remains strong testing 127.50 – 126.50 support area.
AUDUSD Forecast
The AUDUSD continued its bearish correction yesterday, slipped below the trend line support as you can see on my h4 chart below. The bias remains bearish in nearest term testing 0.9900 – 0.9860 support area. Immediate resistance at 1.0013 (current high). Break above that area could lead us to neutral zone in nearest term testing 1.0075 – 1.0100.
Labels: Forex Analysis, forex signal, Forex Trend
