The EURUSD made a significant bearish momentum yesterday, bottomed at 1.4680 and closed at 1.4702. This fact should be seen as potential further bearish reversal scenario with technical target around 1.4625 and 1.4450 this week. The bias is neutral in nearest term as we might see upside correction. CCI in oversold area and heading up on daily chart suggesting potential upside pullback testing 1.4820 area. As long as price stay below that area, the bearish scenario should remains intact. However, a movement above 1.4820 area could be a serious threat to my bearish scenario especially if price close above that area today testing 1.4950 resistance area.
GBPUSD Forecast:
The GBPUSD made a significant bearish momentum yesterday, bottomed at 1.6254 and closed at 1.6267. This fact should be seen as potential further bearish scenario towards 1.6113 area. However, I think we need a consistent move below 1.6250 area to continue the bearish scenario. CCI in oversold area and heading up on daily chart suggesting potential upside correction testing 1.6312 area. Break above that area should trigger further upside correction testing 1.6400 area. As long as price move below 1.6400, I prefer a bearish scenario at this phase.
USDJPY Forecast:
The USDJPY continued its bearish correction yesterday. On h4 chart below we can see that price break below 88.80 support area and now ready to test the trendline support (red) which is a serious threat to the bullish outlook. The bias is bearish in nearest term but the situation is very tricky. Remember that the Japanese government wants a weaker Yen, which is a fundamental support for me, which potentially limit the bearish momentum. Immediate support at 87.80/50 area. Break below that area could trigger further bearish momentum technically but may trigger some speculation and fear that Japanese government will intervene the market. Initial resistance at 88.80. Break above that area should trigger further bullish momentum towards 89.50 area.
USDCHF Forecast
Yesterday we saw how a simple triangle chart formation can be used effectively and profitable. On h1 chart below we can see that price made a nice bullish momentum after breakout above the triangle, topped at 1.0285 and closed at 1.0267. The bias is bullish in nearest term targeting 1.0337. Break above that area should trigger further bullish momentum towards 1.0450 area. However CCI about to cross the 100 line down on h4 chart so watch out for potential downside pullback testing 1.0240 and 1.0160 support area. Break below 1.0160 area should lead us into no trading zone.
EURJPY Forecast
The EURJPY continued its bearish momentum yesterday, bottomed at 129.64 and closed at 129.88. On h4 chart below we can see that price break below trendline support indicating bullish failure. The bias remains bearish in nearest term targeting 129.00 Immediate resistance at 130.80. Break above that area should lead us into no trading zone. Although technical view is sightly bearish, remember that Japanese government wants a weaker Yen due to deflation which can be a fundamental support that could limit bearish momentum for this pair.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum yesterday, bottomed at 143.58 and closed at 143.70. On h4 chart below we can see that price break below the trendline indicating bullish failure and bearish view. The bias is bearish targeting at least 141.60 area. Immediate resistance at 144.70. Although technical view is sightly bearish, remember that Japanese government wants a weaker Yen due to deflation which can be a fundamental support that could limit bearish momentum for this pair.
AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.9019 and closed at 0.9032. In longer term view, the outlook should remains bearish with technical target around 0.8915 but on h4 chart below we have a CCI divergence indicating potential bullish pullback so watch out for potential bullish correction testing 0.9180 area.
