The EURUSD had had a bullish momentum yesterday, topped at 1.4812 and closed at 1.4776. Although the nearest term bias should remains bullish, actually my medium term outlook remains neutral as the pair still move below 1.4850 key resistance area. My yesterday’s technical strategy worked fine. As you can see in my h1 chart below, price had a bullish momentum after rejected to move below 1.4688/50 support area, violated the bearish channel to the upside and hit the top. The bias is bullish in nearest term still re-testing 1.4850. Break above that area should lead us into a new stage of bullish scenario targeting 1.5000 even 1.5300 area. My key support level to be watched today is 1.4760/30 area. I will be watching any reactions around that area before make any decision. As long as that support area hold, the Dollar should remains under pressure today. On the other hand, failure to consistently move above that area could trigger another downside correction testing 1.4650 area.
GBPUSD Forecast:
We had a quite volatile market yesterday. After hit the top at 1.5882, the GBPUSD attempted to push lower, bottomed at 1.5727 but bearish pressure was limited as the pair closed higher at 1.5795. On h4 chart below we can see that this was a case of a false breakdown from my 1.5760 key support area. Today, beside that support area, I will be watching any reactions around 1.5882 (yesterday’s high) and trendline resistance (blue) area. Consistent move below 1.5760 or a rejection to move above 1.5880 and the trendline resistance area might give us a good short trade opportunity. Long position is not recommended at this phase.
USDJPY Forecast:
The USDJPY bullish correction was paused yesterday. The pair attempted to push higher, topped at 90.45 but closed lower at 89.78. I think this is a normal movement but. My key support area for today remains at 89.60/30 area. As long as the pair able to move above that area, I believe we will see further bullish correction re-testing 90.40 even 91.50 area. However, a failure to consistently move above that support area should be seen as potential threat to the bullish correction re-testing 88.22 area. CCI just cross the 100 line down on h4 chart suggesting potential downside pressure.
USDCHF Forecast
The USDCHF failed to continue it’s bullish correction yesterday. On h1 chart below we can see that beside the bullish channel violation, price is now traded below the trendline and 1.0300 area indicating a bearish view. The bias is bearish in nearest term targeting 1.0166 but we might have a good support around 1.0235 area. Immediate resistance at 1.0300. Break above that area should lead us into no trading zone as direction would become unclear but long position is not recommended at this phase.
EURJPY Forecast
The EURJPY had limited bullish momentum yesterday. So far I don’t have significant technical event and although the bullish pressure seems losing some momentum, there is not enough evidence that the bullish correction is over and the major trendline resistance area remains potential bullish correction target. I still prefer a bearish scenario and I think I will keep out from the market. Immediate support at 132.40 followed by 131.90. Break below 131.90 could be a potential threat to the bullish correction outlook.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 143.20 but whipsawed to the downside and closed lower at 141.54. On h4 chart below we can easily see that the trendline resistance area is a battle field between buyers and sellers. So far, the sellers are in advantage as price now traded below the trendline area. The bias is neutral in nearest term and we are in no trading zone now but I still prefer a bearish scenario. Immediate support at 141.00 followed by 139.71. Initial resistance at 143.20 (yesterday’s high) followed by 144.00.
AUDUSD Forecast
The AUDUSD was able to maintain it’s bullish momentum yesterday, found support at 0.8982 and touched 0.9094 early today but still unable to move consistently above 0.9090 area. I think I have 2 potential long trades plan for today. First is a breakout trading above 0.9090. Second is if I see a significant rejection to move below 0.9000 – 0.8982. Short position is not recommended at this phase and 0.9300 remains potential bullish target in medium term.
