Jan-12 Daily Forex Forecast and Trend Analysis

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Jan-06 Daily Forex Forecast and Trend Analysis

Jan-05 Daily Forex Forecast and Trend Analysis

Jan-04 Daily Forex Forecast and Trend Analysis

Dec-24 Daily Forex Forecast and Trend Analysis

Dec-23 Daily Forex Forecast and Trend Analysis

Dec-22 Daily Forex Forecast and Trend Analysis

Dec-21 Daily Forex Forecast and Trend Analysis





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Friday, May 28, 2010
May-28 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD was recovered significantly yesterday, topped at 1.2393 and closed at 1.2359. I have been watching interesting reaction between Fibo retracement levels and the close price of h4 candle. As you can see on my h4 below, the last h4 candle still closed below the 38.2% Fibo retracement indicating good resistance around that level so far which keep the bearish scenario intact. However we had strong bullish momentum yesterday, so although the main scenario remains bearish, I will wait until we have a candle closed below the 23.6% Fibo (1.2274) area before thinking about short position testing 1.2140/50 region. On the other hand, if we have a candle that closed above the 38,2% Fibo (1.2350) , further bullish momentum targeting 1.2412 and 1.2472 can be expected before re-testing 1.2671 region.


GBPUSD Forecast:
The GBPUSD had a significant bullish momentum yesterday. On h4 chart below we can see that price made a breakout above the range area indicating potential bullish scenario targeting 1.4715 region. The major bearish scenario surely in a serious threat, but we need a consistent move above 1.4527 to continue further bullish scenario. Another movement below 1.4527 should be seen as waning bullish momentum and activate my wait and see mode but vulnerable to further bearish pressure testing 1.4350 region in nearest term. Price has been very volatile lately so don’t rush jump into the market and make sure to execute stop loss without any hesitation, both for long or short trades.


USDJPY Forecast:
The USDJPY finally had a significant momentum yesterday, break convincingly above the range area, even back above the major trendline support. Although from medium term perspective this pair is technically a mess, at least in nearest term the bias is more to the upside targeting 91.80 area. Immediate support at 90.50. Another movement below that area could lead us into no trading zone as direction would become unclear.


USDCHF Forecast
The USDCHF had a bearish momentum yesterday, bottomed at 1.1482 and closed at 1.1510. Although the main scenario remains bullish, it’s obvious that the upside pressure is still very weak. Overall pair still trapped in the range area as you can see on my h1 below and I will keep waiting for a break on either side. Until that happen, I will stay away from the market. We need a break above 1.1695 to resume the bullish scenario. On the other hand, a clear break below 1.1445 could be a serious threat to the bullish outlook at least testing 1.1275 – 1.1300 region.


EURJPY Forecast
The EURJPY had a significant bullish correction yesterday. On h4 chart below we can see that the bearish channel has been violated to the upside indicating serious threat to the major bearish scenario testing 114.50 in nearest term but the medium and long term view remains bearish. Another movement back inside the bearish channel could produce a false breakout scenario which could trigger significant bearish momentum re-testing 110.66 and keep the major bearish scenario intact.

GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday. On h1 chart below we can see price had a strong bullish momentum after breakout above 130.80 and now struggling around 132.80. We need a clear break above 132.80 area to continue further bullish momentum testing 134.80 area. Immediate support at 131.80 region. Break below that area could trigger further bearish pressure testing 130.80 region.

AUDUSD Forecast
The AUDUSD had a significant bullish momentum yesterday, break above the range area convincingly with a huge bullish candle as you can see on my daily chart below. This fact should trigger further bullish scenario targeting 0.8716 region and only a move back below 0.8360 could be seen as bullish scenario failure. Immediate support at 0.8440 region. Break below that area could lead us into no trading zone in nearest term testing 0.8360 area. In medium term outlook we have potential range between 0.8360 – 0.8716.

