On-Line Forex Trading Tips

GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday. There are no changes in my daily technical outlook. I still prefer to keep out from the market for now as market still consolidate without clear direction and consistent momentum, but aggressive intra-day traders can still short around the upper line of the bearish channel (now around 1.5620/30) or long around the trend line support (around 1.5400 – 1.5370) with tight stop loss. A clear break above the bearish channel could be a serious threat to the technical bearish outlook while a clear break below the trend line support would confirm the bearish continuation scenario targeting 1.5000. The bias remains bullish in nearest term testing 1.5630/50 resistance area. Clear break above that area and violation to the bearish channel could be an early signal of a bullish reversal scenario. Immediate support at 1.5474 followed by 1.5400 – 1.5370.

GBPUSD Forecast
The GBPUSD was volatile but indecisive yesterday. There are no changes in my daily technical outlook. I still prefer to keep out from the market for now as market still consolidate without clear direction and consistent momentum, but aggressive intra-day traders can still short around the upper line of the bearish channel (now around 1.5620/30) or long around the trend line support (around 1.5400 – 1.5370) with tight stop loss. A clear break above the bearish channel could be a serious threat to the technical bearish outlook while a clear break below the trend line support would confirm the bearish continuation scenario targeting 1.5000. The bias remains bullish in nearest term testing 1.5630/50 resistance area. Clear break above that area and violation to the bearish channel could be an early signal of a bullish reversal scenario. Immediate support at 1.5474 followed by 1.5400 – 1.5370.

USDJPY Forecast
The USDJPY was corrected lower yesterday, bottomed at 82.66 and now struggling around 82.80. The bias remains neutral in nearest term. I still prefer a bullish scenario, but as you can see on my h4 chart below, we have a head and shoulders bearish pattern which is a serious threat to the bullish outlook. My bullish mode would be re-activated by a clear break above the left shoulder around 83.40 targeting 84.40 as the H&S bearish scenario would no longer valid. Immediate support at 82.33.

USDCHF Forecast
The USDCHF slipped above the flag formation as you can see on my h4 chart below, but we have no significant upside breakout so far and price made another Doji formation on daily chart. Three Dojis since Thursday is more than enough to show us that price is now consolidating. The bias remains neutral in nearest term. I still prefer a bullish scenario with 0.9750 – 0.9800 remains the nearest bullish target. Immediate support remains around 0.9600 followed by 0.9550.

EURJPY Forecast
The EURJPY was indecisive yesterday, but had a bullish correction earlier today in Asian session, hit 107.85. The bias is bullish in nearest term testing 108.50 but as long as price stay below the trend line resistance the major scenario remains to the downside. Immediate support at 107.05 (current low). Break below that area could end the bullish correction phase and continue the bearish pressure targeting 106.25 before testing 105.42.

GBPJPY Forecast
The GBPJPY didn’t make significant movement yesterday. We are still in bullish correction phase, but 129.30 resistance area has proven itself as a strong resistance. The bias is neutral in nearest term and we are still in critical technical point, where a clear break above 129.30 could be an early signal of bullish reversal at least targeting 130.30 in nearest term. Immediate support at 128.30 followed by 127.50.

AUDUSD Forecast
The AUDUSD made another indecisive movement yesterday, but had a bearish momentum earlier today in Asian session, hit 0.9841. The bias is bearish in nearest term testing 0.9800 – 0.9750 support area and I think it’s good to keep the idea that we are in potential big downside correction scenario after hit all time high. Immediate resistance at 0.9880. Break above that area could lead us to neutral zone in nearest term but overall we are still in a strong bearish correction scenario with medium term bearish target is seen around 0.9550 area.