EURUSD: Bears Regain Control Below 1.38 Figure
USDJPY: Prices Stall at Major Channel Top
GBPUSD: Stay Short Through Corrective Upswing
USDCAD: Sellers Break Support, Stall at Fib Level
AUDUSD: Positioning Hints Bearish Reversal Ahead
NZDUSD: Medium-Term Top in Place Below 0.72?
USDCHF broke above 1.0639 resistance, suggesting that a cycle bottom has been formed at 1.0506 level on 4-hour chart. Sideways movement above 1.0506 is expected in a couple of days. Key resistance is now at the falling price channel on 4-hour chart. As long as the channel resistance holds, one more fall towards 1.0450 is possible. However, a clear break above the channel resistance will indicate that the fall from 1.0898 has completed, then the following uptrend could take price back to re-test 1.0898 resistance.
Daily Forex ForecastAUDUSDs upward movement extends to as high as 0.9250 and remains in uptrend. However, now the pair is facing the upper border of the price channel on 4-hour chart, minor consolidation is expected later today. As long as the channel support holds, another rise to 93.00 could be seen after consolidation, a break above 0.9250 could signal resumption of uptrend.
Daily Forex ReportsLast week, I wrote that shorting AUD/NZD is my favorite trade. At that time, I said that if the currency pair rallies back above 1.31, then the uptrend has resumed and my call is wrong. However, AUD/NZD tortured me and came within 2 pips of 1.31 (1.3098) before reversing sharply lower. There is no major support in the currency pair until 1.2775, but as indicators adjust to the movements in price, so have support levels. The 1.2850 level is now the new support and that’s where I am targeting.
On a side note, I am kicking myself for not posting an official call because the moves have become deeply oversold in these currencies. However I think USD/CAD is going test parity (currently at 1.0105) and EUR/GBP is could fall to at least 0.8915 (now 0.8975).
AUDUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 0.8801. Further rally is still possible in a couple of days and next target would be at 0.9250-0.9300 area. Support is at the lower border of the price channel, as long as the channel support holds, uptrend may be expected to continue. Key support is at 0.9095, only fall below this level will indicate that the rise from 0.8801 has completed.
Daily Forex Forecast
