FX Instructor Forex Blog - For Traders, By Traders

EURUSD Forecast
The EURUSD continued its strong bearish momentum yesterday, bottomed at 1.2721 and closed at 1.2723. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 1.2625 region. Immediate resistance is seen around 1.2800/15. A clear break above that area could lead price to neutral zone in nearest term but any upside pullback now is normal. Price also slipped below a major trend line support on weekly chart, suggests potential further bearish scenario. Technically, on short, medium and long term time frame the EUR/USD looks pretty bad.

EURJPY Forecast
The EURJPY was indecisive yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term especially if price able to make another clear break below 102.20 testing 101.00 – 101.50 support area. Immediate resistance remains around 102.75. A clear break above that area could lead price to neutral zone in nearest term testing 103.50 but as long as stays below 104.44 my overall intraday bias remains to the downside and I still prefer to sell on rallies.

GBPJPY  Forecast
The GBPJPY had another indecisive movement yesterday. There are no changes in my technical outlook. The bias remains neutral in nearest term and price is still consolidating inside the triangle formation in medium term. Potential daily range remains between 127.80 – 129.37.

AUDUSD Forecast
The AUDUSD was indecisive yesterday, but overall still able to maintain its bearish bias and hit 0.9911 earlier today. The bias remains bearish in nearest term especially if price able to make another clear break below 0.9910 testing 0.9790 area. Immediate resistance is seen around 0.9947 (current high). A clear break above that area could lead price to neutral zone in nearest term testing 1.0020/43 but overall I remain bearish and still prefer to sell on rallies.

GBPUSD  Forecast
The GBPUSD had a significant bearish momentum yesterday, fell below 1.6000 and slipped below the trend line support as you can see on my daily chart below. This fact is a serious threat to the bullish scenario and might create a bearish reversal scenario. The bias remains bearish in nearest term testing daily EMA 200 support located around 1.5885. A clear break and daily close below that area would give further confirmation to the bearish reversal scenario. Immediate resistance is seen around 1.6050. A clear break and daily close back above that area could lead price to neutral zone in nearest term but would keep the bullish scenario intact.

USDJPY Forecast
The USDJPY had a bullish momentum yesterday, topped at 80.32 and hit 80.43 earlier today. The bias is bullish in nearest term testing 80.60 – 81.00 before testing 81.80. Immediate support is seen around 80.00. A clear break back below that area could lead price to neutral zone in nearest term but as long as stays above 79.52/35 I still prefer a bullish scenario.

USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 0.9439 and closed at 0.9430. The bias remains bullish in nearest term testing 0.9500 – 0.9600. Immediate support is seen around 0.9370. A clear break below that area could lead price to neutral zone in nearest term testing 0.9320/00 area.

EURUSD Forecast
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2814 and closed at 1.2829. The bias remains bearish in nearest term testing 1.2800 – 1.2750/33 region before testing 1.2625 area as a part of the bearish scenario since broke below the descending triangle. Immediate resistance is seen around 1.2880 – 1.2905 area. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.3000 my overall intraday bias remains to the downside.

EURJPY Forecast
The EURJPY continued its bearish momentum yesterday, bottomed at 102.21 and closed at 102.46. The bias remains bearish in nearest term especially if price able to make another clear break below 102.20 testing 101.00 – 101.50 support area. Immediate resistance is seen around 102.75. A clear break above that area could lead price to neutral zone in nearest term testing 103.50 but as long as stays below 104.44 my overall intraday bias remains to the downside and I still prefer to sell on rallies.

GBPJPY  Forecast
The GBPJPY was volatile but indecisive yesterday made a Doji on daily chart. There are no changes in my technical outlook. The bias remains neutral in nearest term and price is still consolidating inside the triangle formation in medium term. Potential daily range remains between 127.80 – 129.37. I will stand aside for now.

AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.9954 and hit 0.9943 earlier today. There are no changes in my technical outlook. Although the bearish momentum was not as strong as I had expected, nearest term bias remains to the downside still testing 0.9910 region. Immediate resistance is seen around 1.0020/43 area. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.0200 I still prefer to sell on rallies.

GBPUSD  Forecast
The GBPUSD was indecisive yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term but note that the major bullish scenario should remain intact and I still prefer to buy around 1.6000 – 1.6050 with tight stop loss below 1.6000. Immediate resistance is seen around 1.6122 (yesterday’s high). A clear break and daily close above that area could lead price to neutral zone in nearest term. Price is still in a bearish correction phase since fell from 1.6300 and need a clear break and daily close at least back above 1.6200 to end the current bearish correction phase.