EURUSD Forecast:
The EURUSD didn’t make significant movement yesterday. The main trend remains bearish but as you can see on my h1 char below price still move inside the minor bullish channel indicating the bullish corrective movement actually still intact with technical target around 1.3750 area but we need a consistent move above 1.3650 to continue the upside corrective movement. The bias is neutral in nearest term but I still prefer a bearish scenario as traders’ sentiment for Euro zone fundamental situation remains negative. A violation to the minor bullish channel should be seen as a serious threat to the bullish correction scenario and continue the bearish momentum testing 1.3530 area before aim for 1.3400.
GBPUSD Forecast:
The GBPUSD also didn’t make significant movement yesterday. The main trend should remains bearish and I still prefer a bearish scenario but as you can see on my h4 chart below price has violated the minor bearish channel indicating potential upside correction testing 1.5560 area. Consistent move above that area should trigger further upside correction 1.5650 region. The bias is neutral in nearest term. Immediate support at 1.5429 area (yesterday’s low). Break below that area should continue the bearish scenario targeting 1.5347 even 1.5250 area this week.
USDJPY Forecast:
The USDJPY had a bearish momentum yesterday, bottomed at 91.01 and closed at 91.12 after failed to break above the major trendline resistance. This fact should keep the major bearish trend intact but as you can see on daily chart below, actually the bullish correction scenario remains intact as price still moving inside the minor bullish channel. The bias is bearish in nearest term targeting 90.50 area. Break below that area and violation the the minor bullish channel should be seen as the end of the bullish correction scenario at least targeting 89.50 and 88.50 area. Immediate resistance at 91.50. Break above that area should lead us into no trading zone.
USDCHF Forecast
The USDCHF didn’t make significant move yesterday. The main trend should remain bullish but I think we are still in bearish correction phase since the minor bullish channel violated to the downside and now, as you can see on my h1 chart below, price slipped below the minor trendline support with technical downside corrective target around 1.0700 – 1.0600 area. However I still prefer a bullish scenario at this phase with buy on dips strategy. Initial resistance at 1.0800. Break above that area could be a serious threat to the bearish correction scenario targeting 1.1000 area.
EURJPY Forecast
The EURJPY had a bearish momentum yesterday after price failed to consistently move above 124.80 area. This fact could be seen as a false breakout scenario which could produce significant bearish momentum testing 123.00 area but as long as price still move inside the minor bullish channel, the bullish correction scenario should remain intact.
GBPJPY Forecast
The GBPJPY made a significant technical movement by violated the bullish channel as you can see on my h4 chart below. This fact should be seen as bullish failure and potential bearish scenario targeting 139.80 area. Immediate resistance at 141.70 area. Break above that area should lead us into no trading zone as direction would become unclear for me.
AUDUSD Forecast
The AUDUSD was indecisive yesterday, formed a Doji on daily chart. On h4 chart below we can see that price still move inside the bullish channel indicating the bullish scenario remains intact (I have made some adjustment to the bullish channel). Expected range at 0.9040 – 0.8910 area. We need a break on either side to see clearer direction towards 0.9140 or 0.8780 area. Aggressive traders may short around 0.9040 or long around 0.8910 with a tight stop loss.
