The EURUSD attempted to push higher yesterday, topped at 1.4331 but further bullish momentum was rejected as price whipsawed to the downside, break below 1.4250, bottomed at 1.4216 and closed at 1.4253. Looks like the double bottom support failed to prevent the bearish pressure a this phase. This fact should lead us to further bearish scenario with technical target at 38.2% Fibonacci retracement of 1.2456 – 1.5143 around 1.4127 area which is a key support level from longer term point of view. Break below 1.4127 should be a potential threat to the long term bullish outlook. Immediate resistance at 1.4300 – 1.4330 area. We have seen a very strong bearish momentum this month with no sign of significant upside correction.
GBPUSD Forecast:
The GBPUSD continued its bearish momentum yesterday, break below psychological level 1.6000, bottomed at 1.5920 and closed at 1.5958. Like I said yesterday, break below 1.6000 area should lead us to further bearish scenario at least targeting 1.5800 this week as the pair is now enter a new phase of bearish scenario. Immediate resistance at 1.6000 – 1.6050 area. Break above that area should lead us into no trading zone but long position is not recommended.
USDJPY Forecast:
The USDJPY continue its bullish momentum yesterday, topped at 91.85 and closed at 91.81. The bias remains to the upside targeting 92.32 area. On my h4 chart below we can see that price had a nice bullish momentum after break above 90.80 area without significant bearish correction indicating strong bullish momentum. Immediate support at 91.50 area. Break above 92.32 area should trigger further bullish momentum at least towards 93.30 this week.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday, but the fact that price so far able to stay above 1.0450 should keep the bullish scenario intact with target at least around 1.0530 before aim for 1.0700 area. I don’t see significant bearish correction signal so far, so I am expecting further bullish continuation at this phase. Another movement below 1.0450 area should lead us into no trading zone as direction would become unclear in nearest term as market might consolidate but overall the bias remains to the upside.
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 131.06 and closed at 130.86. The bias should remains to the upside targeting 131.75. However CCI just cross the 100 line down on h4 chart so watch out for potential bearish correction testing 130.05 area. Break below that area should trigger further bearish correction testing 129.00 area but that will lead me into no trading zone as direction would become unclear for me.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday. Overall the pressure remains to the upside but as you can see on my h4 chart below price still struggling around 146.80 area indicating bullish paused and consolidation. We need a consistent move above 146.80 to continue the bullish scenario towards 148.50 this week. Immediate support 145.90 area. Break below that area should trigger further bearish correction but as long as price move above the trendline support (red) I still prefer a bullish scenario.
AUDUSD Forecast
The AUDUSD had a moderate bearish momentum yesterday, bottomed at 0.8741 and closed at 0.8748. The bias should remains to the downside. I believe, after break below 0.8850 area this pair should continue the bearish momentum at least targeting 0.8650 area before testing key support level around 0.8500 area this month. Immediate resistance at 0.8800 – 0.8850. Break above that area should trigger further bullish correction but as long as the trendline resistance (blue) hold, I still prefer a bearish scenario for this pair.
