The EURUSD was corrected higher yesterday. Although bullish correction should not be a surprise for us after significant bearish last week and the bearish scenario remains intact, as you can see on my h1 below, price is forming an ascending triangle formation, which is technically a bullish pattern which potentially could be a serious threat to my bearish outlook, especially if price break above the upper line of the triangle (around 1.4680 area) and violate the trendline resistance with upside target at least around 1.4820/00 area. However, if this ascending triangle bullish scenario fails and price violate the triangle to the downside, expect further bearish continuation towards 1.4530 even 1.4450 today.
GBPUSD Forecast:
The GBPUSD had a bullish momentum yesterday, topped at 1.6325 and closed at 1.6299. However, actually the pair is still in consolidation phase as price is now still moving in triangle area (I made some adjustments to the triangle). We need a break from the triangle to see clearer direction. Break above the triangle should be seen as serious threat to my bearish outlook testing 1.6400 while breakdown below the triangle should be seen as potential bearish continuation with target remains around 1.6113 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, but the trendline support (blue) did a good job preventing further bearish pressure, keep the bullish scenario intact, as you can see on my h4 chart below. The pair is in consolidation phase and we need a clear break below trendline support or above the trendline resistance (yellow) to see clearer direction. Break below the trendline support should be a serious threat to the bullish outlook at least targeting 87.35 while break above trendline resistance should be seen as bullish continuation targeting 90.70 area.
USDCHF Forecast
The USDCHF was corrected lower yesterday, bottomed at 1.0292 and closed at 1.0317. The pair is consolidating after significant bullish last week and the bullish scenario should remains intact. The bias is neutral in nearest term. CCI in overbought area and heading down on daily chart indicating potential further downside correction testing 1.0230 area. Break below that area should trigger further bearish momentum testing 1.0120 – 1.0160 and should be seen as a serious threat to the bullish outlook. On the upside, 1.0450 remains potential bullish target.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 129.16 but closed higher at 129.95. On h4 chart below we can see that the trendline support did a good job preventing further bearish pressure, keep the bullish scenario intact so far. The bias is neutral in nearest term and I think it’s better to stand aside for now. Expected range at 129.00 – 131.75.
GBPJPY Forecast
The GBPJPY mad indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that the trendline support (red) did a good job preventing further bearish attack, keep the bullish scenario intact. The bias is neutral in nearest term. Immediate resistance at 144.85. Break above that area should trigger further upside momentum towards 145.64. Immediate support at 143.75 area and the trendline support area. Break below that area and below the trendline support should trigger further bearish momentum towards 141.99 area and cancel the bullish scenario. We might have a good place for long position if price move near the trendline support area with tight stop loss below it.
AUDUSD Forecast
The AUDUSD had moderate bullish momentum yesterday, but still failed to break above the trendline resistance area thus should keep the bearish scenario intact. On h4 chart below we can see that once again, price seems to reject to move above the trendline and 0.9180 area. For me, this fact give us a good short opportunity targeting 0.9090 – 0.9030 area with tight stop loss above the trendline resistance and 0.9180 area. Good technical set up and risk-reward ratio.
