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EURUSD Daily Forecast: May 18

FXOpen — Thu, 17 May 2012 23:57:04 +0000

EURUSD Forecast
The EURUSD was still able to maintain its bearish bias yesterday and hit 1.2654 earlier today. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 1.2625 – 1.2586 region as a part of the bearish scenario after broke below the descending triangle and 1.3000. Immediate resistance is seen around 1.2758. A clear break above that area could lead price to neutral zone in nearest term. We haven’t seen significant bullish correction in the last three weeks so any upside pullback now is normal but overall I still prefer to sell on rallies.

EURUSD Daily Forecast: May 18

Daily Forecast for Crosses: May 18

FXOpen — Thu, 17 May 2012 23:50:31 +0000

EURJPY Forecast
The EURJPY continued its bearish momentum yesterday, bottomed at 100.54 and hit 100.21 earlier today. The bias remains bearish in nearest term testing 99.23. Immediate resistance is seen around 101.00. A clear break below that area could lead price to neutral zone in nearest term but any upside pullback now is normal and as long as stays below 102.00 my overall intraday bias remains strongly to the downside.

GBPJPY Forecast
The GBPJPY had a significant bearish momentum yesterday, broke below the triangle and hit 124.62 earlier today. The bearish reversal scenario is now confirmed, testing 123.25 in nearest term. Immediate resistance is seen around 125.50. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 127.00 I still prefer a bearish scenario at this phase.

AUDUSD Forecast
The AUDUSD was indecisive yesterday, but had a strong bearish momentum earlier today hit 0.9794. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.9662. Immediate resistance is seen around 0.9870. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 1.0000 my overall intraday bias remains strongly to the downside.

Daily Forecast for Crosses: May 18

GBPUSD Daily Forecast: May 18

FXOpen — Thu, 17 May 2012 23:41:45 +0000

GBPUSD Forecast
The GBPUSD continued its strong bearish momentum yesterday, broke below the daily EMA 200 after fell below the trend line support as you can see on my daily chart below. The bias remains bearish in nearest term testing 1.5650 – 1.5600 and the bearish reversal scenario is confirmed. Immediate resistance is seen around 1.5850. A clear break below that area could lead price to neutral zone in nearest term but as long as stays below 1.6000 my overall intraday bias remains to the downside.

GBPUSD Daily Forecast: May 18

USDJPY Daily Forecast: May 18

FXOpen — Thu, 17 May 2012 23:35:31 +0000

USDJPY Forecast
The USDJPY had a significant bearish momentum yesterday, bottomed at 79.12 and still moving below 79.52/35 key support area. This fact postpones the bullish reversal scenario probably retesting the record low at 75.56 in longer term perspective. The bias is bearish in nearest term testing 78.27/50 area. Immediate resistance is seen around 79.52. A clear break above that area could lead price to neutral zone in nearest term but we need a clear break and daily close at least back above 80.00 to give the bullish reversal outlook another chance with a false breakdown scenario.

USDJPY Daily Forecast: May 18

USDCHF Daily Forecast: May 18

FXOpen — Thu, 17 May 2012 23:23:15 +0000

USDCHF Forecast
The USDCHF continued its bullish bias yesterday, topped at 0.9480 and hit 0.9489 earlier today. The bias remains bullish in nearest term testing 0.9600 area. Immediate support is seen around 0.9450. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 0.9320 I still prefer to buy on dips.

USDCHF Daily Forecast: May 18

EURUSD Daily Forecast: May 16

FXOpen — Tue, 15 May 2012 21:43:22 +0000

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.

EURUSD Daily Forecast: May 16

Daily Forecast for Crosses: May 16

FXOpen — Tue, 15 May 2012 21:35:08 +0000

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.

Daily Forecast for Crosses: May 16

GBPUSD Daily Forecast: May 16

FXOpen — Tue, 15 May 2012 21:28:05 +0000

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.

GBPUSD Daily Forecast: May 16

USDJPY Daily Forecast: May 16

FXOpen — Tue, 15 May 2012 21:23:33 +0000

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.

USDJPY Daily Forecast: May 16

USDCHF Daily Forecast: May 16

FXOpen — Tue, 15 May 2012 21:19:32 +0000

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.

USDCHF Daily Forecast: May 16