EURUSD Forecast:
The EURUSD was corrected lower yesterday, bottomed at 1.5031 and closed at 1.5047. On h4 chart below we can see that after violated the bearish channel, price retreat lower towards the upper line of the bearish channel, but this is considered just as a normal technical movement and correction so far. The bias is neutral in nearest term but overall I am still in a buy mode for this pair targeting 1.5140/50 area before aim for 1.5300. Only break below 1.4950/20 area could trigger further bearish momentum re-testing 1.4850/20 key support area and major trendline support (red). Immediate support at 1.5031 (yesterday’s low) and the upper line of the bearish channel. Break below those area could trigger another bearish pressure, diminish the bullish rally, testing 1.4950/20 even 1.4820 area.
GBPUSD Forecast:
The GBPUSD continued its bullish momentum yesterday, made an important technical movement by slipped above my major trendline resistance (red) indicating a serious threat to the bearish scenario. The Sterling seems benefited from broad Dollar weakness and the pressure is more to the upside. On h4 chart below we can see that price still struggling around the trendline resistance. It’s too early for a bullish reversal scenario since price still can make a false breakout if fails to consistently move above the trendline. Another technical tool that suggest potential bearish view is the rising wedge formation (blue). If price fails to consistently move above the trendline and break below the rising wedge, the false breakout is confirmed which should trigger significant downside pullback towards 1.6550 and 1.6400 area. Immediate resistance at 1.6695 (yesterday’s high). Break above that area should be seen as bearish failure confirmation and trigger further bullish momentum targeting 1.6842 area.
USDJPY Forecast:
The USDJPY had a significant bullish momentum yesterday, break above 87.50, topped at 87.67 and closed at 87.60. Technically this fact should trigger further bullish momentum targeting 88.80 and the major trendline resistance (red, see h4 chart below). Immediate support at 87.50. A clear break below that area should lead us into no trading zone but overall I am still in buy mode and short position is not recommended at this phase.
USDCHF Forecast
The USDCHF made a moderate bullish correction yesterday, topped at 1.0026 and closed at 1.0018, which is normal correction so far and I am still in short mode for this pair with 0.9913 area still a potential nearest bearish target. On h4 chart below we can see that the bearish pressure found good support around a new trendline support (blue). Break below that area should trigger further bearish momentum targeting 0.9913 area. Immediate resistance at 1.0026/50 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase as overall sentiment remains negative for the Dollar.
EURJPY Forecast
As I had expected, the EURJPY continued its bullish momentum yesterday, topped at 131.96 and closed at 131.80. On h4 chart below we can see that my trendline resistance has been violated to the upside indicating bearish failure and the beginning of new bullish outlook. The bias remains bullish in nearest term targeting 132.80. Immediate support at 131.75. Break below that area could lead us into no trading zone but overall I am in buy mode now with buy the dips strategy.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday, made a significant technical move by break above 144.60 and now above my minor trendline resistance (blue) indicating bearish failure and potential bullish view targeting 148.50 in longer term. The bias is bullish in nearest term targeting 147.65 area. Immediate support at 145.20 followed by 144.60. As long as the pair stay above 1.44.60 I am in a buy mode with buy the dips strategy.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.9294 but closed lower at 0.9256. On h4 chart below we can see that price has break above my minor trendline resistance (blue) indicating potential bullish outlook and I am in buy mode right now with nearest target remains at 0.9327. Break above that area should trigger further bullish momentum targeting 0.9404 area. Immediate support at 0.9230 (yesterday’s low). Break below that area should lead us into no trading zone but overall the sentiment should remains negative for the Greenback and short position is not recommended at this phase.
