EURUSD Forecast
The EURUSD made another indecisive movement yesterday. There are no changes in my short term technical outlook which is remains bearish testing 1.3260 but I will keep paying attention to the long term technical outlook, where a good and strong support is seen around 1.3260 and the lower line of the bullish channel. Immediate resistance at 1.3400 – 1.3450 region. Break above that area would keep the long term bullish outlook intact, but as long as price moves inside the minor bearish channel we are still in a bearish phase.
GBPUSD Forecast
The GBPUSD slipped below 1.5750 yesterday but so far still unable to consistently move below that area as market remains volatile but indecisive. As long as price stays below 1.5850 the nearest bias remains bearish but need a consistent move below 1.5750/30 to continue the bearish pressure targeting 1.5650. On the other hand, a failure to make a clear break below 1.5750/30 and a break above 1.5850 could trigger further bullish pullback testing 1.5900 – 1.5950 and the upper line of the bearish channel.
USDJPY Forecast
The USDJPY slipped above 83.70 earlier today in Asian session but we have not seen a significant bullish momentum so far. Note that the 83.70 is a key resistance level at this phase and a bullish continuation scenario will need a convincing break above that area targeting 84.70 even higher. Immediate support at 83.40 (yesterday’s low). Break below that area could trigger further bearish pressure testing 82.84 support area.
USDCHF Forecast
The USDCHF had a bullish momentum yesterday, slipped above 1.0000 and now struggling around that area. The bias is bullish in nearest term but I think we still in a clear break above 1.0000 to see further bullish momentum targeting 1.0182 region. Immediate support at 0.9920. Break below that area could trigger further bearish pressure testing 0.9850 but only a clear break below 0.9850 could be a threat to my bullish outlook.
EURJPY Forecast
The EURJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. Immediate resistance at 111.91 (yesterday’s high). Break above that area could trigger further bullish momentum targeting 112.80 – 113.00 area. Initial support at 111.00 and the trend line support area (red). Break below that area could trigger further bearish pressure re-testing 110.75/30.
GBPJPY Forecast
The GBPJPY was indecisive yesterday, formed a Doji on daily chart. The bias is neutral in nearest term. On the upside, a clear break above 132.00 could trigger further bullish momentum targeting 133.00 and could be a threat to my bearish medium term bias which started after the violation to the bullish channel. Immediate support at 131.35 (yesterday’s low). Break below that area could trigger further bearish pressure testing 130.84 but we need a clear break below 130.84 to continue the bearish scenario targeting 129.83 even lower.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday and slipped below 0.9750 earlier today in Asian session. The bias is bearish in nearest term targeting 0.9650. Another move above 0.9750 could lead us back to neutral zone in nearest term testing 0.9800 and 0.9850 resistance area but I still maintain my bearish scenario at this phase. CCI still in negative territory both in daily and h4 chart so although the market is likely to remains volatile, the overall bias should remain to the downside.
Labels: Forex Analysis, forex signal, Forex Trend
