EURUSD Forecast:
The EURUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after breakout above the trendline resistance (red) price had a bullish momentum, topped at 1.4820 and closed at 1.4788. The rising wedge formation is no longer valid and the bearish reversal scenario has been canceled. The bias is bullish in nearest term targeting 1.4880 area before aim for 1.5000 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.4766. Break below that area could lead us into no trading zone as the pair might rebound lower towards 1.4670 but the outlook remains bullish and short position is not recommended.
GBPUSD Forecast:
The GBPUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after rejection to move below 1.6113 support area the pair bounced to the upside. The bias is bullish in nearest term targeting 1.6555 area and the bearish correction might over now. Immediate support at 1.6300 area. Break below that area should lead us back into no trading zone.
USDJPY Forecast:
The USDJPY failed to continued it’s bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside and price traded below 91.80 indicating that the bullish correction is now over and the pair is ready to continue it’s major bearish scenario. The bias is bearish in nearest term but watch out for a good support around key support level 90.20/10 area. Break below that area should trigger further bearish momentum targeting 89.60 area. Immediate resistance at 91.25. Break above that area should lead us into no trading zone but the outlook remains bearish and long position is not recommended.
USDCHF Forecast
The USDCHF continued it’s bearish momentum yesterday. On h4 chart below we can see that after break below 1.0275 support area the pair had a bearish momentum, bottomed at 1.0214 and closed at 1.0237. The bias is bearish in nearest term still targeting 1.0135 area. Immediate resistance at 1.0275. Break above that area should lead us into no trading zone as the pair might corrected higher testing 1.0380 but long position is not recommended.
EURJPY Forecast
The EURJPY failed to continue it’s bullish momentum yesterday, bottomed at 134.58 and closed at 134.81. The pair keep moving lower early today in Asian session around 134.40 at the time I wrote this comment. On h4 chart below we can see that the bullish channel has been violated to the downside indicating potential threat to the bullish outlook. The bias is bearish in nearest term targeting 133.40 area but I prefer to stay out for now as the bullish scenario in longer term remains intact as long as the pair stay above the major bullish trendline (orange). Immediate resistance at 134.90. Break above that area should trigger further bullish momentum.
GBPJPY Forecast
The GBPJPY had a volatile market yesterday but made indecisive movement formed a Doji on daily chart. On h4 chart below we can see that the price is now struggling around the trendline resistance. The bias is neutral in nearest term but I still prefer a downside scenario at least testing 148.00 area before aim for 146.75 area. Immediate resistance at 149.40. Break above that area should trigger further bullish momentum and could be a potential threat to the bearish outlook.
AUDUSD Forecast
The AUDUSD made a significant bullish momentum yesterday. On h4 chart below we can see that after break above 0.8675 the price made a bullish momentum, topped at 0.8758 and closed at 0.8736 and traded around 0.8765 at the time I wrote this comment. The bias is bullish in nearest term targeting 0.8820 – 0.8880 area. Immediate support at 0.8730. Break below that area should lead us into no trading zone but short position is not recommended.
