Daily Technical Analysis

 

EURUSD Forecast:

The EURUSD had a bullish momentum yesterday, topped at 1.3076 and closed at 1.3053 after the appearance of the hammer candle stick formation on daily chart I showed you yesterday. As you can see on my h4 chart below price is moving inside a bullish channel suggests a bullish correction phase but the current bullish momentum should be seen as a corrective movement and my major technical bias remains to the downside. Immediate resistance is seen around 1.3076 (yesterday's high). A clear break above that area could continue the bullish correction phase testing 1.3160/90 area. On the downside, the lower line of the bullish channel and 1.3000 - 1.2950 could be a key support area and a clear break and daily close below the bullish channel could end the bullish correction phase testing 1.2873/57 support area even lower.

GBPUSD Forecast:

The GBPUSD had a bullish momentum yesterday, topped at 1.5668 and closed at 1.5643. The bias is bullish in nearest term testing 1.5778 but note that as long as stays below 1.5778 and the trend line resistance (white) price is still in a consolidation phase, moving sideways between 1.5778 - 1.5400 since five/six weeks ago. On the upside we need a clear break above 1.5778 and the trend line resistance to give us an early indication of a new bullish phase testing 1.5850 - 1.5900 area. Immediate support is seen around 1.5600. A clear break below that area could lead price to neutral zone in nearest term testing 1.5550. A clear break below 1.5550 would turn my nearest term bias back to a bearish view testing 1.5400 support area and keep price in consolidation phase a little bit longer

USDJPY Forecast:

The USDJPY didn't make significant movement yesterday but overall still able to maintain its bearish intraday bias. There are no changes in my technical outlook. The bias remains bearish in nearest term retesting the record low at 75.56. I still prefer to have a long term perspective, seeing area above 75.56 as a buy zone expecting a bullish reversal scenario with a tight stop loss below 75.56. Immediate resistance is seen around 77.00 followed by 77.50. CCI remains in negative territory suggest no significant bullish momentum so far.

USDCHF Forecast

The USDCHF had a bearish momentum yesterday and now testing 0.9320. The bias is bearish in nearest term especially if price able to make a clear break and daily close below 0.9320 testing 0.9200 area. Immediate resistance is seen around 0.9350. A clear break above that area could lead price to neutral zone in nearest term. My overall technical outlook remains to the upside but still need a clear break and daily close above 0.9400 to continue the bullish scenario testing 0.9500/46.

EURJPY Forecast

The EURJPY was corrected higher yesterday, topped at 100.29 and closed at 100.15. The bias is neutral in nearest term but as long as stays below 100.74 my overall intraday bias remains to the downside and any upside pullback now is normal. Immediate support is seen around 99.80. A clear break below that area could trigger further bearish pressure testing 99.00 and keep the bearish scenario remains strong. Below 99.00, further downside support is seen around 98.00 - 97.00. On the upside, a clear break above 100.74 would stop my bearish mode testing 102.48 resistance area.

GBPJPY Forecast

The EURJPY was corrected higher yesterday, topped at 100.29 and closed at 100.15. The bias is neutral in nearest term but as long as stays below 100.74 my overall intraday bias remains to the downside and any upside pullback now is normal. Immediate support is seen around 99.80. A clear break below that area could trigger further bearish pressure testing 99.00 and keep the bearish scenario remains strong. Below 99.00, further downside support is seen around 98.00 - 97.00. On the upside, a clear break above 100.74 would stop my bearish mode testing 102.48 resistance area.

AUDUSD Forecast

The AUDUSD continued its bullish momentum yesterday, topped at 1.0385 and closed at 1.0368. There were some downside pressures earlier today in Asian session hit 1.0321 but my overall intraday bias remains to the upside after the break above the triangle postpone my bearish reversal scenario and activate my bullish intraday mode. The bias remains bullish in nearest term especially if price able to make a clear break above 1.0400 testing 1.0500. Immediate support is seen around 1.0321 (current low). A clear break back below that area could lead price to a neutral zone in nearest term testing 1.0250 but only a clear break and daily close below 1.0200 could stop the current bullish outlook after the breakout above the triangle.