On-Line Forex Trading Tips

EURUSD Forecast
The EURUSD continued its bullish correction yesterday. The major bearish outlook remains intact, but for now let’s talk about how far the single currency could rebound to the upside. On h4 chart below we can see price is now traded around 23.6% Fibo retracement of 1.3431 – 1.2873 around 1.3000 level. A consistent move above that area could trigger further upside correction testing 38.2% Fibo around 1.3085 even testing 1.3170 region. I see no indication of a technical bullish reversal so far, so although the bias is bullish in nearest term, we have to see the current bullish momentum as a counter trend move. I personally prefer to stand aside for now and will re-activate my bearish mode on a Euro weakness back below 1.2900 – 1.2870 region targeting 1.2700 – 1.2600 support area. Immediate support at 1.2950. Break below that area could trigger further bearish pressure testing 1.2900 – 1.2870.

GBPUSD Forecast
The GBPUSD made another volatile but indecisive movement yesterday. However, on h4 chart below we can see price slipped above the bearish channel indicates potential bearish failure and bullish reversal scenario. Price has been making higher lows and highs in the last three days suggests the bullish correction remains strong. The bias remains bullish in nearest term especially if price able to move consistently above 1.5650 targeting 1.5750/70 area. Immediate support at 1.5550. Clear break below that area could create a false break out scenario which could trigger significant bearish momentum testing 1.5500 – 1.5474 and keep the bearish scenario intact with downside target around 1.5000.

USDJPY Forecast
The USDJPY had a bullish momentum yesterday. The H&S bearish scenario has failed, but so far price unable to move consistently above 83.40 resistance area. The bias is bullish in nearest term especially if price able to move consistently above 83.40 and break above the bearish channel (red), still targeting 84.40 region. Immediate support at 82.80. Break below that area could lead us to neutral zone in nearest term testing 82.33 but I still prefer a bullish scenario at this phase.

USDCHF Forecast
The USDCHF finally made an upside breakout yesterday after three days of indecisive movement. The bias is bullish in nearest term as the bullish flag scenario is now confirmed targeting 0.9800 – 0.9850 resistance area. Immediate support at 0.9675. Break below that area could lead us to neutral zone as direction would become unclear testing 0.9600 support area and re-activate my wait and see mode.

EURJPY Forecast
The EURJPY was corrected higher yesterday, topped at 108.25 and closed at 108.10. The bias remains bullish in nearest term testing the trend line resistance and 109.00 – 109.50 but note that as long as price stay below the trend line resistance the major scenario remains bearish. Immediate support at 107.70. Break below that area could lead us to neutral zone in nearest term testing 107.05 and could end the bullish correction phase with 106.25 and 105.42 as bearish targets.

GBPJPY Forecast
The GBPJPY made a significant upside breakout above 129.30 strong resistance area yesterday, topped at 130.34 and closed at 129.99. The bias is bullish in nearest term and my bullish reversal scenario is now confirmed at least targeting 131.40 area. On the downside, another move below 129.30 could be a threat to the bullish reversal scenario as a false breakout scenario could be produced at least testing 128.75 support area.

AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.9803 and closed at 0.9817. The bias remains bearish in nearest term testing 0.9750/30 support area. However, note that we haven’t seen bullish correction since the strong bearish momentum from 1.0256 (a look at daily chart will help) so any upside correction now is normal but overall we are still in bearish scenario with 0.9550 as potential downside target. Immediate resistance at 0.9885. Break above that area could lead us to neutral zone in nearest term testing 0.9987 resistance area.

Labels: Forex Analysis, forex signal, Forex Trend

Labels: Forex Analysis, forex signal, Forex Trend

EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2983 and hit 1.2969 earlier today in Asian session. The bias remains bearish in nearest term, testing 1.2920 and the trend line support. From another technical perspective as you can see on my daily chart below, the trend line support is also the neckline of a head and shoulders pattern. A clear break below the neckline would confirm the bearish continuation scenario at least testing 1.2700 – 1.2600 area. Immediate resistance at 1.3040. Break above that area could lead us to neutral zone in nearest term. Note that as long as the trend line support/neckline hold, we are still in consolidation phase where bearish continuation scenario is not validated yet. Fundamental focus on the US NFP number today, which is expected to be good, forecast around 159K with previous number only 39K. A better than expected US NFP number could send the Euro lower below the neckline and confirm the bearish continuation scenario while a worse than expected number could prevent further bearish pressure and keep price in range area but I think overall the pressure remains to the downside.

GBPUSD Forecast
The GBPUSD attempted to push higher yesterday, topped at 1.5562 but whipsawed to the downside, bottomed at 1.5445 and hit 1.5435 earlier today in Asian session. On h4 chart below we can see price slipped below the minor trend line support indicates potential further bearish pressure testing 1.5370/50 and the trend line support in nearest term, but note that as long as price stay above the trend line support we are still in consolidation phase. Immediate resistance at 1.5525/50 area. Break above that area could lead us to neutral zone in nearest term testing 1.5600/50. Fundamental focus on the US NFP number today, which is expected to be good, forecast around 159K with previous number only 39K. A better than expected US NFP number could push Sterling lower testing the trend line support while a worse than expected result could prevent further bearish pressure and keep price in range area, but the major scenario remains to the downside.

USDCHF Forecast
The USDCHF was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but still with more upside bias after the violation of the bearish channel testing 0.9750 – 0.9800 resistance area. Immediate support remains around 0.9600 followed by 0.9550. Fundamental focus on US NFP today.

USDJPY Forecast
The USDJPY was indecisive yesterday, made a Doji on daily chart. The bias is neutral in nearest term but overall still with more upside bias after the false breakdown below the trend line support and strong break above 82.33 testing 84.40 key resistance area. Immediate support remains around 82.80. Break below that area could trigger further bearish pullback testing 82.33 support area.

EURJPY Forecast
The EURJPY had a bearish momentum yesterday, bottomed at 108.10 and closed at 108.26. The bias is bearish in nearest term testing 107.30 before targeting 106.25 support area. Immediate resistance at 109.00 and the trend line resistance (around 109.50). A clear break above the trend line resistance could be a threat to the bearish scenario and potential bullish reversal scenario.

GBPJPY Forecast
The GBPJPY was indecisive yesterday. The bias is neutral in nearest term and we are still in critical phase with 129.30 as a key resistance area, where a clear break above that area could be an early signal of a bullish reversal scenario at least testing 130.30. Immediate support at 128.41 (yesterday’s low). Clear break below that area could trigger further bearish pressure targeting 128.00 – 127.50 support area and could be an early signal of bearish continuation testing 126.50 even lower.

AUDUSD Forecast
The AUDUSD continued its bearish correction yesterday, bottomed at 0.9927 and hit 0.9918 earlier today in Asian session. The bias remains bearish in nearest term as a psychological correction after hit historical high and the breakdown below the trend line support as you can see on my h4 chart below testing 0.9860. We already have four consecutive bearish daily candles since the fall from 1.0256 so any upside pullback is normal. Immediate resistance at 0.9987 – 1.0013. Break above that area could lead us to neutral zone in nearest term as price would be in consolidation phase both on nearest and medium term outlook.

Labels: Forex Analysis, forex signal, Forex Trend