EURUSD Forecast:
The EURUSD bullish momentum was paused on Friday. This may caused by a profit-taking activity on the weekend but some people, including me, start to worry about potential downside correction or even a bearish reversal. Like I said in my weekly summary on Saturday, beside the pair can not really move above 1.5000 area consistently, we also have a CCI bearish divergence on daily chart which potentially trigger bearish momentum.
However, technically the bullish scenario is still intact. As long as the bullish channel on my h4 chart below still valid, the bullish scenario should remains strong. We seem to have a downside pressure as price now testing the lower line of the bullish channel which has been a good support so far. Although not automatically set up a bearish reversal scenario since false breakout/down do happen, a violation to the downside of the bullish channel could be a serious threat to my bullish outlook testing 1.4920 even key support level 1.4850 area. Immediate resistance at 1.5050. Break above that area should trigger further bullish continuation targeting 1.5140 and 1.5300 area.
GBPUSD Forecast:
A big surprise in UK GDP data on Friday hurt Sterling badly. The pair bottomed at 1.6298 and closed at 1.6303. Technically on daily chart below, it was a false breakout which usually trigger significant bearish momentum as price now back in the bearish channel area. The upper line of the bearish channel now became a resistance again, a good place to place a short position with only tight stop loss above it. The bias is bearish in nearest term targeting 1.6113 area. Immediate resistance at 1.6370.
USDJPY Forecast:
As I had expected, the USDJPY had a bullish momentum on Friday. Like I said, a double top scenario failure tend to produce a bullish continuation scenario. The bias is bullish but we have to be careful at this phase. As you can see in my daily chart below, 92.50 area is very important and should be a strong resistance area. So I will stop place long position for now until we have a new phase of bullish scenario once we have consistent move above 92.50. Immediate support at 91.80. Break below that area should be seen as potential threat to the bullish scenario and lead us back towards 91.40 area.
USDCHF Forecast
The USDCHF made a moderate bullish correction on Friday. Technically we might have significant movement here, as you can see in my h4 chart below, price is now challenging my trendline resistance. Note that we have 2 false breakout (circled) before, so if we have another false breakout this time, we can expect further bearish momentum. However, I think the current situation a different now as this time we are faced with a psychological level, 1.0000. A rejection to move below that area could trigger a significant bullish momentum and set up a bullish reversal scenario or at least, significant bullish correction. Immediate resistance at 1.0120 followed by 1.0166.
EURJPY Forecast
The EURJPY continued it’s bullish momentum on Friday, topped at 138.34 and closed at 138.12. The bullish scenario should remains intact but I think we are now in transition phase so we need to wait for further development. As you can see on my daily chart below, the pair is actually still move in a rectangle area with 138.68 level as the upper line, which should be a very important and strong resistance. CCI in overbought area and heading down suggesting potential downside correction. The bias is neutral in nearest term. Immediate support at 137.50. Break below that area should be seen as potential threat to the bullish outlook. Break above 138.68 area should trigger further bullish momentum and lead us into a new phase of bullish scenario.
GBPJPY Forecast
The GBPJPY hit my long target at 153.20 on Friday, but whipsawed to the downside and closed significantly lower at 150.05. On my h4 chart below, we can see that 153.20 area is a very important resistance level and now you can see why that level became my target area during a bullish momentum 
The bias is bearish now targeting 147.03 but we seem to have a good support at 149.40 area. I think it’s a good idea to wait until we have a consistent move below that area before place a short position. Immediate resistance at 150.60 area. Break above that area could trigger further bullish momentum re-testing 153.20 area.
AUDUSD Forecast
The AUDUSD so far able to move outside the bullish channel with the lower line now become a resistance. Technically, this fact opens the door for further bearish correction scenario testing 0.9090 support area but short position is not recommended at this phase and I think I will stay out from the market for now. Key resistance level remains at 0.9270. Break above that area should continue bullish momentum targeting 0.9350 area before aim for 0.9500.
