FOREX TRADING

The EURUSD had a significant bullish momentum yesterday after failed to move below 1.2735 support area, topped at 1.2929 and closed at 1.2891. The bias is bullish in nearest term re-testing 1.3000 area especially if price break above the flag formation as you can see on my h1 chart below. Immediate support at 1.2840/50 area. Break below that area could lead us into neutral zone in nearest term re-testing 1.2735 but overall we are still in upside correction phase now.

GBPUSD Outlook

The GBPUSD was bullish yesterday after found support around the lower line of the bullish channel, topped at 1.5294 and closed at 1.5256. The bias is bullish in nearest term especially if price able to move above the minor trendline resistance (white) testing 1.5350 – 1.5470 area. Immediate support at 1.5235. Break below that area could lead us into neutral zone in nearest term re-testing 1.5150 but as long as the bullish channel hold we are still in a bullish phase.

USDJPY Outlook

The USDJPY attempted to push lower yesterday, bottomed at 86.33 but closed higher at 86.94. The bias is neutral in nearest term but still in a major bearish scenario. Immediate resistance at 87.22 (yesterday’s high) and the upper line of the minor bearish channel (white channel). Break above that area could trigger further upside momentum testing 88.00/23 region. On the downside, 85.86 remains potential nearest bearish target before testing 84.82

USDCHF Outlook

The USDCHF attempted to push lower yesterday, but still unable to move consistently below 1.0399 area. The bias is neutral in nearest term. The major scenario remains bearish but we need a consistent move below 1.0399 to continue the bearish pressure targeting 1.0320 before testing 1.0220. Immediate resistance at 1.0500. Break above that area could trigger further upside pressure testing 1.0580 – 1.0600.

EURJPY Outlook

The EURJPY was technically a mess yesterday. I think I will stand aside for now as nearest term direction is unclear. On daily chart below we can see that in longer term view price is consolidating in range area of 108.07 – 113.50 after a significant bearish momentum. We need a break on either side to see clearer direction. Immediate resistance at 112.72. Consistent move above that area could rigger further upside pressure testing 113.50. Initial support at 111.00.

GBPJPY Outlook

The GBPJPY was attempted to push lower yesterday, bottomed at 130.83 but closed higher at 132.64 in a volatile market. The bias is neutral both in nearest and medium term and I will keep out from this pair for now. Immediate resistance at 133.40/60 and the minor trendline resistance (white). Break above that area could trigger further upside momentum testing 134.00/67. Initial support at 132.00 followed by 131.25.

AUDUSD Outlook

The AUDUSD had a significant bullish momentum yesterday, break above 0.8858, topped at 0.8951 and closed at 0.8936. The ascending triangle has been violated to the upside, confirms the bullish continuation targeting 0.9076 in nearest term. Immediate support at 0.8858. Consistent move below that area could lead us into neutral zone in nearest term as direction would become unclear