EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.4610 but further bearish pressure was rejected as the pair closed higher at 1.4676. We are in downside correction (consolidation) phase but the pair is able to stay above 1.4630 support area so far. I still prefer bullish outlook and short position is not recommended at this phase. On the upside, as you can see on my h4 chart below, the minor trendline resistance (red) could be a critical technical area. A breakout to the upside should trigger further bullish momentum targeting 1.4867 area. On the other hand, failure to move above the trendline resistance could trigger further bearish correction re-testing 1.4630/10 support area. Break below that area should trigger further bearish correction towards 1.4550 area. CCI just cross the -100 line up on h4 chart suggesting potential upside pressure.
GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, formed A Doji on daily chart. A look at the daily chart below we can see that after had significant bullish momentum since March and topped at 1.7042 in August, the pair is now in significant downside correction (consolidation) phase testing 1.6113 – 1.6000 support area. From this point of view, unless the pair drop below 1.6000 area, it’s to early for a bearish reversal scenario. The bias is neutral in nearest term and I think we are in no trading zone now. Immediate resistance at 1.6263 (yesterday’s high). Break above that area could trigger further upside pressure testing 1.6350 area.
USDJPY Forecast:
The USDJPY made significant bullish momentum yesterday, topped at 92.53 but closed a little bit lower at 91.98. On h4 chart below we can see that the trendline resistance (red) has been broken to the upside and now traded above 91.80 area suggesting potential upside outlook. However, I think the situation can be tricky at this phase. The pair is now testing the lower line of the bullish channel. As long as the bullish channel valid, expect further bullish correction scenario towards 93.00 area. CCI in overbought area and heading down on h4 chart suggesting potential downside pressure testing the lower line of the bullish channel. A violation to the bullish channel and a pullback below 91.80 area should diminished the bullish correction outlook and could lead us back into 90.70 area.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.0388 but further bullish correction was rejected as the pair closed lower at 1.0323. On a broader view on daily chart below we can clearly see that the main trend remains bearish especially after break below 1.0527 but Greenback had a good support around 1.0275 area so far. Break below that area should trigger further bearish momentum targeting 1.0135 area. Immediate resistance at 1.0420.
EURJPY Forecast
The EURJPY had bullish momentum yesterday, topped at 135.47 but closed a little bit lower at 135.00. On h4 chart below we can see that after bounced from the major trendline support, the pair keep moving higher. The bias is neutral in nearest term but I prefer a bullish scenario targeting 136.07 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside pullback testing 134.50 support area. Break below that area should lead us into no trading zone and could trigger further downside correction.
GBPJPY Forecast
The GBPJPY was corrected higher yesterday, topped at 149.59 and closed at 149.05. I think we are in no trading zone area but I still prefer a downside scenario. On h4 chart below we can see that the pair is now testing the trendline resistance (red) again. Breakout above that trendline resistance should trigger further upside correction scenario but long position is not recommended at this phase. Immediate support at 148.00 followed by 146.75. Initial resistance at 149.59 (yesterday’s high). Break above that area should trigger further upside correction towards 150.50 area.
AUDUSD Forecast
The AUDUSD made another soft bearish correction yesterday. On h4 chart below we can see that the pair is now in smooth downside correction after some bullish momentum but I still prefer a bullish scenario and short position is not recommended at this phase. The bias remains neutral in nearest term, but CCI just cross the -100 line up on h4 chart suggesting potential upside pressure. Immediate resistance at 0.8675 area. Break above that area should trigger further bullish momentum targeting 0.8720 and 0.8770 area.
