GBPUSD Forecast:
The GBPUSD continued its bearish momentum yesterday. On h4 chart below we can see that the pair had a nice bearish momentum after break below the bullish channel and 1.6692 area. The bias is neutral in nearest term. CCI in oversold area and about to cross the -100 line up on h4 chart so we might see some upside rebound today testing 1.6692 resistance area. Break above that area could trigger further upside pressure testing the lower line of the bullish channel. I prefer a bearish scenario at this phase and only a move back into the bullish channel could be considered as bearish failure and trigger further bullish momentum towards 1.6842. Immediate support at 1.6605/00 area. Break below that area should continue bearish momentum targeting 1.6515 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, slipped below 88.80 support area, bottomed at 88.63 but further bearish pressure was rejected as the pair closed higher at 88.93. On h4 chart below we can see that the pair has been trapped in 89.40 – 88.80/60 area this week indicating consolidation, moving no more that 100 pips so far. Both bullish and bearish power made false breakout and breakdown from the range area with no clear strong movement so far. I think the best strategy in this situation is to short around 89.40/50 or to buy around 88.80/70 area with tight stop loss.
USDCHF Forecast
After breakout above 1.0120 resistance area, the pair push higher, topped at 1.0194 but but further bullish correction was rejected as price closed lower at 1.0134. The fact that price still able to stay above 1.0120 for me indicate that the bullish correction scenario should remains intact even we have not see a real bullish momentum so far indicating consolidation. Expected range for today is 1.0120 – 1.0207. Break on either side should give us clearer direction towards 1.0337 or 1.0000/33 area.
EURJPY Forecast
The EURJPY failed to consistently move above the trendline resistance (blue) yesterday, produced a false breakout and triggered significant bearish momentum and now traded below the trendline support (red, now resistance). The bias is bearish in nearest term targeting 131.56 area. Immediate resistance at 133.20 and trendline resistance (red) area. Break above that area should be seen as bearish failure and lead us back into no trading zone as direction would become unclear for me and my technical study would be a mess.
GBPJPY Forecast
My technical study worked perfectly yesterday and we saw how a trendline break can be very effective. The pair continued its bearish momentum, hit my short target at 148.24 even lower, bottomed at 147.30 and closed at 148.06. The bias is neutral in nearest term but I prefer a bearish scenario. CCI in oversold area and heading up on h4 chart so any upside rebound today won’t be a surprise for me. Immediate resistance at 148.50 area. Break above that area should lead us into no trading zone in nearest as price might rebound higher and direction would be unclear for me. Initial support at 147.50/30 area. Break below that area should lead to further bearish momentum targeting 146.36 area.
AUDUSD Forecast
The AUDUSD had a significant bearish momentum yesterday. On h4 chart below we can see that after break below my minor trendline support, price had a nice bearish momentum, bottomed at 0.9131 and closed at 0.9190. The bias is bearish in nearest term targeting 0.9090. The bullish scenario now not only in serious threat, but it seems like a bearish reversal scenario back towards 0.8915 is open wide. Immediate resistance at 0.9220 area. Break above that area should lead us into no trading zone.
