EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.4347 but further bullish momentum was rejected as the pair whipsawed to the downside and closed lower at 1.4256. On h4 chart below, we can see that after breakdown from the rising wedge formation (blue) the pair retreated to the upside back into the rising wedge area but now traded below the lower line of the rising wedge. This fact should keep the bearish scenario intact. We also have a new bearish channel (red channel) indicating a potential bearish pressure. The bias is bearish in nearest term testing 1.4180/50 area but remains neutral in medium term. However CCI just cross the -100 line up on h1 chart so watch out for potential upside pressure testing 1.4290 resistance area. Break above that area should be seen as bearish scenario failure and could trigger further bullish momentum re-testing 1.4350 area. Eyes on US NFP and Unemployment rate data today that can be the market mover of the day.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.6412 but the bullish momentum was limited as the price closed lower at 1.6330. On h4 chart below we can see that the bearish channel (red) and the trendline (blue) has been violated to the upside indicating potential bearish scenario failure but the price retreated lower and now struggling around the trendline area and might attempt to move back inside the bearish channel. I think we are in no trading zone. Technically if the price able to stay above the trendline and stay outside the bearish channel, we could have a bullish view at least towards 1.6500 area but if the price back inside the bearish channel and move back below the trendline then the bearish scenario should remains intact re-testing 1.6110 support area. CCI just cross the 100 line down on h4 chart suggesting a potential downside pressure testing 1.6250 support area. Immediate resistance at 1.6412 (yesterday’s high). Eyes on US NFP and Unemployment rate data today that can be the market mover of the day.
USDJPY Forecast:
The USDJPY was corrected higher yesterday. The 91.80 area proved to be a good support at this phase. On h1 chart below we have something interesting and a good educational material about how a candlestick pattern can be very useful. We can see that the bearish momentum was started after we saw a shooting star after some bullish momentum indicated by the bullish channel (blue channel). Later, the bearish momentum was stopped by another candlestick pattern, a hammer, before corrected higher. The bias is bullish in nearest term testing 92.93 and 93.25 area but we must see this bullish momentum only as correction as the main trend remains bearish. Immediate support remains at 91.80 area.
USDCHF Forecast
The USDCHF made indecisive movement yesterday. The pair attempted to push lower, bottomed at 1.0544 but further bearish scenario was rejected as the pair whipsawed to the upside and closed higher at 1.0617. On h4 chart below we can see that the pair still trapped in a range area between 1.0715 – 1.0540. In this kind of market, my favourite trading set up is to buy around 1.0540 or to sell around 1.0715 with a very tight stop loss. A break from the range area should give us a clearer direction.
EURJPY Forecast
The EURJPY was corrected higher yesterday, topped at 132.54 and close at 132.01. On h4 chart below we still have the valid bearish channel with a minor bullish channel (blue) indicating a bullish correction. The bias is neutral in nearest term and I think we are in no trading zone now but I still prefer a downside scenario towards 129.60 area in longer term. Immediate resistance at 132.80. Break above that area should trigger further bullish correction challenging the upper line of the bearish channel and could be a threat to the bearish scenario. Initial support at 131.40. Break below that area should trigger further bearish momentum.
GBPJPY Forecast
The GBPJPY was corrected higher yesterday, topped at 151.59 and closed at 151.21. On h4 chart below we have a minor bullish channel (blue) inside the big bearish channel (red) indicating a bullish correction phase. The bias is bullish in nearest term as the price might testing the upper line of the bearish channel but as long as the bearish channel valid, we have to see the current bullish momentum as a correction. A Breakout to the upside of the bearish channel should be seen as bearish failure. Immediate resistance at 152.25. Break above that area should trigger further bullish momentum. Initial support at 150.90. Break below that area should trigger further bearish momentum and keep the bearish scenario intact.
AUDUSD Forecast
The AUDUSD continued it’s bullish momentum yesterday, topped at 0.8426 and closed at 0.8392. Overall, the pair is still trapped in range area of 0.8477 – 0.8150 indicating consolidation after bullish momentum. The bias is bullish in nearest term testing 0.8477 area but the pair need a clear break above the trendline resistance (B) to confirm the bullish scenario. A failure to move above the trendline resistance could trigger a bearish pressure testing the trendline support (A) and challenging 0.8150 support area.
