The trendline support on daily chart I showed you yesterday proved to be an important support at this phase as bearish pressure failed to push lower and EURUSD started to regain it’s bullish momentum, topped at 1.4858 and closed at 1.4839. This fact should be seen as potential end to the bearish correction and price seems to ready re-testing 1.5000 once again. The bias is bullish in nearest term targeting 1.4950 – 1.5000 area but we need a consistent movement above 1.4850 to confirm the bullish scenario. Immediate support at 1.4760 area. Break below that area should lead us into no trading zone as price might retesting the trendline support one more time. Overall, as long as the pair able to stay above the trendline, I prefer a bullish scenario at this phase.
GBPUSD Forecast:
My bearish scenario failed yesterday as GBPUSD had a significant bullish momentum, traded convincingly above the bearish channel, topped at 1.6603 and closed at 1.6560. This fact should trigger further upside momentum at least testing 1.6692 area today. However CCI in overbought area and heading down on h4 chart so watch out for potential downside rebound testing 1.6520 support area. Break below that area should lead us into no trading zone as price might retreat lower towards the upper line of the bearish channel.
USDJPY Forecast:
The USDJPY made a significant bullish momentum yesterday as price made a false breakdown from the bullish channel and now back inside the bullish channel. Usually false breakdown lead to significant bullish momentum with 92.50 area as potential bullish target. The bias is neutral in nearest term but I prefer a bullish scenario at this phase with the lower line of the bullish channel as a potential area to place a long position with tight stop loss below it. Immediate support at 91.20 area. Break below that area should lead us into no trading zone as direction would become unclear for me.
USDCHF Forecast
The 1.0280 area was proved to be a strong resistance area at this phase as price significantly moved lower after failed to break above that area. This fact should be a serious threat to the bullish correction scenario. I will pay attention to the 1.0166 support area as key support level today. Clear break below that area should trigger further bearish pressure retesting 1.0000/40 psychological level.
EURJPY Forecast
The EURJPY failed to continue it’s bearish momentum yesterday, rejected by the trendline support (blue) as you can see on my daily chart below. This fact lead me to no trading zone area but strong rejection to move below trendline support yesterday should open the door for potential further bullish momentum re-testing 138.68 area. Immediate support at 135.25 area. Break below that area scould trigger further bearish pressure.
GBPJPY Forecast
The GBPJPY failed to continue it’s bearish scenario yesterday. As you can see in my h4 chart below the bearish channel has been violated to the upside and price now traded convincingly above 149.40 area indicating bullish view. The bias is bullish in nearest term targeting 153.20 area. Immediate support at 151.00 – 150.70 area. Break below that area should lead us into no trading zone but I prefer a bullish scenario at this phase.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, topped at 0.9180 and closed at 0.9155. My technical focus today will be at the trendline resistance (blue) as you can see on my h4 chart below. Break above that trendline should trigger further bullish momentum re-testing 0.9270 area and put the bearish correction to it’s end. Immediate support at 0.9120/00 area. Break below that area should lead us into no trading zone as direction would become unclear for me.
