EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.4842 but further bullish momentum was rejected as the pair whipsawed to the downside, closed at 1.4690. On h4 chart below we can see that after break below 1.4766, the pair is now testing 1.4670 area and has slipped below the bullish channel. We are in no trading zone now, but I still prefer a bullish scenario and see this bearish momentum just as normal correction, at least for now. Break below 1.4670 should trigger further bearish pressure testing key support area around 1.4595. Only movement below 1.4595 could be seen as potential threat to the bullish scenario. The bias is neutral in nearest term and I think now is not the best time to trade and short position is not recommended at this phase. Immediate resistance at 1.4766 followed by 1.4867. Break above 1.4867 area should continue the bullish scenario towards 1.5000.
GBPUSD Forecast:
The GBPUSD had a volatile market yesterday. The pair attempted to push higher, topped at 1.6468 but further bullish momentum was rejected as the pair whipsawed to the downside and closed at 1.6324. This volatile market is reflected in the broadening formation, as you can see in my h1 chart below, where price make new highs and lows without clear direction. This is the kind of market I always avoid. We need a break from the broadening formation to get clearer direction. A breakout to the upside should trigger further bullish momentum targeting 1.6555 while a breakdown to the downside and movement below 1.6300 area should trigger further bearish momentum re-testing 1.6113 area.
USDJPY Forecast:
The USDJPY failed to continued it’s bearish momentum yesterday, closed higher at 91.50. I think we are in no trading zone now. On h4 chart below we can see that after had significant bearish momentum from 97.77 and hit the low around 90.20 area the pair has been moving in range area between 92.50 – 90.20 indicating consolidation phase. In this kind of market, I have 2 trading scenarios. First is the range trading, which is to sell around 92.50 and to buy around 90.20 with tight stop loss. Second is trading breakout, which is to buy above 92.50 or to sell below 90.20. Immediate resistance at 91.80. Break above that area should trigger further bullish momentum re-testing the 92.50. I still prefer a downside scenario since the major trend remains bearish.
USDCHF Forecast
The USDCHF attempted to push lower yesterday, bottomed at 1.0166 but further bearish pressure was rejected as the pair whipsawed to the upside and closed higher at 1.0294. On h4 chart below we can see that after a hammer appeared the pair push higher, break above 1.0275 resistance area but never really consistently move above that area yet. I think we area in no trading zone but I still prefer bearish scenario. Immediate resistance at 1.0320 followed by 1.0380. Only break above 1.0380 could be seen as potential threat to the bearish scenario. Initial support at 1.0135 (potential bearish target).
EURJPY Forecast
The EURJPY had a volatile market yesterday. On h4 chart below we can see that after violated the bullish channel (blue channel) the pair is now making a minor bearish channel (red channel) indicating further bearish correction is intact, but I still prefer a bullish scenario. I will keep stay out from the market now but expecting a breakout to the upside of the bearish channel for a further bullish scenario towards 136.60 and 138.25 area. Immediate support at 134.00 – 133.40 area. Break below that area could be a potential threat to my bullish outlook.
GBPJPY Forecast
The GBPJPY had another volatile market yesterday. On daily chart below we can see that the bullish momentum attempted to push higher, topped at 150.35 but the trendline resistance (blue) still hold so far and the pair closed lower at 149.37. This upside rejection should keep the bearish scenario intact, but I will keep stay out for now as the market show no clear direction in nearest term. Immediate support at 149.00. Break below that area should trigger further bearish pressure re-testing 148.00 key support level. Initial resistance at 150.35 (yesterday’s high). Break above that area and breakout above the trendline resistance could be seen as potential threat to my bearish outlook. CCI just cross the -100 line up on daily chart suggesting potential upside pressure.
AUDUSD Forecast
The AUDUSD failed to continue it’s bullish momentum yesterday. On h1 chart below we can see that the bullish force failed to move above 0.8787 resistance area (double top) before moved lower, but the trendline support did a good job preventing further bearish pressure. The bias is neutral in nearest term but I still prefer a bullish scenario. Only a break below the trendline could be seen as potential threat to the bullish scenario. CCI just cross the -100 line up on h1 chart suggesting potential upside pressure re-testing 0.8787 resistance area. Break above that area should trigger further bullish continuation towards 0.8880 area.
