The EURUSD attempted to push lower yesterday, bottomed at 1.4527 but closed higher at 1.4583. Although bearish correction seems limited now, on h4 chart below we still have a valid bearish channel and the pair still able to move below 1.4595 for now, indicating bearish correction remains valid testing 1.4440 area. However price is now testing the upper line of the bearish channel and struggle around 1.4595 which could be a critical technical point at this phase. A violation to the bearish channel and failure to keep moving below 1.4595 could be a potential threat to the bearish correction and aim for 1.4720 and 1.4850 before targeting 1.5000.
GBPUSD Forecast:
The GBPUSD was corrected higher yesterday, topped at 1.5988 and closed at 1.5957. On h4 chart below we can see that the price is now challenging psychological level 1.6000. I still prefer a bearish scenario as long as the pair stay below 1.6000 but we are in critical technical point now as a break above 1.6000 could be potential threat to the current bearish outlook and re-testing 1.6113 area. Immediate support at 1.5905 followed by 1.5850.
USDJPY Forecast:
The USDJPY made a moderate bullish momentum yesterday, topped at 90.36 and closed at 90.13. On h4 chart below we can see that the hammer formation still provide a potential threat to the bearish outlook. Will it trigger a bullish reversal or just a correction? For me, the key area is the 90.20 and trendline resistance (blue). A Breakout to the upside from that area could potentially be a bullish reversal signal at least targeting 91.40 area. Immediate support at 89.50 area.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, slipped above 1.0380, topped at 1.0404 but this was just a false breakout as the pair retreat lower and closed at 1.0360. Usually a false breakout lead to significant downside momentum. In this case, the lower line of the bullish channel could be a potential target. A violation to the bullish channel should be seen as the end of the bullish correction and continue bearish scenario targeting 1.0000.
EURJPY Forecast
The EURJPY had a moderate bullish momentum yesterday and we do not have a significant technical movement. My technical focus remains at the trendline resistance (orange), as you can see on my h4 chart below. At this phase, that trendline is the key resistance area. As long as the pair move below the trendline, I still prefer a bearish scenario. However, once price break above the trendline the bearish scenario could be in serious threat. I still prefer to stay away for now as we are still in no trading zone. Immediate support at 131.20. Initial resistance at 132.40. Break above that area should trigger further bullish momentum and diminish my bearish outlook.
GBPJPY Forecast
The Hammer formation gave us a valid bullish correction yesterday, topped at 143.94 and closed at 143.82. There are only 2 ways of interpreting the hammer in this current situation : a bullish reversal or just a normal correction. I think the key level area to determine which one from those 2 option is valid is 146.73 area. As long as the pair stay below that area, any bullish movement should only be seen as normal correction. But if price break above that area, bullish reversal scenario will be confirmed. I think I will keep stay out from the market now. Immediate support at 142.70 followed by 141.50.
AUDUSD Forecast
The AUDUSD made indecisive movement yesterday, but there has been some upside pressure early today in Asian session. On daily chart below we can see that after had a significant bullish momentum since March and peaked at 0.8787 the pair now is consolidating, moving between 0.8787 – 0.8500. I see no significant bearish reversal signal so far, so I still prefer a bullish continuation scenario. However, I think we better wait a consistent move above 0.8787 before start to place long trades. Short trades are not recommended at this phase. Immediate support at 0.8675. Break below that area could trigger further bearish momentum testing 0.8500.
