The EURUSD had a volatile but indecisive market yesterday, formed a Doji on daily chart. On h4 chart below we can see that the pair is trapped between my two important levels, 1.4850 – 1.4950 area. However, for me it’s clear that the bullish remains in control as price quickly rejected further downside correction after found support around 1.4850 area and I am expecting a valid breakout above 1.4950 at least targeting 1.5080 and 1.5140 area before aim for 1.5300. Initial support remains at 1.4850 area. Break below that area will not automatically set a bearish reversal scenario but surely diminish my bullish technical outlook. Short position is not recommended.
GBPUSD Forecast:
The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that the trendline resistance (red) has been convincingly violated to the upside. This fact show me nothing but the end of my bearish outlook and the beginning of bullish reversal scenario at least targeting 1.6468 area. CCI in overbought area and heading down on h4 chart so watch out for potential downside correction testing 1.6225. Break below that area could trigger further bearish correction towards 1.6140 but short position is not recommended.
USDJPY Forecast:
The USDJPY had a significant bullish momentum yesterday. On my h4 chart below we can see that the bearish channel has been violated to the upside and price is moving above 90.40 area. I think we are now back in bullish mode with 91.50 and 92.50 area as potential bullish targets. I will be watching 90.40 support today. Break below that area could diminish my bullish outlook and lead us back into no trading zone area as direction would become unclear but I prefer a bullish scenario and short position is not recommended at this phase.
USDCHF Forecast
The USDCHF had a volatile but indecisive movement yesterday indicating a consolidation after significant bearish momentum, which is actually normal and probably needed before continue the bearish scenario. Price broke above 1.0166 but failed to test 1.0235 resistance area and now back below 1.0166. The bias remains bearish with 1.0000 psychological level as potential target. Long position is not recommended at this phase.
EURJPY Forecast
Finally, my bearish outlook is over now. On h4 chart below we can see that the major trendline resistance (red) has been violated to the upside and I am on a bullish mode targeting 136.87 before aim for 138.69. Immediate support at 135.00 – 134.70 area. Break below that area could trigger further bearish correction but short position is not recommended at this phase.
GBPJPY Forecast
The GBPJPY had a huge bullish momentum yesterday, topped at 147.56 and closed at 147.23. What come into my attention is, as you can see on my h4 chart below, how my horizontal line resistance provided 3 good breakout trades and now we are ready for another breakout trade targeting 150.35 area. Immediate support at 148.00 area. Break below that area should lead us into no trading zone but surely bullish scenario still in control and short position is not recommended at this phase.
AUDUSD Forecast
The AUDUSD continued to enjoy it’s bullish momentum yesterday. As I already told you, breakout trading is the best strategy for this pair. On my h4 chart below we can see that the pair now has made another breakout indicating potential bullish momentum targeting 0.9300/50 area. Immediate support at 0.9226. Break below that area could trigger further downside correction but short position is not recommended at this phase. We are in a buy mode.
