The EURUSD had a significant technical movement yesterday by break below my major trendline support (red) as you can see on my h4 chart below. Price retreated to the upside, tested the trendline but able to stay below the trendline so far. The bias is neutral in nearest term as we still need consistent move below 1.4820/00 to continue the bearish scenario, but this fact indicating potential bullish failure and bearish reversal scenario towards 1.4700 and 1.4625 area. CCI just cross the -100 line up on h4 chart so watch out for potential upside pullback testing 1.4905 – 1.4950 resistance area. Break above that area and another movement back above the trendline should lead us into no trading zone as direction would become unclear for me. On the upside, 1.5140/40 area should remains key resistance area at this phase.
GBPUSD Forecast:
The GBPUSD made indecisive movement yesterday, formed a Doji on daily chart. As you can see on my daily chart below, price attempted to push lower, slipped below my trendline support (blue), bottomed at 1.6312 but further bearish pressure was rejected as the pair closed much higher at 1.6453 and now back above the trendline support. I think we are in no trading zone as direction is unclear for me. Immediate resistance at 1.6500 followed by 1.6600. Initial support at 1.6400 followed by 1.6312 (yesterday’s low).
USDJPY Forecast:
The USDJPY was corrected lower yesterday, bottomed at 89.03, closed at 89.34 and keep moving lower earlier today in Asian session around 88.85 at the time I wrote this comment. On h4 chart below we can see that the pair made a bearish momentum after a shooting star candlestick pattern was formed indicating potential downside pullback. The major bullish scenario should remains intact but the bias is neutral in nearest term and I think will stand aside for now. Immediate support at 88.80\50 area. Break below that area should trigger further bearish momentum testing the trendline support area (red, former resistance) and could be a serious threat to the bullish scenario. Initial resistance at 90.30/70 area.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.0243 but closed lower at 1.0193. On h1 chart below we have a triangle formation after significant bullish momentum indicating consolidation. The bias is neutral in nearest term and we need a break from the triangle to see clearer direction. Breakout to the upside should trigger further bullish momentum towards 1.0337 area while breakdown to the downside should trigger further bearish momentum towards 1.0090 area.
EURJPY Forecast
My technical study was a mess yesterday. Price failed to continue its bullish momentum, bottomed at 132.36 and closed at 132.49. The bias is bearish in nearest term testing 131.75 but as long as the pair stay above 131.75, the major bullish scenario should remains intact. I prefer to stand aside for now and watch any reaction around 131.75 area before make any decisions today. Immediate resistance at 133.00 area. Break above that area should trigger further bullish momentum testing 133.50 area. CCI just cross the -100 line down on h4 chart suggesting potential downside pressure.
GBPJPY Forecast
CCI gave us a valid bearish correction yesterday as price bottomed at 146.61 and closed at 147.01. The bias is neutral in nearest term but bullish scenario is still intact and I still prefer a bullish scenario. I think I will stand aside for now and wait for further development. Immediate resistance at 147.60 area. Break above that area should be seen as the end of bearish correction and continue bullish re-testing 149.15 area. Initial support at 145.40. Break below that area should be seen as serious threat to the bullish outlook.
AUDUSD Forecast
The AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. Price attempted to push lower, bottomed at 0.9051 but closed higher at 0.9145. As you can see on my h4 chart below, price still move below my trendline resistance (blue) area indicating bearish scenario remains intact. The bias is neutral in nearest term. Immediate support at 0.9090. Break below that area should trigger further bearish momentum testing 0.9030. Initial resistance at 0.9180. Break above that area should trigger further bullish momentum testing the trendline resistance and become potential threat to the bearish outlook.
