EURUSD Forecast:
The EURUSD had a moderate bearish movement yesterday, closed below 1.4000 and keep moving lower around 1.3922 at the time I wrote this comment. This fact should open the door for further bearish scenario targeting 1.3750 area. The bias is bearish in nearest term. Immediate resistance at 1.4000/30 area. Break above that area should lead us into no trading zone as direction would become unclear.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, topped at 1.6274 but once again, the trendline resistance provided a good technical resistance preventing further upside pressure as price closed lower at 1.6136 after touched the trendline. On daily chart below we can see that price is now struggling around the trendline support. We know that this pair has been moving in no clear direction in last several days, trapped between 1.6270 – 1.6070 area. I prefer a bearish scenario but we need a clear break below 1.6040 area to continue further bearish momentum targeting 1.5800. On the upside, the trendline resistance and 1.6270 area should be a good resistance at this phase.
USDJPY Forecast:
The USDJPY made indecisive movement yesterday, formed a Doji on daily chart. The bias remains neutral in nearest term and I am still expecting range area at 90.60 – 89.00. Overall price still move in a bearish channel which has started from January 08 and we haven’t see any significant bullish correction signal so far so I still prefer a bearish scenario and stay with sell on rallies strategy. Break below 89.00 should continue the bearish scenario towards 88.00 area.
USDCHF Forecast
The USDCHF didn’t make a lot of movement yesterday, but price so far able to stay above 1.0507 indicating potential bullish continuation targeting 1.0600 – 1.0700 area. Another movement back below 1.0507 should lead us back into no trading zone as direction would become unclear and may take us back in choppy market between 1.0507 – 1.0350 area.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, slipped above 126.89, topped at 127.07 but whipsawed to the downside and closed lower at 125.60. This fact should keep the bearish scenario intact and I will stay with sell on rallies strategy. Only a consistent move above 126.89 area could be seen as potential threat to the bearish outlook. On the downside, nearest target remains around 124.50. Break below that area should continue the bearish momentum towards 122.10.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 147.21 but whipsawed to the downside and closed lower at 145.07. On daily chart below we can see that price is not able to make a clear direction and still struggling around the lower line of the triangle. However, actually overall the pressure is more to the downside. The bias is neutral in nearest term and I will stay away from this pair until we have a clearer direction. Immediate support at 143.63. Break below that area should be seen as bearish confirmation targeting 141.50 even 139.29 area. Initial resistance at 146.00 followed by 147.20 area.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.9046 but whipsawed to the downside and closed lower at 0.8944. This fact should keep the bearish scenario intact targeting 0.8810 area. Immediate resistance at 0.8980. Break above that area should lead us into no trading zone but I still prefer a bearish scenario with sell on rallies strategy.