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Thursday, May 27, 2010
May-27 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD continued its bearish momentum yesterday, bottomed at 1.2167 and closed at 1.2173. I said that the candle in the circle could give us a clue, and it did. Although we saw some upside attempts, price finally going down after the candle closed below 38.2% Fibo. This fact should keep the bearish scenario targeting 1.2000 area intact. However price is already oversold so watch out for potential upside correction. Immediate resistance at 1.2250. Break above that area could trigger further upside correction testing 1.2293 and 1.2364 resistance area but I still prefer a bearish scenario with short on rallies strategy.


GBPUSD Forecast:
The GBPUSD didn’t make significant movement yesterday, still trapped in range area of 1.4527 – 1.4240 as you can see on h4 chart below. The bias remains neutral in nearest term as price still consolidate but the main scenario remains to the downside especially if price able to break below 1.4240 targeting 1.4000 region. On the other hand break above 1.4527 could be a serious threat to the bearish scenario. The best strategy in nearest term is to short around 1.4527 or long around 1.4240 with tight stop loss.


USDJPY Forecast:
The USDJPY slipped above 90.50 yesterday but still unable to stay consistently above the range area (90.50 – 89.00). So we are still trapped in a boring market and need a break from the range area to see clearer direction. There is no significant momentum yet so direction is still unclear. Aggressive traders can short around 90.50 or long around 89.00 with a tight stop loss.


USDCHF Forecast
The USDCHF didn’t make significant movement yesterday. Price is still in consolidation phase in the last several days but still within a major bullish scenario. I made adjustment to the range area and the range area now is between 1.4450 – 1.1695 as price has been moving in that area since May 19. We need a break from the range area to see clearer direction. In nearest term the best strategy is to short around 1.1695 or long around 1.1445 with tight stop loss.


EURJPY Forecast
The EURJPY continued its bearish scenario yesterday, bottomed at 109.40 and closed at 109.44. The bias is bearish in nearest term testing 108.83. Break below that area could trigger further bearish momentum testing 104.08 in longer term view. However price already in oversold area so watch out for potential upside correction testing 110.66. Break above that area could lead us into no trading zone but as long as price move inside the bearish channel I still prefer a bearish scenario with short on rallies strategy.

GBPJPY Forecast
The GBPJPY made another indecisive movement yesterday, still trapped in range area of 130.80 – 128.00 but still within a major bearish scenario. We have no significant technical movement so far, so there is nothing more to say about this pair for now. We need a consistent move below 128.00 could resume the major bearish scenario testing 126.75 region. On the other hand, a break above 130.80 could trigger further upside correction testing 132.80 region. Aggressive traders may short around 130.80 or long around 128.00 with tight stop loss.

AUDUSD Forecast
The AUDUSD slipped above the range area yesterday, but price so far unable to stay above the range area. This fact could produce a false breakout scenario which could trigger a bearish momentum re-testing 0.8070 area. On the other hand, a clear break above 0.8360 could be a serious threat to the bearish scenario testing at least 0.8500 region. The bias is neutral in nearest term but the main scenario remains to the downside.

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Wednesday, May 26, 2010
May-26 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push lower yesterday, bottomed at 1.2177 but whipsawed to the upside and closed significantly higher at 1.2343. We still have the volatility, where price attempted to push lower during Asian and European market but recovered significantly during US session. The bias is neutral in nearest term but we are still in a major bearish scenario. On h4 chart below, the upside correction found a good resistance around 38.2 Fibo retracement. The candle in the circle (which is not complete yet at the time I wrote this comment) could give us a clue for today. If the candle close below the 38.2% area, the bearish scenario could resume re-testing 1.2177 before testing 1.2000 region. On the other hand, if price close above the 38.2% area, further upside correction may resume testing 1.2480 – 1.2500 area. Immediate support at 1.2280 followed by 1.2177.


