EURUSD Forecast:
The EURUSD attempted to push lower on Friday, bottomed at 1.3531 but closed higher at 1.3617, formed a hammer candlestick pattern on daily chart as I showed you in my weekly report on Saturday. On my h4 chart below we have another potential bullish correction pattern, a falling wedge. The bias is neutral in nearest term. Although overall the bearish scenario should remains intact and I still prefer sell on rallies strategy, we may have some upside pullback. Immediate resistance at 1.3700 – 1.3750. Break above that area and consistent move above the falling wedge could trigger further bullish correction testing 1.3850 area. On the downside, only a break below 1.3531 could be seen as bullish correction scenario failure and continue the bearish scenario targeting 1.3400 area. CCI just cross the -100 line up on h4 chart suggesting potential upside pullback.
GBPUSD Forecast:
The GBPUSD attempted to push lower on Friday, bottomed at 1.5580 but closed significantly higher at 1.5668. As we all know, although the bearish scenario remains intact, the bearish pressure is not able to break below 1.5560/30 support area so far and this fact could trigger some bullish correction as bearish momentum may exhausted. As you can see on my h4 chart below, after failed to break below 1.5560/30 area price is now testing the upper line of the bearish channel. Consistent move above the bearish channel could trigger bullish momentum testing 1.5800 even 1.6060 in longer term. On the downside, a clear break below 1.5560/30 area should continue the bearish scenario targeting 1.5250 this week.
USDJPY Forecast:
The USDJPY attempted to push higher on Friday, topped at 90.40 but closed lower at 89.98. On daily chart below we can see that price is struggling around the upper line of the bearish channel, which is for me a good place for a short position with a tight stop loss above the channel. Good technical set up and risk-reward ratio. Immediate support at 89.50. Break below that area could trigger further bearish pressure testing 88.50 area. A consistent move above the bearish channel should be seen as a potential threat to the bearish outlook and open the door towards 91.25 area.
USDCHF Forecast
The USDCHF attempted to push higher on Friday, topped at 1.0826 but closed lower at 1.0765. Although price is still move in the minor bullish channel, it has been moving lower after touched the upper line of the major bullish channel (blue line). A break below the minor bullish channel should trigger further downside correction testing 1.0700 support area even further. The bias is neutral in nearest term but the major bullish scenario should remains intact. Initial resistance at 1.0850. Break above that area should confirm the bullish continuation testing 1.1000 area.
EURJPY Forecast
The EURJPY attempted to push lower on Friday, bottomed at 121.39 but closed higher at 122.50. Overall the bearish scenario is still intact but the rejection to move consistently below 122.00 area could trigger further upside pullback testing 123.80 in nearest term but I still prefer a bearish scenario with sell in rallies strategy at this phase. Another movement below 122.00 today should trigger further bearish momentum re-testing 120.69 area.
GBPJPY Forecast
The GBPJPY slipped above 141.50, topped at 141.87 but closed at 140.98. On h4 chart below we can see that price still trapped in range area of 141.50 – 139.30. The bias is neutral in nearest term and we need a consistent movement above or below the range area to see clearer direction. CCI just cross the -100 line up on daily chart suggesting potential upside momentum. Another break above 141.50 area should trigger further upside momentum targeting 143.00 area.
AUDUSD Forecast
My strategy to short around 0.8910 with a tight stop loss worked perfectly as price bottomed at 0.8795 but closed higher at 0.8868 on Friday. Since the violation to the bearish channel, the bias should be more to the upside but as you can see, price is still move in range area of 0.8910 – 0.8780 area. Until we have a valid break from that range area, the best strategy so far is remains to short around 0.8910 or long around 0.8780 with a tight stop loss. On the upside, a consistent move above 0.8910 should trigger further bullish momentum targeting 0.9040 area.
