The EURUSD had a bullish momentum yesterday, topped at 1.5116 and closed at 1.5074. On h4 chart below we can see that my bearish channel has been violated to the upside indicating potential further bullish momentum at least testing 1.5140/50 area before aim for 1.5300. Immediate support at 1.5062 area. Break below that area should lead us into no trading zone in nearest term testing 1.4950 area but the overall sentiment remains negative for the Greenback. Stocks market seems to recover nicely from Dubai World panic reaction last week while gold keep making new all time highs pressing the Dollar down.
GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, slipped below my minor trenline support (aqua) but failed to continue bearish momentum as price whipsawed to the upside, break above my minor trendline resistance (blue) and now struggling around that trendline. The bias is neutral in nearest term as price can not stay consistently above the trendline resistance so far, thus still vulnerable to make another false breakout which trigger another bearish pressure, especially if price fall below 1.6550 support area today re-testing 1.6400 area. On the upside, my major trendline resistance (red) is also a potential resistance to be tested after we saw significant bullish momentum yesterday. Break above that trendline resistance should be seen as bearish failure which could be a new bullish phase for Sterling at least towards 1.6842 area. Immediate resistance at 1.6670. Break above that level should trigger further bullish momentum and could be a serious threat to the bearish scenario.
USDJPY Forecast:
The USDJPY made indecisive movement yesterday. The bullish correction scenario triggered by hammer formation remains intact, but found good resistance around 87.50 area. The bias remains neutral in nearest term. Unless we have a break below 86.10 area, the bullish correction scenario should remains intact especially if price able to break above 87.50 area, targeting 88.80 and the major trendline resistance (red). I prefer to buy the dips since intervention threat by the Japanese government should offer good long position opportunity every time price attempt to push lower.
USDCHF Forecast
The USDCHF had a bearish momentum yesterday, probably an important technical movement as price so far able to stay below 1.0000 psychological level with bearish target remains at 0.9913. The bias is bearish in nearest term but another retreat to the upside above 1.0000/50 area should lead us back into no trading zone as price could rebound higher testing 1.0120 but long position is not recommended at this phase since the overall sentiment is still very negative for the Dollar.
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 131.26 and closed at 130.74. Price had a nice bullish momentum in Asian session but moved in small range on European and US session. The bias remains bullish at least targeting 131.75 and testing the major trendline resistance area. It’s too early for a bullish reversal scenario, but once the trendline resistance violated convincingly to the upside, the bullish reversal scenario is confirmed at least targeting 132.20 and 133.20 area. CCI in overbought area and about to cross the 100 line down on h4 chart so watch out for potential downside pullback testing 130.35 support area. Break below that area should trigger further bearish momentum re-testing 129.00 area but I prefer to buy the dips as intervention threat could provide long position opportunity every time price attempt to push lower.
GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday, topped at 144.41 and closed at 144.03. The bullish correction scenario triggered by the hammer formation should remains intact, but we need a valid break above 144.60 key resistance area to continue bullish towards 148.50 thus potentially become a serious threat to the technical bearish view in longer term. In current situation, where Japanese government wants a weaker Yen, bullish reversal scenario is wide open. However CCI in overbought area and heading down in h4 chart so watch out for potential downside pressure testing immediate support around 143.50. Break below that area should trigger further bearish pressure testing 142.50 area but I prefer to buy the dips as intervention threat could provide long position opportunity every time price attempt to push lower.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday. On h4 chart below we can see how price made a good bullish momentum, made a long bullish candle after break above 0.9180 resistance area (now support). The bias is bullish in nearest term as bullish scenario triggered by hammer formation surely remains intact targeting 0.9327. Immediate support at 0.9180. Break below that area should lead us into no trading zone as direction would become unclear for me.