GBPUSD Forecast:
Similar to the EURUSD, the GBPUSD attempted to push lower yesterday, bottomed at 1.4259 but recovered significantly during US session, closed at 1.4406. On h4 chart below we can see that price is trapped in range area of 1.4527 – 1.4240 area indicating consolidation after a significant bearish movement. We need a break from that range area to see clearer direction but the main scenario remains to the downside and only a breakout above the range could be a serious threat to the bearish scenario. On the other hand, we need a clear break below 1.4240 to continue the bearish scenario testing 1.4000 psychological area.


USDJPY Forecast:
The USDJPY also had a volatile movement yesterday, but still trapped in range area of 90.50 – 89.00 indicating consolidation. I am expecting significant break from the range area to see clearer direction and still in wait and see mode. Aggressive traders can short around 90.50 or long around 89.00 with a tight stop loss.


USDCHF Forecast
The USDCHF attempted to push higher yesterday, topped at 1.1695 but closed significantly lower below 1.1595. The bias is neutral in nearest term as direction is unclear so far, but we are still in the context of major bullish scenario. Immediate support at 1.1500 area. Break below that area could trigger further bearish pressure testing 1.1445 area. Initial resistance at 1.1650. Break above that area could trigger further bullish momentum testing 1.1695 and 1.1750 region.


EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 108.83 but whipsawed to the upside and closed higher at 111.37. The bias is neutral in nearest term but as long as price still move inside the bearish channel the main scenario remains bearish. Another movement below 110.66 could trigger another downside attempt testing 109.53 and 108.53 area. Immediate resistance at 112.30. Break above that area could trigger further bullish momentum testing the bearish channel.

GBPJPY Forecast
The GBPJPY was indecisive yesterday, moving in a volatile market. However there are no significant technical movement so far as price still trapped in range area of 130.80 – 128.00. The nearest bias is neutral but still in the context of major bearish scenario unless price make a breakout above the range area. We need a consistent move below 128.00 could resume the major bearish scenario testing 126.75 region. On the other hand, a break above 130.80 could trigger further upside correction testing 132.80 region. Aggressive traders may short around 130.80 or long around 128.00 with tight stop loss.

AUDUSD Forecast
The AUDUSD attempted to push lower yesterday, bottomed at 0.8066 but whipsawed to the upside and closed higher at 0.8276 in a high volatile market. The main scenario remains bearish but as you can see on my h4 chart below price still trapped in range area of 0.8360 – 0.8070 and need a clear break from that area to see clearer direction. Break above 0.8360 could be a serious threat to the bearish scenario testing at least 0.8500 while a break below 0.8070 could resume the major bearish scenario testing 0.8000 psychological level even lower but note that all psychological levels tend to be a strong support.

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Tuesday, May 25, 2010
May-25 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD failed to continue its bullish correction yesterday. On h4 chart below we can see that the bullish channel has been violated to the downside indicating the end of the bullish correction phase and price ready to resume its major bearish scenario towards 1.2000 area especially if price able to move consistently below 1.2280/60 region. Although it’s obvious that technically this pair is set to push lower, note that the market remains tricky and still likely to have high volatility. Another intervention threat is still potential. Immediate resistance at 1.2440. Break above that area could trigger further bullish momentum testing 1.2500 region.


GBPUSD Forecast:
The GBPUSD made indecisive movement and still in a high volatile market yesterday. On h4 chart below we can see that price crossed up and down the minor trendline resistance indicating intense battle between buyer and seller without clear direction. Price so far back below the trendline at the time I wrote this comment. Technically speaking, as the major scenario remains to the downside, this fact should give us more bearish probability than bullish, testing 1.4240 region. However note that the market remains tricky and still likely to have high volatility. Immediate resistance at 1.4500/20 area. Break above that area could trigger further bullish momentum testing 1.4600 region.


