EURUSD Forecast The EURUSD was volatile up and down yesterday but overall still maintain its strong bullish intraday bias after hold above 1.4320 key support area and hit 1.4484. The bias remains bullish in nearest term testing the upper line of the triangle and 1.4500/50 region. That area might provide a good intraday resistance, but a clear break above the triangle could trigger further bullish scenario testing June 07 high at 1.4695 . Price is in a critical point now as whatever happen to the triangle could determine the next scenario. Immediate support at 1.4400.
Daily Pivots: (S1) 1.0469; (P) 1.0507; (R1) 1.0577; More
AUD/USD’s break of 1.0649 resistance suggests that choppy fall from 1.0744, as well as the whole correction from 1.1011 has completed at 1.0390 already. Intraday bias is flipped back to the upside for 1.0774 resistance first. Break will confirm this case and should target a retest on 1.1011 high next. On the downside, below 1.0550 minor support will turn bias neutral and bring consolidations. But outlook will now be cautiously bullish as long as 1.0390 support holds.
In the bigger picture, rise from 0.8066 is part of the up trend from 2008 low of 0.6008 and is still in healthy status.
EURJPY Forecast The EURJPY had a significant bullish momentum yesterday and now testing 115.80 resistance area. The bias is bullish in nearest term especially if price able to make a clear break above 115.80 – 116.00 targeting 116.70 – 117.00 and the trend line resistance (white). However as long as price stays below the trend line the bearish scenario since the fall from 123.31 should remain intact and I still prefer a bearish scenario at this phase. Immediate support at 115.00. A c
25 Jun
Posted by: Joshua Gibb in: Forex Analyzer
Euro maintains gain against dollar even though it lacks follow through buying to extend this week’s rebound. Markets are generally optimistic on Greece parliamentary approval of the austerity package tomorrow. And, to recap, the approval of the austerity package is needed for EU and IMF to approve the next tranche of bailout payment of EUR 12b as well as getting the second bailout. EU finance ministers will next meet on July 3. Meanwhile, Euro is also supported by news that Germany has been urging to have a “plan B” if Greece fails to pass the austerity vote, and that include the possibility of reactivating the European Financial Stability Facility.