EURUSD Forecast:
The EURUSD had volatile but unclear movement yesterday. Price attempted to push lower, bottomed at 1.3676 but closed higher at 1.3734 and keep moving higher around 1.3770 at the time I wrote this comment. On h4 chart below we can see that price still move inside the minor bullish channel indicating the bullish correction scenario targeting 1.3850 in nearest term remains intact. Immediate support at 1.3650 area. Break below that area should trigger further bearish momentum re-testing 1.3550 region.
While technical view is unclear, on fundamental side, traders will focus on the EU plan for a rescue package for Greece in Brussels summit today. As reported by Bloomberg, Luxembourg Prime Minister Jean-Claude Juncker said that “I am having several discussions at the moment so that we can come up with an answer that will satisfy the markets,” If the summit able to provide such answer, Euro is likely to continue its bullish correction. But if not, Euro should suffer further losses.
GBPUSD Forecast:
The GBPUSD had a bearish momentum yesterday, bottomed at 1.5571 and closed at 1.5592. This fact should keep the bearish scenario intact, but as you can see on my h4 chart below, we seem to have a good support around 1.5560/30 area as price rebound higher after touched that level in the last 4 days. We need a clear break below that area to continue further bearish momentum targeting 1.5375 even 1.5250 in longer term. I am expecting a rage area of 1.5800 – 1.5560 area. Break on either side should give us a clearer direction.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 89.26 but whipsawed to the upside and closed higher at 89.93 indicating a limited bearish momentum. The bias is neutral in nearest term as direction is unclear now but as you can see in my daily chart below, price still move inside the bearish channel so the bearish scenario should remains intact. Price is now testing the upper line of the bearish channel, give us a good technical set up and risk-reward ratio to short around the upper line with a tight stop loss above it. A violation to the bearish channel should be seen as bearish failure and potentially lead us into a new bullish phase at least towards 91.25 area. Initial support at 89.00 – 88.50.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.0719 but further bullish momentum was rejected as price close lower below 1.0700 area. This fact should keep my range scenario (1.0700 – 1.0507) intact and the best strategy remains to short around 1.0700 or to long around 1.0507 with a tight stop loss. Eyes on co-relation with the Euro today. If the Brussels summit able to satisfy the market and Euro rally, the USDCHF should heading lower testing 1.0507 area. On the other hand, if EU fails to give a good answer and Euro suffers further losses, the pair should have a significant bullish momentum targeting 1.0850 area before testing 1.1000.
EURJPY Forecast
The EURJPY had a volatile but indecisive movement yesterday. The bias is neutral in nearest term but as you can see on my h4 chart below price still move in minor bullish channel indicating the bullish correction scenario targeting 125.15 – 126.89 remains intact. Immediate support at 123.00 and the lower line of the bullish channel. Break below that area should trigger further bearish momentum towards 122.00 even 120.69 in longer term. Traders focus will be on Brussels summit today. If EU able to deliver a convincing answer to help Greek, Euro should continue the rally. If not, price should be heading lower.
GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 141.40 but closed lower at 140.22. This fact should lead us into a range trading area of 141.50 – 139.30 in nearest term. The bias is neutral in nearest term and I think the best strategy is to short around 141.50 or long around 139.30 with a tight stop loss. Break on either side should give us clearer direction.
AUDUSD Forecast
The AUDUSD had a significant bullish momentum earlier today in Asian session following a big positive surprise on employment data. Technically on h4 chart below, the bearish channel has been violated to the upside indicating bearish failure and a beginning of a new bullish phase. However I think price need to able to break above 0.8910 area to continue the bullish scenario targeting 0.9040 area. I am expecting a range area of 0.8910 – 0.8780. I am planning to short around 0.8910 or long around 0.8780 with a tight stop loss.
