EURUSD Forecast:
The EURUSD made another indecisive movement yesterday, trapped in a range area of 1.4450 – 1.4600 as you can see on my h4 below, indicating consolidation but the scenario is more to the upside unless we have a break below 1.4450. The bias is neutral in nearest term. We will have some important news from the Euro zone and US today. While ECB likely to keep rate at 1%, traders focus will be more on the ECB press conference. An optimistic tone should support the Euro further while a negative tone may diminish Euro rally. US retail sales data is expected to be weak. Unless we have a significant positive surprise on retail sales numbers, the Dollar should remains under pressure. Break above 1.4600 should continue the bullish scenario targeting 1.4800 area.
GBPUSD Forecast:
As I had expected, the GBPUSD continued its bullish momentum yesterday, topped at 1.6302 and closed at 1.6278. The bias should remains bullish testing the major trendline resistance (aqua), which is a potential strong resistance are at this phase. Break above the trendline resistance should trigger further bullish momentum towards 1.6430 in nearest term and 1.6700 in longer term. Immediate support at 1.6250. Break below that level should diminish the bullish momentum and lead us into no trading zone with potential further bearish momentum testing 1.6040 – 1.6113 support area.
USDJPY Forecast:
The USDJPY was corrected higher yesterday. My bearish scenario is in serious threat, but it’s too early for a bullish scenario. The bias is neutral in nearest term but as long as price stay below 91.85 area the bearish scenario targeting 90.15 area should remains intact. Break above 91.85 should be seen as bearish failure. Immediate support at 91.00 area. Break below that area should trigger further bearish momentum and keep the bearish scenario intact.
USDCHF Forecast
The USDCHF made indecisive movement yesterday. On h4 chart below we can see that price still trapped in range area of 1.0143 – 1.0213. The bias remains neutral in nearest term but I still prefer a bearish scenario at this phase. Clear break below 1.0143/30 area should trigger further bearish momentum targeting 0.9917 area. On the other hand, break above 1.0213 area should diminish the bearish scenario testing 1.0280 area.
EURJPY Forecast
The EURJPY was corrected higher yesterday. On h4 chart below we can see that after break below the trendline support (red) price retreated higher near the trendline, which is often happen technically. The bias is neutral in nearest term but if price move back above the trendline, the bearish scenario is in serious threat, testing 133.77 resistance area. Break above that area should trigger further bullish scenario at least testing 134.36 area. Immediate support at 132.00 area. Break below that area should keep the bearish scenario intact.
GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday. On daily chart below we can see that price rejected to move below the trendline support (blue) indicating the bullish scenario remains intact targeting 150.69 area. Immediate support at 148.50 area. Break below that area should lead us into no trading zone as direction would become unclear for me.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday. On h4 chart below ( I have made some adjustment to the bullish channel) we can see that price still move inside the bullish channel indicating the bullish scenario remains intact. However we seem to have a good resistance around 0.9325 area. We need a valid break above that area to continue the bullish scenario targeting 0.9404. Immediate support at 0.9200 area. Break below that area should be seen as serious threat to the bullish outlook.
