EURUSD Forecast:
The EURUSD had a bearish momentum yesterday, bottomed at 1.4042 and closed at 1.4071. On h4 chart below we have two bearish channel indicating a strong bearish phase. The bias is bearish in nearest term but note that we have a good support around 1.4000/30 area. We need a clear break below that area to continue the bearish scenario targeting 1.3750. Immediate resistance at 1.4120 area. Break above that area should trigger further bullish correction towards 1.4200 – 1.4250 but I still prefer a bearish scenario with sell on rallies strategy.
GBPUSD Forecast:
My technical strategy to short around the trendline resistance area worked perfectly yesterday as the pair had a bearish momentum, bottomed at 1.6092 and closed at 1.6140. This fact should keep the bearish scenario intact. As you can see on daily chart below price seems to have a good support at trendline support (red) area beside 1.6040. We need a break below that trendline support to continue the bearish scenario targeting 1.5800 in longer term. Immediate resistance at 1.6170. Break above that area should trigger further bullish correction testing 1.6259 area but I still prefer a bearish scenario with sell on rallies strategy.
USDJPY Forecast:
The USDJPY had a bearish momentum yesterday, bottomed at 89.34 and closed at 89.64. The fact that price able to stay below 90.15 area so far indicating potential further bearish momentum targeting 89.00 and 88.00 area. The bias is bearish in nearest term. A move back above 90.15 should lead us into no trading zone but I still prefer a bearish scenario with sell on rallies strategy.
USDCHF Forecast
The USDCHF had a bullish momentum yesterday after three days of indecisive/consolidation movement. The bias is bullish in nearest term but we need a break above 1.0507 area to continue the bullish scenario targeting 1.0600 – 1.0700 since actually price still trapped in range area. Immediate support at 1.0420. Break below that area should trigger further bearish momentum testing 1.0350 area.
EURJPY Forecast
My technical strategy to short around the trendline resistance worked perfectly yesterday as price had a significant bearish momentum, bottomed at 125.66 and closed at 126.14. The bias is bearish in nearest term targeting 124.50. Immediate resistance at 126.89. Break above that area should lead us into no trading zone in nearest term but I still prefer a bearish scenario at this phase.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday. On daily chart below we can see that price slipped below the triangle indicating potential bearish outlook. The bias is bearish in nearest term targeting 143.15 – 142.00 area. However if price goes back inside the triangle, we are back in no trading zone as direction would become unclear. Immediate resistance at 145.00. Break above that area should trigger further bullish momentum testing 146.08 area.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, break below 0.8980, but failed to consistently move below range area. This fact could trigger a false breakdown scenario which could produce further bullish correction testing 0.9090 area. However, overall the bearish scenario remains intact and I still prefer a bearish scenario with sell on rallies strategy. Break below 0.8980 should trigger further bearish momentum targeting 0.8910.
