EURUSD Forecast:
The EURUSD made another correction yesterday. The pair attempted to push higher, topped at 1.4993 but whipsawed to the downside, bottomed at 1.4881 and closed at 1.4936. On h4 chart below we can see that this was a case of a false breakout, which potentially produce significant downside correction. 1.4850 area and the lower line of the bullish channel are my important support area. As long as the pair stay above that area the bullish scenario should remains strong. Any movement below 1.4850/30 could trigger further significant bearish correction towards 1.4760/20 area and could be a potential threat to my bullish outlook. Technically I don’t have any good sign of a bearish reversal so far, so short position still not recommended. The bias is neutral in nearest term and we might have another downside correction and but overall I still prefer a bullish scenario with 1.5300 as potential target. I think we are in transition phase with 1.4850 – 1.4950/1.5000 area as critical area, so volatility and hesitation in the market are actually normal.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above the upper line of the bearish channel, topped at 1.6488 but failed to consistently move above the bearish channel and closed lower at 1.6384. I think the upper line of the bearish channel is still a good area to place a short position at this phase. A false breakout usually lead to significant bearish momentum. Immediate support at 1.6300. Break below that area should trigger further bearish momentum towards 1.6140 area. Initial resistance at 1.6488 (yesterday,s high). Break above that area should be seen as the end of the bearish scenario.
USDJPY Forecast:
The USDJPY had a volatile but indecisive market yesterday. As you can see on my h4 chart below the bullish channel has been violated to the downside indicating bullish failure and price retreat to the upside, found resistance around the lower line of the bullish channel. The bias is neutral in nearest term and I think I will stay out from the market for now. I am expecting range market between 90.10 – 91.50 at this phase. Break on either side from the range area should give us a clearer direction.
USDCHF Forecast
The USDCHF made indecisive movement yesterday. The pair attempted to push higher, found resistance at my key resistance level around 1.0166 and closed lower at 1.0122. On h4 chart below we can see that the trendline resistance still doing a good job preventing further bullish attack. The bias is neutral in nearest term but as long as the pair stay below 1.0166 I still prefer a bearish mode. I will be watching any reactions around that area before make any decisions. Break above that area should trigger further bullish momentum towards 1.0220 area but long position is not recommended at this phase. On the downside, the 1.0000 remains a potential bearish target.
EURJPY Forecast
The EURJPY has been moving in indecisive market for the last three days. On my h4 chart below, we have a “flag” formation which is a bullish pattern. Price consolidating after significant bullish before continue the bullish momentum especially if we have a breakout from the “flag” targeting 136.88 and 138.67. Immediate support remains at 134.70/50 area. Break below that area should be seen as potential threat to my bullish outlook.
GBPJPY Forecast
The GBPJPY still consolidating after some bullish momentum, moving in a rectangle area of 147.03 – 149.40 as you can see in my h4 chart below. The bias is neutral in nearest term and we need a break from the rectangle area for a clearer direction. I still prefer a bullish scenario so I expect a breakout above 149.40 targeting 150.35 and 151.75 area. Break below 147.03 should trigger further bearish momentum and could be potential threat to my bullish outlook.
AUDUSD Forecast
The AUDUSD failed to continue it’s bullish momentum yesterday. On h4 chart below we can see that this was a case of a false breakout, which potentially lead to significant bearish correction. However, correction is just a correction. Unless we have a bearish reversal signal, short position is not recommended. Price is now testing the lower line of the bullish channel. Violation to the bullish channel should trigger further downside correction back towards 0.9090.
