EURUSD Forecast:
The EURUSD made a significant technical movement early today in Asian session, break below my key support level 1.4850. Technically, this fact open a way for a further bearish correction at least re-testing 1.4720 in nearest term, but correction is just a correction and short position is not recommended at this phase. On the upside, 1.4950 remains a good resistance but a valid break above that area should trigger further bullish continuation targeting at least 1.5080 area before aim for 1.5300. I still prefer a bullish scenario.
GBPUSD Forecast:
The GBPUSD continued it’s bullish momentum on Friday, topped at 1.6398 and closed at 1.6353 but traded lower early today in Asian session. The bias is neutral in nearest term as we might have some downside correction today so do not rush buying now. A look on daily chart reveals that bullish momentum might find good resistance around the bearish channel upper line, which also a trendline resistance. I think I have made a mistake by not seeing this bearish channel and thus made a premature bullish reversal scenario conclusion. As long as the bearish channel valid, the bearish scenario remains intact. Immediate support at 1.6235 followed by 1.6140. Initial resistance at 1.6398 followed by 1.6468.
USDJPY Forecast:
The USDJPY had a limited bullish momentum on Friday, topped at 91.31 but close significantly lower at 90.87. I still prefer a bullish scenario with 91.50 and 92.50 as potential targets but I will be watching any reactions around 90.40 support area. As long as price able to stay above that support area, expect further bullish momentum. However a break below that support area should be seen as potential threat to my bullish outlook and lead us into no trading zone.
USDCHF Forecast
Although should remains intact, the USDCHF bearish scenario is now diminished by the fact that price slipped above the trendline resistance. However, for me it’s to early for a bullish reversal scenario. I am expecting a range market of 1.0166 – 1.0280 today. Break on either side from that range area should give us a clearer direction.
EURJPY Forecast
The EURJPY bullish momentum was paused on Friday. For me this is only a normal consolidation and I still prefer a bullish scenario with 136.88 and 138.67 area as potential bullish targets. Immediate support at 134.55 followed by 133.60. Break below 133.60 should be seen as potential threat to the bullish reversal scenario.
GBPJPY Forecast
Although not working smoothly, my breakout strategy was not completely a mess in a volatile market on Friday. The pair topped at 149.30 but closed lower at 148.61 and now traded around 148.20 at the time I wrote this comment. Although bullish momentum seems limited now, but overall I still prefer a bullish scenario. In nearest term, I think the key level to be watched today is 148.00 support area. As long as price able to stay above that area, expect further bullish momentum. However, break below that support area should trigger further bearish momentum back towards 146.36 area but short position is not recommended at this phase.
AUDUSD Forecast
The AUDUSD failed to make another breakout scenario yesterday. The pair made a false breakout and closed lower at 0.9162. However, we had a downside rejection early today in Asian session so I think we are ready for another bullish momentum re-testing 0.9269. Only a movement below 0.9090 should be seen as potential threat to my bullish outlook.
