The EURUSD failed to continue it’s bullish momentum on Friday and now re-testing the trendline support, as you can see in my daily chart below. I see this fact simply as a battle between buyers and sellers around a critical technical point. What is going to happen today, might be very important for the weekly outlook beside US NFP on Friday. The bias is neutral in nearest term but as long as the pair stay above the trendline, the bullish scenario re-testing 1.5062 area before aim for 1.5300 still intact. However, if we have a break below the trendline, we should have a bearish view for this week, with technical target around 1.4450 area. How I react to what happen in the market is one of the key elements in my trading system, and I will be watching and react to what happen to this trendline support.
GBPUSD Forecast:
Technically, I don’t like what happen to the GBPUSD. The pair seems to “falling in love” with the upper line of the bearish channel and never really want to leave it! As you can see in my daily chart below, the blue line in circled area indicating lower highs indicating diminishing bullish pressure. However, price is now still above the bearish channel so I don’t have any reasons to place a short position at this phase. I think I will stay away from this pair for now. Immediate support at 1.6320. Break below that area should trigger further bearish pressure targeting 1.6113. Initial resistance at 1.6488. Break above that area should trigger further bullish pressure testing 1.6600 – 1.6700 area.
USDJPY Forecast:
The USDJPY had a significant bearish momentum on Friday. As you can see in my h4 chart below, the bullish channel has been once again violated to the downside, even more convincing than the first one (the false one 
) indicating bearish view. The bias is bearish in nearest term targeting 88.80 area. However CCI in oversold area and heading up on h1 chart so do not rush selling now and watch out for potential upside rebound testing 90.10 – 90.50 resistance area. Break above that area should lead us into no trading zone.
USDCHF Forecast
Overall, since violated the bearish trendline and had some bullish correction momentum, the USDCHF is consolidating now, reflected in rectangle area of 1.0280 – 1.0166, as you can see on my h4 chart below. The bias is neutral in nearest term. Break from the rectangle area should give us clearer direction. A breakout should continue bullish correction towards 1.0380 even 1.0450 area while a breakdown should lead us back to the downside re-testing 1.0040/00 psychological level.
EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday, break below my trendline support, bottomed at 132.29 and closed at 132.57. The pair attempted to continue to push lower early today in Asian session, bottomed at 131.56 but further bearish pressure was rejected as the pair now traded higher around 132.60 area. The bias is neutral in nearest term and price might attempt to retreat higher towards the trendline area but as long as the pair stay below the trendline, I still prefer a bearish scenario targeting at least 130.66 area before challenging 127.00. Immediate resistance at 133.20 area. Break above that area should lead us into no trading zone and bullish pressure might regain it’s momentum.
GBPJPY Forecast
My technical study was completely a mess on Friday. The GBPJPY had a significant bearish momentum, bottomed at 147.64 and closed at 148.16. However, as you can see on my daily chart below, further bearish pressure was rejected by the trendline support (blue). As long as the pair stay above the trendline I prefer a bullish scenario at this phase as the current bearish pressure still considered as a correction movement. But once the trendline support violated to the downside, we should have bearish continuation scenario towards 142.80 area.
AUDUSD Forecast
My trendline resistance was proved to be the right technical tool to be watching closely at this phase. As you can see on my h4 chart below, price failed to move above the trendline before had a bearish momentum and now traded below 0.9090 key support area. We have an important intermediate support around 0.8950 area (blue short horizontal line) as price bounce higher after hit that area and at the same time CCI just cross the -100 line up on h1 chart suggesting potential upside rebound. However as long as the pair stay below 0.9090 area I still prefer a bearish scenario at this phase. I do not have any position right now and I think I will wait for any reaction around 0.9090 or 0.8950 area today before make any decisions.