USDJPY Forecast:
The USDJPY was indecisive yesterday. On h1 chart below we can see that price still trapped in 90.50 – 89.00 area. A boring pair which shows no significant direction and momentum. The bias remains neutral in nearest term but still in a bearish context after violated the major trendline support. We need a break below 89.00 area to continue the bearish scenario testing 88.23. Break above 90.50 could lead us into no trading zone as direction would become unclear.


USDCHF Forecast
The USDCHF slipped above 1.1595, as you can see on my h1 chart below. Although the upside pressure above that area still limited so far, I prefer a bullish scenario at this phase as the main trend remains to the upside and 1.1650 remains nearest term bullish target before testing 1.1750 region. Immediate support at 1.1520 area. Break below that area could trigger further bearish pressure testing 1.1445 region and lead us back to the boring range area.


EURJPY Forecast
The EURJPY resume its bearish scenario yesterday, but still unable to move convincingly below 110.66 so far. We need a clear break below that level to resume the major downtrend scenario at least testing 109.53 area before targeting 106.00 region. Immediate resistance at 112.60. Break above that area could trigger further upside correction and keep us in range area of 114.50 – 110.66.

GBPJPY Forecast
The GBPJPY was indecisive yesterday. On h1 chart below we can see that price still trapped in range area of 130.80 – 128.00. The nearest bias is more to the downside testing 128.00 region but overall price is still in consolidation phases after significant bearish movement. We need a clear break below 128.00 could resume the major bearish scenario testing 126.75 region. On the other hand, a break above 130.80 could trigger further upside correction testing 132.80 region.

AUDUSD Forecast
The AUDUSD didn’t make significant movement yesterday but still in the context of a major bearish scenario. Although the nearest bias is more to the downside re-testing 0.8070 especially if price able to move consistently below 0.8185 area, a high volatile market is still likely. Another movement back above 0.8250 should lead us into no trading zone as nearest bias is unclear but could trigger further upside momentum testing 0.8360 area again.

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Monday, May 24, 2010
May-24 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD was traded lower earlier today in Asian session around 1.2480 at the time I wrote this comment after touched the major trendline support on Friday. On h4 chart below we can see that price is now testing the lower line of the bullish channel. Although the major scenario remains bearish, note that as long as price move in the bullish channel the bullish correction scenario remains intact and only a violation to the bullish channel can be a threat the bullish correction scenario. Also I have been watching an interesting phenomena lately where price tend to go lower in Asian session but go to the upside significantly in US session. Immediate support at 1.2440 area. Consistent move below that area could trigger further bearish pressure testing 1.2350 before testing 1.2280/60 region. Initial resistance at 1.2700 area. Consistent move above that area could be a serious threat to the major bearish scenario.


GBPUSD Forecast:
As you can see on my h4 chart below, the GBPUSD is now struggling around the minor trendline resistance area indicating transition phase in medium term outlook. The bullish correction scenario remains intact but we need a consistent move above the minor trendline resistance to continue further upside momentum testing 1.4600/30 region. Immediate support at 1.4390 area. Consistent move below that area could trigger further bearish pressure testing 1.4240 area and we need consistent move below that area to continue the bearish scenario as bullish correction might be over at this phase.


USDJPY Forecast:
The USDJPY didn’t make significant movement on Friday. On h1 chart below we can see that price is trapped in range area of 90.50 – 89.00 area so far after violated the major trendline support. We need a break below 89.00 area to continue the bearish scenario testing 88.23. Break above 90.50 could lead us into no trading zone as direction would become unclear.


USDCHF Forecast
The USDCHF still has no clear direction so far, trapped in range area of 1.1595 – 1.1445. The bias remains neutral in nearest term and we still a break from the range area to see clearer direction. Break above 1.1595 could trigger further bullish momentum testing 1.1650 area while a break below 1.1445 could trigger further bearish correction testing 1.1400 – 1.1380 area.


