On-Line Forex Trading Tips

EURUSD Daily Forecast

From weekly chart point of view, the EURUSD had indecisive movement last week. On daily and h4 chart, this indecisive direction showed by 2 contradicted technical patterns, H&S on the bearish side and “Flag” on the bullish side. For me, as long as we do not have valid breakout/breakdown on one of those patterns, no trade should be placed. However, once one of the pattern confirmed, do not hesitate to place your trade. Immediate resistance is seen at 1.4050. Break above that area should trigger bullish momentum towards 1.4336 area. Initial support at 1.3850 followed by 1.3750. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure.

GBPUSD Daily Forecast

Similar to EURUSD, the GBPUSD also had indecisive movement last week. The pair attempted to push higher on Friday, topped at 1.6559 but we have not seen convincing upside movement yet as the pair now traded below 1.6505 area. However we still have valid minor bullish channel on h1 chart. As long as the channel holds, expect further upside pressure in nearest term. Break above 1.6559 should trigger further bullish pressure testing 1.6660. Immediate support is seen at 1.6420. Break below that area or violation to the downside of the bullish channel should trigger further bearish pressure testing 1.6315 support area. CCI just cross the 100 line down on h1 chart suggesting a potential downside pressure.

USDJPY Daily Forecast

The USDJPY failed to continue it’s bullish correction on Friday. The pair attempted to push higher, topped at 97.16 but further bullish momentum was rejected as the pair whipsawed to the downside, hit the low at 95.99 and closed at 96.16. In nearest term, as long as the pair stay below 97.20/60 resistance area, expect further downside pressure testing the support trendline (see the h4 chart below). Break below that support trendline should trigger further bearish momentum towards 93.80 area. Immediate support at 95.50. CCI in neutral area on daily chart.

USDCHF Daily Forecast

After corrected higher on Thursday, the USDCHF had a moderate bearish momentum on Friday. However on h4 chart below we can see that the pair still trapped in triangle area so I think we are still in no trading zone unless we have breakout/breakdown from the triangle. Immediate resistance is seen at 1.0890. Initial support at 1.0760. Break below that area should trigger further bearish momentum. CCI in neutral area on daily chart.

EURJPY Forecast
The EURJPY made indecisive movement on Friday by opened and closed at almost the same price. On h4 chart below we can see that the minor bullish channel has been violated to the upside indicating potential downside pressure testing the trendline support. Immediate support is seen at 133.60. Break below that area should trigger further bearish pressure testing 132.50. Initial resistance at 134.60 followed by 135.15.

GBPJPY Forecast
The GBPJPY had a moderate bullish momentum on Friday. On h4 below we can see that the bearish channel has been violated to the upside, the pair topped at 159.60 but closed lower at 158.66. I think we are in no trading zone now. On the upside, trendline resistance on h4 chart should be an important resistance at this phase. Violation to the upside should trigger further bullish momentum testing 162.57 area. Immediate support is seen at 157.80 followed by 156.75. CCI about to cross the -100 line down on h1 chart suggesting potential downside pressure.

AUDUSD Forecast
The AUDUSD had a moderate bullish momentum on Friday. The pair slipped to the upside, hit the top at 0.8117 but failed to maintain the bullish momentum and closed lower at 0.8054. On h4 chart below we have triangle formation after bullish momentum indicating consolidation phase. The bias is neutral in nearest term. Immediate support is seen at 0.7950. Break below that area should trigger further bearish momentum back towards 0.7850. Initial resistance at 0.8117. Break above that area should trigger further bullish scenario towards 0.8235. CCI in neutral area on daily chart.

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