EURUSD Forecast:
The EURUSD made indecisive movement yesterday, formed a Doji on daily chart. Price attempted to push lower after made a false breakout from my bearish channel but found a support around 1.4887 area before closed higher at 1.4963. On my h4 chart below we can see that price still move in range area indicating consolidation and indecisive market and struggling around the upper line of the bearish channel. Given such fact, I think the bias should remains neutral since we have nothing significant technically.
The Dollar weakness seems limited so far, but overall the market sentiment remains negative for the Greenback although Geither and Trichet support a strong Dollar. Immediate resistance at 1.4990 – 1.5000 area. Break above that area should trigger further bullish momentum re-testing 1.5062 key resistance area. Break above 1.5062 area should confirm the bullish continuation targeting 1.5150 and 1.5300. However, note that from a longer term point of view, a failure to break above 1.5062 will potentially produce bullish exhaustion thus could trigger significant bearish momentum even a reversal scenario towards 1.4625 and 1.4450. On the downside, immediate support at 1.4887 (yesterday’s low) followed by 1.4820 area. Break below that area should trigger further bearish momentum.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.6496 but further bearish pressure was rejected as price closed much higher at 1.6580. On my h4 chart below we can see that price has violated my new trendline resistance (aqua) indicating bullish view in nearest term testing 1.6692 area, but as long as the pair stay below 1.6692, my bearish scenario should remains intact. Immediate support at 1.6550. Another break below that area should trigger further bearish momentum towards 1.6475/90 area.
USDJPY Forecast:
Finally the USDJPY break below the range area, bottomed at 88.34 and closed at 88.50. This fact should trigger further bearish scenario. The bias is bearish in nearest term targeting 88.00. Break below 88.00 area should trigger further bearish momentum towards 87.50. CCI in oversold area and heading up on h4 chart so watch out for potential upside correction testing 88.80 area. Break above that area should lead us into no trading zone as direction would become unclear for me.
USDCHF Forecast
The USDCHF made a false breakout above 1.0120 yesterday, topped at 1.0151 but closed lower at 1.0087. This fact should trigger further bearish momentum testing the minor trendline support (aqua) area which should be a good support at this phase. Break below that trendline should trigger further bearish momentum towards psychological level 1.0000, but we can clearly see that overall the pair still consolidating, move between 1.0207 – 1.0033 area since November 05 so I think the nearest bias remains neutral as we haven’t seen significant technical movement so far. Immediate resistance at 1.0151 (yesterday’s high). Break above that area should trigger further upside momentum re-testing 1.0207 area.
EURJPY Forecast
As I had expected, the EURJPY had a bearish momentum yesterday after a false breakout from my trendline resistance (red), bottomed at 132.00 and closed at 132.43. Although price didn’t hit my technical target at 131.75, that area remains vulnerable to be tested today. Break below that area should open the door for further bearish momentum towards 130.65 even 129.00 area. Immediate resistance at 132.80 area. Break above that area could trigger further bullish momentum, diminish my bearish outlook and lead us into no trading zone.
GBPJPY Forecast
As I had expected, the GBPJPY had a bearish momentum yesterday, hit my short target at 146.30, bottomed at 146.22 and closed at 146.75. The bias should remains bearish with technical target around 144.60 area. Immediate resistance at 147.20 area. Break above that area should lead us into no trading zone and potentially testing 148.50 key resistance area.
AUDUSD Forecast
The AUDUSD made a false breakdown below 0.9180, bottomed at 0.9129 but closed higher at 0.9204. On h4 chart below we can see that after violated the bearish channel (red) and canceled further bearish scenario, the pair is now moving in a new bullish channel (blue) indicating potential bullish testing 0.9327 area. Immediate support remains at 0.9180. Break below that area should lead us into no trading zone as direction would become unclear for me.
