The EURUSD was corrected lower yesterday but I am not surprise. In fact, I think we need this correction in order to continue the bullish scenario re-testing 1.4850 area. On my h1 chart below we can see that the price bounced from my 1.4695 – 1.4650 support area and now has break above the minor trendline resistance (blue) indicating a bullish potential. Immediate support at 1.4650 area. Only break below that area could diminish my bullish outlook.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.5857 bit whipsawed to the upside, topped at 1.5971 and closed at 1.5954. The volatile but indecisive market since last week indicating a consolidation reflected in the triangle formation as you can see in my h4 chart below. I still prefer a bearish scenario but it’s easy to see that the bearish pressure is starting to lose some momentum and we need a break from the triangle to see a clearer direction. The bias is bullish in nearest term as price might attempted to breakout the triangle. If that happen, expect further bullish momentum retesting 1.6113 area. Immediate support at 1.5857 (yesterday’s low).
USDJPY Forecast:
The USDJPY made indecisive movement yesterday. Once again, the trendline resistance area (blue) did a good job preventing further bullish pressure and keep the bearish scenario intact. The bias remains bearish in nearest term targeting 87.10 area, but we need a consistent move below 88.22 to confirm the bearish continuation. The trendline resistance and 89.05 area should remains a key resistance at this phase.
USDCHF Forecast
The USDCHF was corrected higher yesterday, topped at 1.0358 and closed at 1.0329. I think this is a normal correction and I still prefer a bearish scenario. On h4 chart below we can see that the bullish correction was stopped at the minor trendline resistance (orange) before move lower again. This might produce a good short trading opportunity for me today targeting at least 1.0235. Immediate resistance at 1.0358 area (yesterday’s high). Break above that area should trigger further bullish correction but long position is not recommended at this phase.
EURJPY Forecast
The EURJPY continued it’s moderate bearish momentum yesterday. We had a intense struggle around the trendline area (blue) where price cross up and down the trendline as a result of a high volatile market. As you can see on h4 chart below, the fact that price able to maintain position below the trendline indicating bearish view in nearest term remains intact. I don’t like volatile market and too many noises around, so I will stay out for now. Immediate resistance at 130.60. Break above that area should make the pair vulnerable for a further upside pressure re-testing 131.55 area. Initial support at 129.50/00 area.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 139.69 but whipsawed to the upside and closed higher at 141.34. Technically we have a potential bullish correction/reversal warning showed by the double bottom formation around 139.71 area as you can see on my h4 chart below. I will not surprise if we see another bullish correction today. Immediate resistance at 142.00 area. Break above that area should trigger further bullish correction testing the trendline resistance area (blue). Break above that trendline could be a potential threat to my bearish outlook and might be the beginning of a bullish reversal outlook.
AUDUSD Forecast
The AUDUSD made indecisive movement yesterday, formed A Doji on daily chart but traded significantly higher early today in Asian session around 0.9010 area. The fact that price already break above 0.8950 should lead us now into a further phase of bullish scenario targeting 0.9350 area. The bias is bullish in nearest term targeting 0.9090 area. Immediate support at 0.8950 area. Break below that area should trigger further bearish correction but short position is not recommended at this phase.
