EURUSD Forecast: Re-testing 1.4850?
The EURUSD had a moderate bullish momentum yesterday, topped at 1.4668 and closed at 1.4648. On h4 chart below we can see that after struggle around the minor trendline resistance (red) where price cross up and down, the pair is now traded above the trendline resistance indicating bullish pressure still able to maintain it’s momentum. Technically in nearest term the bias is bullish testing 1.4720 – 1.4850 area. However please note that in longer term perspective, the rejection to move above 1.4850 on September 23 should keep the medium term bias remains neutral. Immediate support at 1.4610 and the trendline area (former trendline support, red). Break below that area should lead us into no trading zone as direction would become unclear.
GBPUSD Forecast:
The GBPUSD made another indecisive movement yesterday. On h4 chart below we can see that price slipped above 1.6000, topped at 1.6022 but further bullish momentum was rejected as the price whipsawed to the downside, found support around 1.5905 area and closed at 1.5932, traded below the trendline resistance (orange). I still prefer a bearish scenario but we need a valid break below 1.5905 before re-testing 1.5805. Immediate resistance at 1.6022 (yesterday’s high). Break above that area should trigger further bullish momentum re-testing 1.6113 but I am not comfortable to place a long trade at this phase.
USDJPY Forecast:
The USDJPY made indecisive movement yesterday. On h4 chart below we can see that price is now struggling around the trendline resistance (blue) area indicating intense battle between buyer and seller around the trendline. Technically I don’t see a convincing bullish view for now as price is not able to move consistently above the trendline yet. So even the bearish momentum start to lose it’s momentum, it’s too early for a bullish view. I am expecting range area between 89.05 – 90.40 area today.
USDCHF Forecast
The USDCHF had a limited bearish movement yesterday. On h4 chart below we can see that the bearish pressure found good support around 1.0305 area. I still prefer a bearish scenario but we need a valid break below 1.0305 before continue the bearish outlook re-testing 1.0166 area. Immediate resistance at 1.0380. Break above that area should be a serious threat to my bearish outlook.
EURJPY Forecast
The EURJPY had a moderate bullish momentum yesterday, topped at 131.64 and closed at 131.17. I think this is a normal movement in consolidation phase and we might still see a bullish attempt today but I still prefer a bearish scenario so I will keep out from the market. I am expecting a trading range of 130.60 – 132.02 today. Break above 132.02 should trigger further bullish outlook testing the trendline resistance area (orange) and could be a potential threat to my bearish outlook.
GBPJPY Forecast
The GBPJPY made indecisive movement yesterday. On h4 chart below we can see that the pair attempted to push higher, topped at 143.94 but failed to move consistently above the trendline resistance (blue) and closed lower at 142.68 indicating the bearish scenario remains intact. The bias is bearish in nearest term re-testing 140.80 but we seem to have a good support around 142.00 area. Break below that area should trigger further bearish momentum. Immediate resistance is seen at 143.94 (yesterday’s high). Break above that area should trigger further bullish momentum and could be a serious threat to my bearish outlook.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.8796 and closed at 0.8777. The bias remains bullish in nearest term re-testing 0.8858 but be careful and do not rush buying now since price started to pullback below 0.8787 and we need a consistent move above 0.8787 to continue the bullish scenario since a failure to consistently move above that area should lead us back to 0.8580 support area.
