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Good day forex traders and readers.

In the previous AUD/USD forecast we noted that the currency pair remained bearish and that we might see 0.95+ as an extended bearish target. There were speculations that investors were selling currencies such as the Australian dollars in exchange for US dollars so as to participate in the equities rally of the S&P 500.

Technical Analysis

Looking at the AUD/USD daily chart above we note that the currency pair remains bearish. The bearish trend is strong as we can obviously see from the chart above. As we continue to make progress towards the extended bearish target of 0.9580, expect a change in trend only if the fundamental and sentimental situation changes significantly. In the meanwhile, immediate supports are to be found as high as 0.9620.

Traders who are speculating any bullish correction should ensure that proper money management is in place.

Don’t miss the fundamental analysis
continue on to TheGeekKnows.com for the fundamental analysis of the AUD/USD Forecast Weekly Review to understand more about the underlying market sentiments.

EURUSD Forecast    
The EURUSD failed to continue its bearish momentum yesterday topped at 1.2955. The bias is bullish in nearest term testing 1.3000/30 area. Price has been moving up and down without clear direction this week. I still prefer a bearish scenario but a clear break and daily/weekly close above 1.3000/30 will interrupt the bearish scenario and turn my intraday/short term technical bias to a bullish view. Immediate support is seen around 1.2895. A clear break below that area could lead price to neutral zone in nearest term testing 1.2850/00.

GBPUSD Forecast
The GBPUSD was corrected higher yesterday topped at 1.5127. The bias is bullish in nearest term testing 1.5150 – 1.5200.  However I still prefer a bearish scenario. Immediate support is seen around 1.5060. A clear break below that area could lead price to neutral zone in nearest term but would keep the bearish bias remains strong testing 1.5000 key support area or lower.

USDJPY Forecast
The USDJPY attempted to push lower yesterday bottomed at 100.82 but closed higher at 102.41 in a high volatile market. The bias is bullish in nearest term testing 103.80 key resistance area (monthly EMA 200) which needs to be clearly broken to the upside to continue the bullish scenario. Immediate support is seen around 101.50. A clear break below that area could lead price to neutral zone in nearest term testing 101.00 – 100.82 region or lower. I still prefer a bullish scenario at this phase but any consistent movement below 101.00 will interrupt the bullish scenario and could trigger further bearish pullback.

USDCHF Forecast
The USDCHF failed to continue its bullish momentum yesterday bottomed at 0.9632. The bias is neutral in nearest term. Price has been moving sideways this week without clear direction and momentum. I still prefer a bullish scenario at this phase but so far, weekly candle doesn’t seem to give enough support for bullish continuation scenario. Immediate support is seen around 0.9660. A clear break below that area could trigger further bearish pressure testing 0.9600. On the upside, a clear break above 0.9837 could trigger further bullish pressure testing 0.9900 or higher.

EURUSD Forecast    
The EURUSD attempted to push higher yesterday topped at 1.2997 but whipsawed to the downside and hit 1.2823 earlier today. The bias is bearish in nearest term testing 1.2800 – 1.2740 area. Immediate resistance is seen around 1.2870. A clear break above that area could lead price to neutral zone in nearest term testing 1.2935/50. Overall I still prefer a bearish scenario with sell on rallies strategy.

GBPUSD Forecast
The GBPUSD continued its bearish momentum yesterday and hit 1.5013 earlier today. The bias remains bearish in nearest term testing 1.5000 – 1.4950 area. A clear break and daily close below that area could trigger further bearish pressure testing 1.4830 region. Immediate resistance is seen around 1.5060. A clear break above that area could lead price to neutral zone in nearest term testing 1.5100 but any upside pullback now is normal and should be seen as a good opportunity to sell.

USDJPY Forecast
The USDJPY had a bullish momentum yesterday topped at 103.69 but traded lower earlier today hit 102.46. The bias is neutral in nearest term. Overall I remain bullish and any downside pullback now is normal and should be seen as a good opportunity to buy. Immediate support remains around 102.00. On the upside, we have a major/important resistance around 103.80, the monthly EMA 200. That level could be a strong resistance at this phase, but a clear break above that area could trigger further bullish scenario.