EURUSD Forecast:
The EURUSD had a bullish momentum yesterday, topped at 1.4989 and closed at 1.4959 after rejected to move consistently below 1.4820 key support area and even after Trichet said that he support a strong Dollar. However, on my daily chart below the bearish channel remains valid and the upper line of the bearish channel provide a good resistance. So I think the bearish correction even a bearish reversal scenario (double top) is still intact. Once again, we need violation to the bearish channel to end this bearish correction and valid break above 1.5062 to confirm the bullish scenario towards 1.5150 and 1.5300.
GBPUSD Forecast:
The GBPUSD had a bearish momentum yesterday, bottomed at 1.6713 and closed at 1.6740. On h4 chart below we can see that price is now testing the lower line of the bullish channel indicating critical technical point. The bias is bearish in nearest term but we need a consistent move below the bullish channel and 1.6692 area to confirm bearish scenario targeting 1.6600 and 1.6570 area. Immediate resistance at 1.6770/80 area. Break above that area should trigger further bullish momentum testing 1.6842 and keep the bullish scenario intact.
USDJPY Forecast:
The USDJPY made indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that once again, price made a false breakout above 89.40 area indicating limited bullish and I still prefer a bearish scenario. The bias is neutral in nearest term. Only consistent move above 89.40/50 area should be seen as potential bearish scenario failure and trigger bullish momentum testing 90.50 area. Immediate support at 88.80. Break below that area should confirm the bearish scenario targeting 88.00 area.
USDCHF Forecast
Rejection to move above the trendline resistance area trigger significant bearish yesterday as price now traded below my key support 1.0120 again, indicating limited bullish correction so far. I think we are still in no trading zone area and the bias remains neutral in nearest term. On the downside, psychological level around 1.0000/33 area is a good place for long position with tight stop loss below 1.0000. Immediate resistance at 1.0120. Break above that area should trigger further upside momentum and keep the bullish correction scenario intact.
EURJPY Forecast
My concern about potential false breakdown warned by CCI came true yesterday as price had a significant bullish momentum, break above the trendline resistance (blue), topped at 134.00 and closed at 133.60, keep the bullish scenario intact. However, price now retreat to the downside struggling around the trendline resistance area. The bias is neutral in nearest term as I can see no clear direction for now. We need a consistent move above that trendline resistance to confirm bullish scenario towards 135.00 area. On the downside, the trendline support (red) should remains key support area. Another break below it should trigger another bearish pressure and could be a serious threat to the bullish outlook.
GBPJPY Forecast
Finally we have a break below trendline support yesterday. Given that fact, I think the bias is bearish with technical target at least at 148.24 area, which is also a key support area at this phase. Break below that area should continue bearish pressure towards 146.40 area. Immediate resistance at 150.50 and trendline resistance area (blue, former support). Break above that area could trigger further bullish momentum and lead us into no trading zone as direction would become unclear for me and my technical study would be a mess.
AUDUSD Forecast
The AUDUSD made indecisive movement yesterday. The bias is neutral in nearest term. On h4 chart below we can see that the pair attempted to push higher but rejected to move consistently above 0.9327 key resistance area before closed lower at 0.9285 indicating bearish correction remains intact with my minor trendline support (blue) as key support area at this phase. Break below that trendline should trigger further bearish momentum testing 0.9180 area. On the upside, 0.9327 area remains key resistance area as break above that area should trigger further bullish momentum.
