EURUSD Forecast:
The EURUSD made indecisive movement yesterday. Price attempted to push lower, bottomed at 1.4029 but closed higher at 1.4085. Overall sentiment remains negative for the Euro but 1.4000 area could be a strong technical support at this phase. The bias is neutral in nearest term but I still prefer a bearish scenario with sell on rallies strategy. Immediate resistance at 1.4150. Break above that level could trigger further upside correction testing 1.4200 – 1.4250 area. Initial support at 1.4000. Break below that area should trigger further bearish scenario towards 1.3750.
GBPUSD Forecast:
The GBPUSD had a bearish momentum yesterday, bottomed at 1.6125 but closed higher at 1.6193. I believe that the false breakout from the trendline resistance as you can see on daily chart below should keep the Sterling under pressure targeting 1.6040 area. Immediate resistance at 1.6250 and the trendline resistance area. Break above that area should lead us into no trading zone as direction would become unclear.
USDJPY Forecast:
My Strategy to short around 91.85 worked perfectly yesterday. Price topped at 91.87 before whipsawed to the downside, bottomed at 90.11 and closed at 90.42. Earlier today in Asian session price keep moving lower below 90.15 support area indicating potential further bearish momentum targeting 88.00 area. The bias is bearish in nearest term. Immediate resistance at 90.30/50 area. Break above that area should lead us into no trading zone as price may trapped in choppy market again.
USDCHF Forecast
The USDCHF made indecisive movement yesterday. Although the pressure should remains to the upside, as you can see on my daily chart below, we seem to have a good resistance (top) 1.0507 area as price show rejection to move above that area, moving lower and potentially testing 1.0430 – 1.0350 support area. Break below that area should be seen as potential threat to the bullish outlook, lead us into no trading zone in nearest term. On the other hand, break above 1.0507 area should trigger further bullish momentum at least towards 1.0600.
EURJPY Forecast
The EURJPY had a significant technical movement yesterday by break below the trendline support, bottomed at 127.04, closed at 127.36 and touched 126.51 level earlier today in Asian session before corrected higher around 127.33 at the time I wrote this comment. This fact should trigger further bearish scenario but we need a consistent move below 126.89 area to continue bearish towards 124.40/50 area. The bias is neutral in nearest term but I prefer a bearish scenario at this phase. Immediate resistance at 127.60 – 128.00 area.
GBPJPY Forecast
The GBPJPY finally made a significant technical movement yesterday. Price break below the triangle, indicating potential bearish outlook testing 139.29 area in longer term of view. The bias is bearish in nearest targeting 144.50 but we need a consistent move below 145.50 support area to continue the bearish scenario. Immediate resistance at 147.00. Break above that area should lead us into no trading zone but I prefer a bearish scenario at this phase.
AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.8996 and closed at 0.8998 but can not stay consistently below 0.9015 so far. The pressure should remains to the downside but we need a consistent move below 0.9015 to continue the bearish scenario targeting 0.8910 area. Immediate resistance at 0.9090. Break above that area should lead us into no trading zone.
