EURUSD Forecast:
The EURUSD didn’t make significant movement yesterday. The bias remains neutral in nearest term and the major bearish scenario remains intact but we still have potential bullish correction indicated by the falling wedge formation. Immediate resistance at 1.3675 area. Break above that area and a consistent move above the falling wedge should confirm further bullish correction scenario targeting 1.3750 – 1.3850 area. Initial support at 1.3585/31 area. Break below that area should cancel the bullish correction scenario and continue the bearish momentum targeting 1.3400.
GBPUSD Forecast:
The GBPUSD was indecisive yesterday, formed a Doji on daily chart indicating consolidation. On h4 chart below we can see that price is moving inside a triangle formation which is also indicating consolidation. The bias remains neutral in nearest term and we need a break from the triangle to see clearer direction. The rejection to move below 1.5560/30 area could trigger some upside correction momentum but overall the bearish scenario should remains intact. Immediate resistance at 1.5700 followed by 1.5800. On the downside, break below 1.5560/30 should continue the bearish scenario towards 1.5250 area.
USDJPY Forecast:
The USDJPY didn’t make significant movement yesterday, formed a Doji on daily chart. On daily chart below we can see that price is now struggling around the upper line of the bearish channel indicating critical technical phase. For me the upper line of the bearish channel remains a good place for a short position with a tight stop loss above the channel. Immediate resistance at 90.40. Break above that area should be seen as potential bearish failure and trigger further bullish momentum towards 91.25. Initial support at 89.00 – 88.50 area.
USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. On h1 chart below we can see that price already violated the minor bullish channel but hasn’t get significant bearish momentum so far, moving in a triangle formation indicating consolidation. The major bullish scenario remains intact but we are now entering bearish correction phase especially if price able to break below 1.0750 area testing 1.0700 in nearest term. Immediate resistance at 1.0800 – 1.0850 area.
EURJPY Forecast
The EURJPY was indecisive yesterday. On h4 chart below we can see that after had significant bearish momentum, price has been moving in a range area of 121.50 – 124.25 area indicating consolidation. The bias is neutral in nearest term but we seem to have a potential nearest term bottom around 121.50 area which could trigger upside correction testing 124.25 area especially if the bearish channel violated to the upside.
GBPJPY Forecast
The GBPJPY also indecisive yesterday. The bias remains neutral in nearest term as price is consolidating, but as you can see on my h4 chart below price has been moving in an ascending triangle formation indicating potential upside correction scenario especially if price able to move consistently above 141.50 targeting 143.00 area. Immediate support at 140.00 area. Break below that area should be seen as bullish correction scenario failure and trigger further bearish momentum re-testing 138.23 area.
AUDUSD Forecast
Like other major pairs, the AUDUSD didn’t make significant movement yesterday. Although the bullish scenario remains intact after price violated the bearish channel on February 11, so far we don’t have further significant bullish momentum and price still trapped in range area of 0.8910 – 0.8780. I think the best strategy remains to short around 0.8910 or long around 0.8780 with a tight stop loss. Consistent move above 0.8910 should trigger further bullish momentum targeting 0.9040 area.
