The EURUSD has been consolidating in the last two days, moving in a triangle area as you can see on my h4 chart below. I am expecting a break from the triangle to take us out from consolidation phase and give us clearer direction whether price will bearish or bullish.
A. Bearish Side: Major trendline support breakdown. This fact give us technical bearish reversal view testing 1.4625 and 1.4450.
B: Bullish Side: CCI Divergence.This fact give us a technical bullish view at least testing 1.4820.
My opinion is that the bearish reversal scenario should remains intact with technical target around 1.4625 even 1.4450 but in the process, we might have some minor bullish pressure testing 1.4820 area. However if price break above 1.4820 and closed above that level this week, the bearish reversal scenario triggered by trendline support break could be in a serious threat and from longer term view could be seen as the end of bearish correction and continue the major bullish scenario at least re-testing 1.5140 area before aim for 1.5300.
GBPUSD Forecast:
The GBPUSD also has been moving in a triangle formation in the last two days indicating consolidation. The trendline breakdown on Tuesday should keep the bearish scenario intact but we have a bullish warning from CCI divergence as you can see on h4 chart below so we might have some upside attempt testing 1.6400 resistance area but as long as price stay below that area the bearish scenario should remain intact with technical target remains around 1.6113 area. However, if price break above 1.6400 and close above that level today should be seen as a potential threat to the bearish view testing 1.6600.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday indicating consolidation after bearish momentum since Monday. The bias is neutral in nearest term but the false breakdown from the trendline support can produce some bullish momentum testing 88.80 – 89.50 area. On the downside, initial resistance is seen at 87.35/10 area. Break below that area and consistent move below the trendline should trigger further bearish momentum towards 85.80.
USDCHF Forecast
The USDCHF made another indecisive movement yesterday formed another Doji on daily chart indicating consolidation. The bias is neutral in nearest term. On h4 chart below we have CCI divergence which suggest potential downside view testing 1.0160 – 1.0120 but the bullish scenario after break above the major trendline resistance should remains intact with technical target around 1.0450 as long as price stay above 1.0160 – 1.0120 area. Break below 1.0120 could be seen as bullish failure and trigger bearish momentum re-testing 1.0000 level.
EURJPY Forecast
The EURJPY attempted to push lower yesterday but the 129.00 support area still hold at this phase preventing further bearish attack and push price higher above the trendline indicating potential upside pressure testing 131.75 area. The bias is neutral in nearest term as price seems to consolidate now. Only a clear movement below 129.00 could continue further bearish scenario targeting 126.86 area.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday but the 141.99 area seems to be a good support at this phase as price rebound higher above the trendline after touched that level indicating potential upside pressure testing 144.85 area. Immediate support at 143.30. Break below that area and a movement back below the trendline could trigger another downside attempt re-testing 141.99 support area. Break below 141.99 area could produce further bearish momentum targeting 139.27.
AUDUSD Forecast
The AUDUSD continued its bullish momentum yesterday, topped at 0.9189 but still unable to stay consistently above 0.9180 so far thus could produce a false breakout scenario which trigger bearish momentum testing 0.9030 area especially if price break below 0.9120/30 support area today. This pair is in critical technical point at this phase. CCI just cross the 100 line down on h4 chart suggesting potential downside view. Consistent move above 0.9180 should trigger further bullish momentum testing the trendline resistance area and could be a serious threat to the bearish outlook testing 0.9327 area.