EURJPY Forecast
The EURJPY didn’t make significant movement on Friday. We had a high volatile market but price never make a convincing bullish candle on daily chart which might indicating some big players still selling the Euro ignoring intervention threat. On h4 chart below we can see price still moving in bearish channel indicating the major bearish channel remains intact. Expected range at 114.50 – 110.66 and another volatile market is likely today.

GBPJPY Forecast
As you can see on my h1 chart below, the GBPJPY slipped above the bearish channel indicating a serious threat to the bearish scenario but price so far unable to move consistently above the channel. Although nearest term pressure is now more to the upside, price still trapped in range area of 130.80 – 128.00. We need a clear break above 130.80 to continue the bullish scenario testing 132.80 region. On the other hand, Break below 128.00 could resume the major bearish scenario testing 126.75 region.

AUDUSD Forecast
The AUDUSD was corrected higher on Friday. On h4 chart below we can see that price struggling around 0.8250 area. The current h4 candle may give us an important technical clue today. A close below 0.8250 could trigger further bearish momentum testing 0.8070 while a close above 0.8250 could trigger further upside correction testing 0.8360 before testing 0.8500 region.

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Friday, May 21, 2010
May-21 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD had a significant recovery yesterday, topped at 1.2596 but closed lower at 1.2487, still in a high volatile market. The Dollar rally was stopped by bad data in the last two days. The SNB intervention buying the Euro and rumor about the ECB intervention also responsible to this bullish sentiment although we have no substantial progress on the Euro zone debt crisis. Regardless of how we see the fundamental situation and rumors in the market, technically this fact could open the door for further upside recovery testing the major trendline support. The bias is bullish in nearest term targeting 1.2630 area even 1.2700 region but I still believe that the main scenario remains to the downside. Immediate support at 1.2400. Break below that area could wane the upside recovery.


GBPUSD Forecast:
The GBPUSD attempted to push lower yesterday, bottomed at 1.4231 but closed higher at 1.4352. On h4 chart below we can see that once again, the minor trendline resistance did a good job preventing further upside recovery. Will this trendline able to do it again today? It’s hard to tell but the Euro recovery also lead Sterling higher against the Dollar. The main scenario remains bearish but we need a consistent move below 1.4240 area to continue the bearish scenario at least testing 1.4000 psychological level. If the minor trendline resistance is violated to the upside, we may see further technical upside recovery testing 1.4600 region.


USDJPY Forecast:
The USDJPY had a significant movement yesterday. On h1 chart below we can see price had a bearish momentum after breakdown below the major trendline support, bottomed at 89.00 but traded higher around 89.90 at the time I wrote this comment. This fact confirms the bearish scenario at least targeting 88.23 region. However price already in oversold area so watch out for potential upside correction testing 90.50/80 region. Another movement back above the major trendline support should lead us into no trading zone as direction would become unclear.


USDCHF Forecast
The USDCHF made another indecisive movement yesterday, formed a Doji on daily chart. On h1 chart below we can see that price still trapped in range area of 1.1595 – 1.1445 and need a break on either side to see clearer direction. Break above 1.1595 could trigger further bullish momentum testing 1.1650 area while a break below 1.1445 could trigger further bearish correction testing 1.1400 – 1.1380 area.


EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 109.53 but whipsawed to the upside and traded around 112.78 at the time I wrote this comment. 110 – 109 area seems to be the nearest term bottom so far. On h4 chart below we can see price still move inside the bearish channel but price is now testing the upper line of the bearish channel. Looks like the intervention threat able to create fears to the sellers because price tend to rebound significantly higher after touch a new low as traders are protecting their profit due to intervention rumor. A violation to the bearish channel could trigger further upside recovery testing 114.80 area. Immediate support at 111.01 (current low).

GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 126.75 but whipsawed to the upside, traded higher around 129.34 at the time I wrote this comment. Price is now testing the bearish channel. As long as the bearish channel hold, the bearish scenario remains intact in nearest term but if it is violated to the upside further upside recovery testing 132.79 (yesterday’s high) can be expected. Immediate support at 127.71 (current low).

