EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.4667 but further bearish momentum was limited as price closed higher at 1.4738. The bias is neutral in nearest term but the fact that price still below 1.4820 area for me indicating further bearish pressure is potential with technical target remains around 1.4625 after breakdown below the major trendline support on Monday. Break below 1.4625 should trigger further bearish scenario towards 1.4450 this week. On the other hand, break above 1.4820 should be seen as potential threat to the bearish scenario testing 1.4950 area before aim for 1.5140 area once again.
GBPUSD Forecast:
The GBPUSD had a volatile but indecisive movement yesterday. Price attempted to push lower, bottomed at 1.6165 but closed higher at 1.6285. The bias is neutral in nearest term but as long as price stay below 1.6400 I still prefer a bearish scenario testing 1.6113 support area as potential downside target after breakdown below the trendline support on Tuesday. Only break above 1.6400 could be seen as potential threat to the bearish scenario which could trigger further bullish momentum back towards 1.6600 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 87.35 but closed a little bit higher at 87.98. The bias is neutral in nearest term but the bearish correction scenario should remains intact. On h4 chart below we can see that price made a false breakdown below the trendline support which potentially produce some upside momentum testing 88.80 area. Immediate support at 87.35 (yesterday’s low). Break below that area and consistent move below trendline support should trigger further bearish momentum towards 86.60 area.
USDCHF Forecast
The USDCHF made indecisive movement yesterday formed a Doji on daily chart. A look at daily chart below reveals that the failure to consistently move below psychological level 1.0000 and violation to the trendline resistance indicating the pair maybe has reached the bottom at this phase. This fact is not necessarily a change of trend, not yet, but at least potential upside pullback scenario towards 1.0450 area, especially if break above 1.0337. On the downside, a break below 1.0120 – 1.0090 should trigger further bearish pressure re-testing 1.0000 area.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 128.77 but further bearish pressure was rejected as the pair closed higher at 129.69 and keep moving higher earlier today in Asian session around 130.17 at the time I wrote this comment. On h4 chart below 129.00 area and now back above the trendline indicating potential false breakdown which could trigger bullish momentum. The bias is neutral in nearest term and it’s too early to say that the bearish momentum is over as overall, “safe haven currencies” like Yen and Dollar seems to benefit from risk aversion as traders become less optimistic about global recovery. Immediate resistance at 131.75 area. Initial support at 129.00 area. Break below that area should be seen as bearish continuation re-testing 126.86 area.
GBPJPY Forecast
The GBPJPY bearish momentum was also limited yesterday. On h4 chart below we can see that after breakdown below the trendline support, price retreated to the upside testing the trendline support. This fact is often happen technically, but if price back to move above the trendline again should trigger further bullish momentum targeting 144.85 area. Break above that area should change the neutral medium bias to bullish. On the downside, it’s too early to say that the bearish is over as price still struggling around the trendline. “safe haven currencies” like Yen and Dollar seems to benefit from risk aversion as traders become less optimistic about global recovery. Immediate support at 143.10. Break below that area should trigger further bearish momentum targeting 141.99 even 141.02 area.
AUDUSD Forecast
The CCI divergence gave us a valid warning about bullish pullback. Bearish momentum was paused as price moving higher around 0.9156 at the time I wrote this comment. The key resistance level at this phase is 0.9180 and the trendline resistance area. As long as price stay below the trendline resistance the bearish scenario should remains intact. Immediate support at 0.9090 followed by 0.9030. Break below those area could trigger bearish continuation towards 0.8915 area.
