The EURUSD continue it’s bullish momentum yesterday, topped at 1.4946 and closed at 1.4933. On my daily chart below we can easily see that 1.4950 area is a very important resistance level, my final technical resistance to be tested before aim for 1.5300 even 1.6000 area.
On h1 chart below we can see that the bullish channel remains strong and valid indicating upside scenario still dominate and control the movement. The bias remains bullish in nearest term but we need a valid break above 1.4950 area before targeting at least 1.5100 – 1.5140. CCI in overbought area and heading down on h4 so watch out for potential downside correction testing immediate support at 1.4850. Break below that area could trigger further bearish correction back towards 1.4760 but short position is not recommended.
GBPUSD Forecast:
The GBPUSD continued it’s bullish momentum yesterday, topped at 1.6024 and closed at 1.6001. On h4 chart below we can see that we are now in critical phase where price challenging the major trendline resistance (red). A Valid break above the trendline should be seen as the end of my bearish view and could be the beginning of a bullish scenario. The bias is bullish in nearest term targeting 1.6113 but we need a consistent move above the trendline resistance to continue the bullish momentum. Immediate support at 1.5950 – 1.5900 area. Break below that could trigger further bearish momentum back towards 1.5760 area.
USDJPY Forecast:
My technical study was a mess yesterday. The “flag” bullish scenario was completely failed as price break below 89.30 area, bottomed at 88.82 but now traded higher at 89.45 at the time I wrote this comment. On my h4 chart below we can see that after breakout above the trendline resistance (aqua), price moved higher but found resistance at 90.40 and now moving lower in a minor bearish channel (red channel) indicating a bearish view or at least a limited bullish scenario after violated the trendline resistance. I think we are in no trading zone now and I will stay away from the market and wait for further development. Important range area to be watched is 90.40 – 88.22.
USDCHF Forecast
The USDCHF continued it’s bearish momentum yesterday, break below 1.0166, bottomed at 1.0125 and closed at 1.0141. On h4 chart below we can see a good example of how a false breakout lead to a significant bearish momentum. The bias remains bearish in nearest term targeting 1.0000 psychological level. Immediate resistance at 1.0166 followed by 1.0235 area.
EURJPY Forecast
The EURJPY had a volatile market yesterday. The pair attempted to push lower, bottomed at 132.23 but whipsawed to the upside and closed higher at 133.39. On h4 chart below we can see that we are now in critical phase where price challenging the trendline resistance (red). A valid break above the trendline should be seen as the end of my bearish view and the beginning of a bullish reversal scenario back towards 138.69 area. Immediate resistance at 133.87. Break above that area should trigger further bullish momentum targeting 134.66. Initial support at 132.23 (yesterday’s low).
GBPJPY Forecast
The GBPJPY also had volatile market yesterday. My technical study was a mess as price made a false breakout above 143.20, topped at 143.83 but whipsawed to the downside, hit 142.10 before closed higher at 142.91. The movement was basically indecisive but I still prefer a bullish scenario with 144.50 as nearest bullish target but I think we need another break above 143.20 once again. Immediate support at 142.50/20 area. Break below that area should be a serious threat to the bullish reversal scenario.
AUDUSD Forecast
The AUDUSD made another bullish breakout yesterday. As you can see on my h4 chart below, breakout trading is currently highly accurate for this pair. Among 5 breakouts, we had 4 successful breakout scenario with only 1 unsuccessful trade. The bias remains bullish in nearest term targeting 0.9300/50 area. Immediate support at 0.9124. Break below that area could trigger further bearish correction towards 0.9090 but short position is not recommended. Price might make another range, so downside correction before continue the bullish scenario will not surprise me.
