Forex Daily Forecast, Analysis and Prediction

AUDUSD is forming a cycle bottom at 0.7827 level on daily chart. Range trading between 0.7827 and 0.8263 is expected next week. The price action in the trading range will be treated as consolidation of uptrend from 0.6284.

Dollar/Yen made an insignificant downward movement yesterday. This confirms the consolidation phase of the currency couple and the unclear movement direction, till trading range is within the triangle formation on the 1 hour chart. Immediate support is 97.25, followed by 96.00.

USDCAD failed to test 1.0928 support and rebounded from 1.0940 level. However, the rise is treated as correction of the downtrend from 1.1289. One more fall to test 1.0928 support is expected later today

Yesterday Euro/Dollar increased to the top 4138, from where the currency couple started descending down to the 1.3921 bottom. On the 1 hour chart is seen that the bearish impulse could not break the support level at 1.3920 and the trend line still resists.

Euro/Dollar attempt to drop yesterday, reaching a bottom at 1.3853, but further bearish impetus was rejected as the currency couple rose with nearly 250 pips, closed the day at 1.4064.

GBPUSD formed a short term cycle bottom at 1.5801 level on4-hour chart. The rise from 1.5801 is now treated as resumption of uptrend from 1.3654 (Mar 11 low). Further rise to test 1.6662 previous high resistance is now in favor.

Being contained by 1.3793 key support, EURUSD rebounds from 1.3804 level. However, the rise from 1.3804 is treated as consolidation of downtrend from 1.4338. Pullback to re-test 1.3793 would more likely be seen later today.

Euro/Dollar decreasing movement continued yesterday with nearly 200 pips. The currency couple broke the key support level 1.3860, reaching a bottom at 1.3808, closing the day at 1.3897.

EURUSD is testing the support of the lower border of the rising price channel on 4-hour chart. A clear break below the channel support will signal deeper decline to test 1.3793 key support.

Euro/Dollar reached a top at 1.4226 on Friday, than collapsed down to 1.3937, as expected. On the 1 hour chart is seen that further downward correction has been rejected around the key 1.3925 support level.

AUDUSD stays above the rising trend line on daily chart and remains in uptrend from 0.6284. The pullback from 0.8263 is more likely consolidation of uptrend.

EURUSD pulls back from the upper border of the rising price channel, suggesting that a sort term cycle top is being formed at 1.4338 level on 4-hour chart. Sideways consolidation in a range between 1.3950 and 1.4338 is expected in a couple of days.

Euro/Dollar yesterday reached a top at 1.4329, from where it collapsed down to 1.4112, closing the day at 1.4302. The CCI indicator is in the overbought zone on the 1 and 4 hour chart, suggesting possible descending pressure.

USDCAD continues in range trading between 1.0784 and 1.0971. The price action in the trading range is treated as consolidation of the downtrend from 1.1814.

Euro/Dollar attempted to rise yesterday. The currency couple first declined as expected down to the 1.4104 bottom, than rose, hitting the long term target 1.4270, made a top at 1.4329, closing at 1.4302.