EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.3435 but whipsawed to the upside and closed higher at 1.3613. The bias is bullish in nearest term but as you can see on h4 chart below, actually price is still moving in a range area of 1.3450 – 1.3690 indicating consolidation but still within a major bearish scenario. It’s clear for me that the bearish pressure is loosing some momentum here especially if price break above 1.3690 area today targeting 1.3850 area this week. The 1.3450 area seems to be the nearest term bottom as price has failed to break below that level in the last three week. However, as long as price still move inside the major bearish channel the major bearish scenario is still intact. Immediate support at 1.3570 area. Break below that area could trigger further bearish momentum re-testing 1.3450 key support area.
GBPUSD Forecast:
The GBPUSD failed to continue the bearish momentum by move back above 1.5000 psychological level. This fact should trigger further upside correction targeting 1.5200/50 area in nearest term but note that the major bearish scenario should remain intact as long as price still move inside the bearish channel. Another movement below 1.5000 area could cancel the upside correction scenario re-testing 1.4779 area.
USDJPY Forecast:
The USDJPY attempted to push lower yesterday, bottomed at 88.55 but as you can see on my h4 chart below price still trapped in range area of 89.50 – 88.50 so far but the main outlook should remain bearish targeting 87.35 in nearest term especially if price able to consistently move below 88.50 area today. Immediate resistance at 89.00 followed by 89.50 area.
USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 0.0888 but whipsawed to the downside and closed lower at 1.0746. This fact should keep the bearish correction scenario intact testing 1.0640 in nearest term but the main scenario should remain bullish especially if price able to break above 1.0888 – 1.0900 area targeting 1.1000 level. Break below 1.0640 area should trigger further bearish correction towards 1.0507 area.
EURJPY Forecast
The EURJPY made another indecisive movement yesterday. Price attempted to push lower, bottomed at 119.77 but whipsawed to the upside and closed higher at 120.93. On h4 chart below we can see that price made a false breakdown below the minor trendline support indicating potential upside momentum testing 121.70 area. The 119.70 area seems to be the nearest term bottom. The bias is bullish in nearest term but note that the major bearish scenario should remain intact. Immediate support at 120.50 area. Break below that area should trigger further bearish momentum re-testing 119.70 area.
GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday indicating consolidation but the main trend should remain bearish. The bias is neutral in nearest term. On h4 chart below we can see that price still moving inside the minor bearish channel. A violation to the bearish channel should trigger further upside correction testing 134.70 area. Immediate support at 132.50 followed by 132,00 area. Break below 132.00 area should continue the bearish scenario targeting 128.80.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8958 but whipsawed to the upside, closed at 0.9033. The bias is bullish in nearest term targeting 0.9140 area but we need a consistent move above 0.9040 area to continue the bullish momentum. Immediate support at 0.9000. Break below that area could be a serious threat to the bullish scenario and trigger further bearish pressure testing 0.8910 area.