AUDUSD Forecast
The AUDUSD continued its bearish momentum, bottomed at 0.8070 earlier today in Asian market but whipsawed higher testing 0.8250 area at the time I wrote this comment in high volatile market. Another pullback above 0.8250 area could trigger further upside recovery but that would be a no trading zone for me. The pair has been moving down strongly this week without significant upside correction so weekend might be a good time for that as traders may take some profits. On the downside, potential bearish target around 0.8000 psychological level.

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Thursday, May 20, 2010
May-20 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD had a significant bullish momentum yesterday after worse than expected US CPI numbers and rumor about ECB intervention, topped at 1.2422 and closed at 1.2412 in a high volatile and tricky market. However earlier today in Asian session the Euro loss some bullish momentum after found resistance around the trendline as you can see on my h1 chart below. The bullish run yesterday didn’t reflect substantial progress in Euro fundamental condition so this upside momentum might be short lived and the main scenario remains to the downside with 1.2000 as potential target especially if price able to break below 1.2143 area, but intervention threat is something we can’t ignore. Immediate support at 1.2260 which should be tested today in order to see sustainable bearish condition. Initial resistance at 1.2500. Break above that area could be a serious threat to the technical bearish view. We will have US unemployment claims and Philly Fed Manufacturing Index today which potentially produce another high volatile market.


GBPUSD Forecast:
The GBPUSD also gained yesterday after worse than expected US CPI numbers and rumor about ECB intervention paused the Dollar rally, topped at 1.4447 and closed at 1.4442. On h4 chart below we can see that the minor trendline resistance (red) did a good job preventing further upside momentum as the main scenario remains to the downside especially if price able to move consistently below 1.4370 testing 1.4240 area. On the other hand, break above the minor trendline resistance could trigger further bullish correction testing 1.4600/30 region.


USDJPY Forecast:
The USDJPY attempted to push lower after break below 91.71 yesterday, bottomed at 90.95 but price bounced to the upside after found support around the major trendline support and now back struggling around 91.71 area. The bias is neutral in nearest term. The battle now is between the trendline support (white) and trendline resistance (red) as you can see on my h1 chart below. Break on either side could give us clearer direction. Short around the trendline resistance and long around the trendline support can be a good idea in this phase.


USDCHF Forecast

The USDCHF was indecisive yesterday. Price attempted to push higher, topped at 1.1584 but closed lower at 1.1503. The bias is neutral in
nearest term. Potential range at 1.1595 – 1.1445. Break above 1.1595
could trigger further bullish momentum testing 1.1650 area while a
break below 1.1445 could trigger further bearish correction testing
1.1400 – 1.1380 area but I still prefer a bullish scenario at this
phase.


EURJPY Forecast
The EURJPY attempted to push lower yesterday, bottomed at 110.85 but whipsawed to the upside and closed higher at 113.80 after rumor about ECB intervention. On h4 chart below we can see price is struggling around the trendline resistance. The bias is neutral in nearest term. Technically I still prefer a bearish scenario but the intervention threat is something I don’t want to ignore. Immediate support at 112.90. Break below that area could trigger further bearish pressure testing 110.85/66 region. Initial resistance at 114.75. Break above that area could trigger further bullish momentum testing 116.20 region.

GBPJPY Forecast
The GBPJPY attempted to push lower yesterday, bottomed at 129.75 but whipsawed to the upside and closed higher at 132.40. On h4 chart below we can see that the upper line of the bearish channel still did a good job preventing further upside correction. Immediate support at 131.50. Break below that area could trigger further bearish momentum re-testing 129.75/89 area. Initial resistance at 133.30. Break above that area could trigger further bullish momentum testing 134.25 area but the main scenario remains to the downside.

