GBPUSD Forecast:
The GBPUSD had a significant bearish momentum yesterday, bottomed at 1.6078 and closed at 1.6162. The bias is more to the downside now. We seem to have a good historical support around 1.6100 – 1.6040 area. On daily chart below we have CCI divergence indicating potential upside minor correction and potential profit taking activity on Friday testing 1.6250 resistance area. Consistent move below 1.6100 – 1.6040 area should trigger further bearish pressure testing psychological level 1.6000 before technically targeting 1.5800 in longer term point of view.
USDJPY Forecast:
The USDJPY failed to continue its bullish momentum yesterday, break below two trendline supports (blue, yellow) as you can see on my h4 chart below, but found support around 88.80 area. The bias is neutral in nearest term since we are in critical technical point and this fact should be seen as serious threat to the bullish outlook. Consistent move below those trendlines and below 88.80 area should be seen as bullish failure at least testing 87.35 area. Resistance is seen at 90.40/70 area. Break above that area should keep the bullish scenario intact.
USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 1.0507 but corrected significantly earlier today in Asian session traded around 1.0420 at the time I wrote this comment. The bias should remains to the upside but we have CCI divergence indicating potential upside minor correction and potential profit taking activity on Friday testing 1.0380 – 1.0320 area. We need consistent movement above 1.0450 area to continue the bullish scenario towards 1.0700.
EURJPY Forecast
The EURJPY had a significant bearish momentum yesterday, break below two trendline supports (blue, red). This fact should be seen as bullish failure and a bearish reversal scenario. The bias is bearish in nearest term targeting 126.86 area but we have potential hammer formation as you can see on my h4 chart below, indicating potential upside correction. The candle is not complete yet at the time I wrote this comment. Immediate resistance at 129.00 area. Break above that area should lead us into no trading zone. I think I will stand aside for now.
GBPJPY Forecast
The GBPJPY had a significant bearish momentum after failed to move consistently above 146.80 area, bottomed at 144.64, closed at 145.27. Price attempted to push lower, hit 143.74 earlier today in Asian session but further bearish pressure was rejected, traded around 144.85 area at the time I wrote this comment. On h4 chart below we can see that price made a false breakdown from the trendline support (red) which potentially trigger upside momentum and the bullish scenario should remains intact especially if price able to break above 144.85 re-testing 146.80 area.
AUDUSD Forecast
As I had expected, the AUDUSD continued its bearish momentum yesterday, bottomed at 0.8845 and closed at 0.8868. Price attempted to push lower earlier today in Asian session, hit 0.8809 but further bearish momentum was limited as price rebound higher around 0.8874 at the time I wrote this comment. The bias should remains bearish testing 0.8750 even 0.8500 in longer term point of view but CCI about to cross the -100 line up on h4 chart so watch out for potential upside correction testing 0.8915 area. Break above that area should lead us into no trading zone but overall the pressure is more to the downside at this phase.
