EURUSD Forecast:
The EURUSD had a bullish momentum yesterday, topped at 1.4405 and closed at 1.4347. On h1 chart below we can see that the lower line of the bullish channel has provided us with a good support prevented further bearish pressure suggesting that bullish scenario remains intact. The bias is bullish in nearest term targeting 1.4446 area. CCI in overbought area and heading down on h1 chart so watch out for potential downside pullback testing 1.4290 support area. Break below that area could lead us into no trading zone.
GBPUSD Forecast:
After three days of bearish momentum the GBPUSD was corrected higher yesterday. The pair attempted to push lower, bottomed at 1.6152 but further bearish pressure was rejected as the pair whipsawed to the upside, topped at 1.6304 and closed at 1.6268. On h4 chart below we can see that this was a case of false breakdown from the bullish channel lower line (blue). The bias is bullish in nearest term testing 1.6360 area but the bearish channel (red) remains valid indicating the bearish scenario remains intact. Immediate support is seen at 1.6250/10 area. Break below that area should trigger further bearish momentum. I prefer to stay out for now. We will have UK’s revised GDP data today. A positive result should trigger more bullish momentum while a negative result should continue the bearish scenario.
USDJPY Forecast:
The USDJPY had a significant bearish momentum yesterday, bottomed at 93.21 and closed at 93.45. On h4 chart below we can see that the bullish channel (blue) has been violated to the downside indicating bullish failure and potential bearish continuation. The bias is bearish in nearest term targeting 92.70. However CCI just cross the -100 line up on h1 chart so watch out for potential upside rebound testing 94.00 resistance area. Break above that area should lead us back to no trading zone.
USDCHF Forecast
The USDCHF failed to continue it’s bullish momentum yesterday, bottomed at 1.0527 and closed at 1.0586. On h1 chart below we have a broadening formation where price is making new highs and lows without clear direction. The bias is bearish in nearest term but I prefer to stay out for now. Immediate support is seen at 1.0527 (yesterdays’ low). Break below that area should trigger further bearish momentum towards 1.0430 area. Initial resistance at 1.0650 followed by 1.0750.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, hit my short target at 132.90 but whipsawed to the upside, topped at 134.44 and closed at 134.08. On h4 chart below we can see that after violated the bullish channel (blue) to the downside, the pair is making a new bearish channel (red) but price is now ready to test the upper line of the bearish channel. A a violation to the bearish channel should be seen as bearish failure and trigger further bullish momentum but at this phase that would be a no trading zone for me. Immediate resistance at 134.70. Break above that area should lead to further bullish momentum towards 135.85 area. Initial support 133.90. Break below that area should keep the bearish scenario intact.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 151.05 but closed higher at 152.02. On h4 chart below we still have the bearish channel indicating the bearish scenario remains intact. I still prefer a downside scenario but we might have further upside correction today. CCI just cross the -100 line up on h4 chart suggesting potential upside pressure. The bias is bullish in nearest term testing 153.40. Break above that area should be seen as bearish failure. Initial support at 152.00. Break below that area should continue the bearish scenario towards 150.80 area.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8417 and closed at 0.8387. On h4 chart below we can see that the trendline support (which also the lower line of the new triangle) did a good job prevented further bearish pressure. From a bigger view, we have a triangle formation indicating a consolidation with the pressure is on the upside now. The bias is bullish in nearest term but wee need a clear breakout from the triangle to confirm bullish scenario targeting 0.8500. Immediate support at 0.8350. Break below that area should be seen as bullish failure.
