EURUSD Forecast:
The EURUSD still trapped in range area of 1.4450/80 – 1.4250 yesterday. While my technical strategy remains to short around 1.4450/80 or to buy around 1.4250 with tight stop loss (which proved to be profitable so far), we will have US NFP and unemployment rate today which is expected to bring us out from this choppy market. I prefer a bearish scenario and a break below 1.4250 support area today, but it will depend on the US employment data. US NFP is expected around 20.2K while unemployment rate expected at 10.1%. My opinion is if the actual numbers are at least the same with forecast, or better, Dollar should strengthen further. But if the actual numbers are worse than expected, Euro should get some support. Break below 1.4250 should continue the bearish scenario towards 1.4127 – 1.4000 area while break above 1.4450/80 should be seen as serious threat to the bearish outlook testing 1.4600 – 1.4800 area.
GBPUSD Forecast:
The GBPUSD had a bearish momentum yesterday. On h4 chart below we can see that the triangle has been violated to the downside indicating potential further bearish pressure with technical target remains at 1.5832 in nearest term. Key resistance level remains at 1.6040/60 area. Only consistent move above that area should be seen as a threat to the bearish outlook.
On fundamental side, We will have US NFP and unemployment rate today. US NFP is expected around 20.2K while unemployment rate expected at 10.1%. My opinion is if the actual numbers are at least the same with forecast, or better, Dollar should strengthen further. But if the actual numbers are worse than expected, Sterling should get some support.
USDJPY Forecast:
The USDJPY made a significant bullish momentum, by slipped above the trendline resistance, as you can see in my daily chart below. This fact should be seen as potential further bullish momentum targeting 94.50 in nearest term. Immediate support at 93.00. Break below that area should lead us into no trading zone area and could be seen as a false breakout which could trigger bearish pressure testing 92.00 area.
USDCHF Forecast
The USDCHF failed to continue its bearish momentum yesterday. On h4 chart below, we can see that price failed to stay below 1.0280 area and now has violated the bearish channel to the upside indicating potential end to the bearish correction. We will have US NFP and unemployment rate today which is expected to be catalyst. US NFP is expected around 20.2K while unemployment rate expected at 10.1%. My opinion is if the actual numbers are at least the same with forecast, or better, Dollar should strengthen further targeting 1.0500 area. But if the actual numbers are worse than expected, Swiss Franc should get some support testing 1.0150 – 1.0000 area.
EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 132.38 but further bearish pressure was rejected as price whipsawed to the upside, topped at 133.64 and closed at 133.51. On h4 chart below we can see that price slipped above 133.77 area and now struggling around that area. I still prefer a bullish scenario but we need consistent move above 133.77 area to continue the bullish scenario targeting 135.40 area. Immediate support at 133.00. Break below that area should lead us into no trading zone as direction would become unclear for me but I still prefer a bullish scenario.
GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 147.05 but price whipsawed to the upside, topped at 148.73 and closed at 148.67. Earlier today in Asian session, price slipped above key resistance level 148.95 and struggling around that area indicating potential bullish scenario continuation targeting 150.70 area. However we need a consistent move above 148.95 area to continue the bullish scenario. Immediate support at 148.20/00 area. Break below that area should lead us into no trading zone as direction would become unclear for me but I still prefer a bullish scenario.
AUDUSD Forecast
The AUDUSD failed to continue its bullish momentum yesterday. On daily chart below we have an important candlestick pattern, a shooting star, which is a bearish reversal pattern. At the same time, CCI just cross the 100 line down which is also suggesting potential downside pressure. The bias is bearish in nearest term testing 0.9091 area but the medium term bullish scenario should remains intact. Immediate resistance at 0.9220 area. Break above that area should trigger further bullish momentum and cancel the bearish reversal scenario.
