EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.3691 but further upside correction was rejected as price whipsawed to the downside, violated the minor bullish channel, bottomed at 1.3496 and closed at 1.3506. I see this fact as an ending to the bullish corrective movement at this phase and continue the bearish scenario with nearest technical target around 1.3400 – 1.3340 area. Immediate resistance at 1.3550/70 area. Break above that area should lead us into no trading zone but the main trend should remain bearish and I prefer sell on rallies strategy.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above 1.5560, topped at 1.5573 but whipsawed to the downside, bottomed at 1.5393 and closed at 1.5421. This fact can be seen as a false breakout which could trigger significant further bearish momentum re-testing 1.5347 before targeting 1.5250 this week. Immediate resistance at 1.5480. Break above that area should lead us into no trading zone re-testing 1.5560 but I still prefer a bearish scenario at this phase.
USDJPY Forecast:
The USDJPY continued its bearish momentum yesterday, bottomed at 89.91 and closed at 90.20. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential bearish outlook. The bias remains bearish in nearest term targeting 89.50 area. Break below that area should trigger further bearish scenario towards 88.50. Immediate resistance at 90.50/60 area. Break above that area should lead us into no trading zone as direction would become unclear but I still prefer a bearish scenario at this phase.
USDCHF Forecast
The USDCHF had a significant bullish momentum yesterday, topped at 1.0848 and closed at 1.0837. On h4 chart below I see interesting facts during the bullish movement where price consolidating in triangles area and then continue the bullish momentum after breakout above the triangles. I am expecting the same scenario with the latest triangle. Breakout above the triangle should trigger further bullish momentum targeting 1.1000 area. Immediate support at 1.0750/00 area. Break below that area should lead us into no trading zone as direction would become unclear but I still prefer a bullish scenario.
EURJPY Forecast
The EURJPY continued its bearish scenario yesterday, bottomed at 121.56 and closed at 121.85 after a false breakout above 124.80. On h4 chart below we can see that the bullish channel has been violated to the downside indicating bullish failure and potential further bearish scenario targeting 120.69 area. Immediate resistance at 122.50 – 123.00 area. Break above that area should lead us into no trading zone but I still prefer a bearish scenario at this phase.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday, bottomed at 138.72 and closed at 139.11. After the violation to the bullish channel the outlook should be a bearish one. The bias remains bearish in nearest term targeting 138.23 area. Immediate resistance at 139.90. Break above that area should lead us into no trading zone but I still prefer a bearish scenario at this phase.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday, violated the bullish channel but still not able to stay consistently below 0.8910 area so far. I prefer a bearish scenario at this phase but we need a consistent move below 0.8910 area to continue the bearish scenario targeting 0.8780 area. Immediate resistance at 0.8950 area. Break above that area should lead us into a consolidation phase with expected range at 0.9040 – 0.8910.
