EURUSD Forecast:
The EURUSD was corrected higher yesterday, topped at 1.3735 and closed at 1.3695. This fact should trigger further upside correction testing 1.3850 area. However note that the major bearish scenario remains intact as long as price still move inside the major bearish channel. While technical view suggests the pair is in bullish correction phase even a potential reversal, on fundamental side the Euro zone still have serious problem in Greek and Spain and so far we don’t have a clear clue about how the EU will solve the problem. Immediate support at 1.3690 – 1.3625 area. Break below that area should trigger further bearish momentum re-testing 1.3450.
GBPUSD Forecast:
The GBPUSD was corrected higher yesterday, topped at 1.5129 and closed at 1.5095. This fact should continue the bullish correction scenario targeting 1.5200/50 area after failed to stay consistently below 1.5000 psychological level. Break above 1.5250 area should be see an potential bearish failure and a beginning of a new bullish phase. However note that as long as price move inside the bearish channel the main bearish scenario should remain intact and the current bullish momentum should only be seen as a corrective move. Another movement below 1.5000 area should be seen as serious threat to the bullish correction scenario re-testing 1.4779 area.
USDJPY Forecast:
The USDJPY continued its bearish momentum yesterday, bottomed at 88.31 and closed at 88.45. This fact should trigger further bearish scenario targeting 87.35 area. Immediate resistance at 89.00 area. Break above that area could be seen as potential false breakdown scenario which could trigger significant bullish momentum testing 89.50 even 90.50 area.
USDCHF Forecast
The USDCHF had a significant bearish momentum yesterday, bottomed at 1.0647 and closed at 1.0677. The triple top formation around 1.0888 area able to trigger significant bearish correction so far even possible bearish reversal scenario testing the lower line of the major bullish channel. The bias is bearish in nearest term targeting 1.0507 area but we need a consistent move below 1.0640 to continue the bearish scenario. Immediate resistance at 1.0750 – 1.0800 area.
EURJPY Forecast
The EURJPY attempted to push higher yesterday, topped at 121.72 but closed lower at 121.13. The bias is neutral in nearest term and I think we are in no trading zone area as price still consolidating inside the triangle formation but we may soon see a break from the triangle and find clearer direction. I prefer a bearish scenario since the main trend remains bearish, but the double bottom formation around 119.70 area could potentially produce a bullish reversal especially if price break above the triangle at least targeting 123.00.
GBPJPY Forecast
The GBPJPY made another insignificant movement yesterday. On h4 chart below we can see that price already move outside the bearish channel but no significant bullish momentum so far. The bias remains neutral in nearest term and I think we are in no trading zone area but I think the main trend should remain bearish. Expected range at 132.00 – 134.70.
AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday. The bias is neutral in nearest term but as long as price able to stay above 0.9040 area, the bullish scenario targeting 0.9140 should remain intact. We have CCI divergence as you can see on my h4 chart below indicating potential bearish outlook. I prefer to stay away from this pair for now as I have a conflicting technical view. Immediate support at 0.9000. Break below that area should trigger further bearish momentum testing 0.8910 area.
