The EURUSD attempted to push higher yesterday, topped at 1.4372 but further bullish momentum was rejected as price closed lower at 1.4273. This fact should keep the pressure on Euro re-testing 1.4250/60 support area today. The bias remains to the downside targeting 1.4172 – 1.4127 area today but we need consistent move below 1.4250/60 to continue the bearish scenario since we seems to have a double bottom support around that area as you can see on my h4 chart below. Immediate resistance at 1.4350/70 area followed by 1.4400 – 1.4450 area. Break above 1.4450 area should be seen as potential threat to the bearish outlook.
GBPUSD Forecast:
The GBPUSD continued its bearish momentum yesterday, bottomed at 1.6027 and closed at 1.6044 but has not convincingly stay below 1.6040/50 so far. The bias remains to the downside but I think price need to move consistently below 1.6040 – 1.6000 area to continue the bearish scenario towards 1.5800 area. We are at critical phase. Immediate resistance at 1.6100 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase.
USDJPY Forecast:
The USDJPY continue its bullish momentum yesterday, topped at 91.22 and closed at 91.15. On my h4 chart below we can see that price is convincingly move above 90.70/80 area indicating potential further bullishness targeting 92.32 area. Immediate support at 90.70/80 area. Break below that area should be seen as a false breakout and could trigger significant bearish momentum.
USDCHF Forecast
The USDCHF continued it’s bullish momentum yesterday, topped at 1.0481 and closed at 1.0459. The bias remains to the upside targeting 1.0530 before aim for 1.0700 area but we need consistent move above 1.0450 area to continue the bullish scenario. Another movement below 1.0450 area should lead us into no trading zone but short position is not recommended at this phase.
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 130.36 and closed at 130.11. On h4 chart below we can see that overall price still trapped in range area of 129.00 – 131.75 area but price slipped above my minor trendline resistance (now support) indicating the pressure is more to the upside now targeting 131.75 area. A good technical set up and risk-reward ratio for me with stop loss below the trendline.
GBPJPY Forecast
The GBPJPY had a moderate bullish momentum yesterday, topped at 146.46 and closed at 146.25. Overall price still trapped in range area of 144.85 – 146.80 but the pressure should remains to the upside. However we need a valid break above 146.80 area to continue the bullish scenario targeting 148.50 area. Immediate support at 145.45 area. Break below that area should trigger further bearish pressure re-testing 144.85 area.
AUDUSD Forecast
As I had expected, the AUDUSD continue its bearish momentum yesterday, bottomed at 0.8782 and closed at 0.8800. The bias remains bearish in nearest term targeting 0.8650 area. Immediate resistance at 0.8850 area. Break above that area should lead us into no trading zone but long position is not recommended at this phase. I prefer short on rallies strategy.
