EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.4025 but whipsawed to the downside, bottomed at 1.3886 and closed at 1.3896. Technically, this fact could potentially end the bullish correction but note that we seem to have a good support around 1.3850 area. We need a consistent move below that area before continue further bearish scenario towards 1.3750 even 1.3490 in longer term. Immediate resistance at 1.3925/50 area. Break above that area could trigger further upside momentum re-testing 1.4030.
GBPUSD Forecast:
The GBPUSD attempted to push higher yesterday, slipped above 1.6040, topped at 1.6067 but whipsawed to the downside, bottomed at 1.5876 and closed at 1.5886. This fact should keep the bearish scenario targeting 1.5800 area intact, but note that we have a strong support around 1.5830/50 area. We need a consistent move below 1.5850 – 1.5800 area to continue further bearish momentum towards 1.5707 even 1.5500 region in longer term. Immediate resistance at 1.5950. Break above that area could trigger further upside momentum and might lead us into a choppy market between 1.6040/70 – 1.5830/50 area.
USDJPY Forecast:
The USDJPY had a bullish momentum yesterday, topped at 91.26 and closed at 90.95. This fact should open the door for further bullish momentum at least towards 91.85 area. Immediate support at 90.70. Break below that area should lead us back into no trading zone testing 90.00 support area, but as long as price stay above the trendline support (red), I prefer a bullish scenario at this phase. Break above 91.85 should continue the bullish momentum testing the major trendline resistance (blue).
USDCHF Forecast
The USDCHF attempted to push lower yesterday, but 1.0507 area was proved to be a good support as price whipsawed significantly to the upside, topped at 1.0599 and closed at 1.0591 after failed to move consistently below that area. The bias is bullish in nearest term but we need a consistent move above 1.0600 to continue the bullish scenario targeting 1.0700. Immediate support at 1.0570 followed by 1.0507 area.
EURJPY Forecast
My technical strategy to short around 126.89 with tight stop loss worked fine yesterday as price is now moving lower after rejected to consistently move above that area. The bias remains neutral in nearest term since actually we do not have significant technical movement so far. 126.89 area remains good place to short. We need a clear break above that area to continue further bullish correction towards 129.00 area. Immediate support at 125.65. Break below that area should trigger further bearish momentum towards 124.70/50 area.
GBPJPY Forecast
The GBPJPY made another indecisive movement yesterday. On h4 chart below we can see that the falling wedge has been violated to the upside indicating potential bullish view but we do not have significant bullish momentum so far so I am begin to doubt this falling wedge bullish scenario. The bias remains neutral in nearest term. I think at least we need a break above 145.45 area to confirm the falling wedge bullish scenario towards 146.20 and 147.20 area. Immediate support at 143.80. Break below that area should trigger further bearish momentum towards 143.00 area.
AUDUSD Forecast
The AUDUSD attempted to push higher yesterday, topped at 0.8914 but whipsawed to the downside and closed lower 0.8828. This fact should keep the bearish scenario intact, but note that we are still trapped in range area of 0.8925 – 0.8780 and the best strategy is to short around 0.8925 or long around 0.8780 with a tight stop loss. Break above 0.8925 should trigger further bullish correction testing the upper line of the bearish channel while break below 0.8780/33 should continue the bearish scenario targeting 0.8550 area.