AUDUSD Forecast
The AUDUSD continued its bearish momentum yesterday, bottomed at 0.8357 but closed higher at 0.8469 in a volatile market. The bias is neutral in nearest term but from longer term outlook, the scenario is to the downside targeting 0.8200/50 region. Before that, 0.8357 could be tested again today but price already in oversold area so watch out for potential upside correction testing 0.8540/70 area. Break above that area could be a serious threat to the bearish scenario.

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Wednesday, May 19, 2010
May-19 Daily Forex Forecast and Trend Analysis

EURUSD Forecast:
The EURUSD attempted to push higher yesterday, topped at 1.2443 but whipsawed to the downside, bottomed at 1.2164 and closed at 1.2201. Technically this fact opens the door for further bearish scenario testing my weekly target around 1.2000 area as I see no more significant technical support or upside correction pattern so far except price already in oversold area. In a bearish market, oversold area should only be seen as a potential correction before continue to push lower. Immediate resistance at 1.2280 area. Unless we have high impact news or data that could pause Dollar strength, I don’t expect any movement higher than that area today. However, break above that area could trigger further upside correction testing 1.2320 area but I still prefer bearish scenario at this phase with short on rallies strategy.


GBPUSD Forecast:
The GBPUSD continued its bearish scenario yesterday, bottomed at 1.4305, slipped below 1.4251 earlier today in Asian session, but still unable to stay consistently below 1.4251 so far. The bias is bearish in nearest term targeting 1.4110 region but we need a consistent move below 1.4251 area to continue the bearish scenario. Immediate resistance at 1.4400 area which could be tested today as price already in oversold area. Unless we have high impact news or data that could pause Dollar strength, I don’t expect any movement higher than that area today. However, break above that area could trigger further upside correction testing 1.4450 area but I still prefer bearish scenario at this phase with short on rallies strategy.


USDJPY Forecast:
The USDJPY slipped below 91.71 key level support earlier today in Asian session but still unable to move below that area so far. Although this fact opens the door for further bearish pressure testing the major trendline support, we need a consistent move below 91.71 to continue the bearish scenario. Immediate resistance at 92.50 area. Break above that area could lead us back into no trading zone as price will again trapped in boring range area.


USDCHF Forecast
The USDCHF continued its bullish momentum yesterday, topped at 1.1512 and closed at 1.1476. The bias is bullish in nearest term targeting 1.1595 region. On h4 chart below we can see that during the upside momentum, price made some downside correction in some minor bearish channels but all of them were violated one by one. So we may have another downside correction in a minor bullish channel but the main scenario remains to the upside. Immediate support at 1.1400. Break below that area could trigger further bearish correction testing 1.1360 area but I still prefer a bullish scenario with buy on dips strategy.


EURJPY Forecast
As you can see on my h4 below, the EURJPY had a significant bearish momentum after made a false breakout above the trendline resistance, bottomed at 112.10 and closed at 112.54. The bias is bearish in nearest term testing 110.66 area. Immediate resistance at 113.45 area which could be tested today as price already in oversold area. Break above that area could lead us into no trading zone as direction would become unclear but as long as price stay below the trendline support (red) I still prefer a bearish scenario with short on rallies strategy.

GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 134.79 but whipsawed to the downside, bottomed at 131.82 and hit 130.40 earlier today in Asian session. The bias is bearish in nearest term testing 129.89 area. However price is already in oversold area so watch out for potential upside correction testing 133.00 resistance area. Break above that area could lead us into no trading zone as direction would become unclear but the main scenario remains to the downside and I still prefer short on rallies strategy at this phase.

AUDUSD Forecast
As you can see on my daily chart below, the AUDUSD slipped below 0.8570 earlier today in Asian session. From longer term of view, we know that price has been moving in range area of 0.9404 – 0.8570 so this pair in in critical technical phase now. A consistent move below 0.8570 could be the beginning of a big downtrend scenario with 0.8450 as the nearest bearish target before testing 0.8200 region. Immediate resistance at 0.8700 area. Break above that area could lead us into no trading zone but overall the main scenario remains to the downside.

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