The EURUSD continued it’s bullish momentum yesterday, topped at 1.4761 and closed at 1.4721. On h1 chart below we can see that 1.4671 area is an important intermediate resistance at this phase. The bias is neutral in nearest term and we might see some downside correction today, but the bullish scenario with 1.4850 as potential target especially if price break above 1.4761 area remains intact. However do not rush buying now. CCI heading down towards -100 line on h1 chart and price pullback after touch 1.4761 so watch out for potential downside correction testing 1.4695 – 1.4650 support area. I will be watching any reaction around that support area before make any decision today. If price able to stay above that support area, the bullish scenario re-testing 1.4850 should remains intact. Break below that area should diminish my bullish view but short position is not recommended at this phase.
GBPUSD Forecast:
The GBPUSD made another volatile but indecisive movement yesterday. On h4 chart below we can see that once again, price slipped above 1.6000, topped at 1.6047 but whipsawed to the downside, bottomed at 1.5875 and closed at 1.5915. The bias is bearish in nearest term but we need consistent move below 1.5905 for a bearish continuation confirmation re-testing 1.5808 area. Immediate resistance at 1.5950 – 1.6000 area. Break above that area could trigger further bullish momentum but long position is not recommended at this phase.
USDJPY Forecast:
The USDJPY failed to continue it’s bullish correction yesterday, bottomed at 88.62 and closed at 88.74. On h4 chart below we can see that the bullish pressure fail to keep position above the trendline resistance before fell to the downside. This fact surely keep my bearish outlook intact and the trendline area is the best place to put a short position. CCI in oversold area and heading up on h4 chart suggesting potential upside rebound testing 89.05 and trendline resistance area. Any rejection to move consistently around that resistance area should trigger further bearish continuation at least re-testing 88.22 area before aim for 87.10.
USDCHF Forecast
The USDCHF continued it’s bearish momentum yesterday, bottomed at 1.0236 and closed at 1.0269. The bias remains bearish and still targeting 1.0166. However CCI just cross the -100 line up on h4 chart so watch out for potential upside correction testing 1.0305 area. Break above that area should trigger further bullish correction testing 1.0380 but long position is not recommended at this phase.
EURJPY Forecast
The EURJPY bullish correction was paused yesterday. It’s too early to say that the bullish correction is over, but today I might have a short trade opportunity. I will be watching the minor trendline support (blue) area. Break below that area could potentially end the bullish correction and continue the bearish scenario re-testing 129.03 area. Immediate resistance at 131.55 – 132.00 area. Break above that area should continue the bullish correction but long position is not recommended.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday, bottomed at 140.94 and closed at 141.149. As long as the pair stay below the trendline resistance (blue) I still prefer a bearish scenario. The bias remains bearish in nearest term re-testing 139.71. However CCI just cross the -100 line up on h1 chart and in oversold area and heading up on h4 chart, so watch out for potential upside rebound testing 142.00 resistance area. Break above that area should lead us into no trading zone and long position is not recommended.
AUDUSD Forecast
The AUDUSD had another significant bullish momentum yesterday, topped at 0.8918 and closed at 0.8905. On h4 chart below we can see that price had a nice bullish momentum after break above 0.8787 area. Early today in Asian session the price was corrected lower traded around 0.8882 at the time I wrote this comment and further downside correction is normal, even needed before continue the bullish scenario at least targeting 0.8950 area. Break above that area should trigger further bullish momentum. CCI in overbought area and heading down on h4 chart suggesting potential downside correction testing 0.8850 and I will be watching any reaction around that area. Rejection to move below that area should continue the bullish momentum while break below that area should trigger further bearish pullback re-testing 0.8787 area but short position is not recommended at this phase.
