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The EURUSD had a significant bullish momentum this week, slipped above my descending triangle and now struggling around the upper line of the triangle as you can see on my h4 chart below. While my intraday bias has turned bullish now which started since the appearance of the hammer formation on daily chart last week, from h4/daily chart point of view it is too early to say that Euro is ready to continue its bullish weekly outlook. We had a false breakout above the triangle before, which triggered significant bearish momentum, hit 1.3836 and that could happen again. Also, price is still making lower highs since the fall from 1.4939 which can be easily seen on daily chart. Immediate resistance to be tested by the current intraday bullish pressure is seen around the trend line resistance (white) and 1.4480 – 1.4500 resistance area. A clear break above the trend line resistance would give further confirmation of the violation to the descending triangle, not only testing 1.4577 region, but could bring back the h4/daily chart bullish bias testing 1.4695 even higher. On the downside, bearish warning is given by the appearance of the rising wedge formation. A failure to stay above the descending triangle and a break below the rising wedge would confirm another false breakout scenario which could trigger another bearish pressure testing 1.4000 – 1.3850 support area.

Have a great weekend and see you guys next week.

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EURJPY Forecast
The EURJPY had a significant bearish momentum last week but closed higher at 111.67 after found a support around 109.45 region. There were another downside pressures earlier today hit 110.64. The bias is bearish in nearest term but the major bearish continuation scenario can only be confirmed by a clear break below 109.45 support area. Immediate resistance is seen around 111.50 – 112.00. A clear break above that area could lead us to neutral zone in nearest term but as long as price stays below 113.40 my overall intraday bias remains to the downside.

GBPJPY  Forecast
The GBPJPY attempted to push lower last week, bottomed at 124.85 but closed higher at 127.42. The bias is neutral in nearest term. However as long as 127.77 – 128.18 resistance area hold, overall my intraday bias remains to the downside. A clear break above 128.18 would activate my wait and see mode but as long as price moves below the trend line resistance (red) my overall technical bias remains to the downside. Immediate support is seen around 126.80. A clear break below that area could trigger further bearish pressure testing 126.00 and 125.95.

AUDUSD Forecast
The AUDUSD was indecisive last week. While my daily/h4 chart outlook remains unclear as price still moves in a range/sideway condition as you can see on my daily chart below, the fact that 1.0770/90 key resistance area still hold so far creates a bearish intraday outlook testing 1.0500. Immediate resistance is seen around 1.0680. A clear break above that area would lead us to neutral zone in nearest term retesting 1.0770/90 key resistance area.

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The EURUSD was volatile but indecisive this week. Price attempted to push lower but whipsawed to the upside and closed higher at 1.4155 after found a support around 1.3850. My daily/h4 chart outlook remains unclear and we have to wait for further technical movement to see clearer direction so this time let’s see from a longer time frame outlook. On weekly chart below we can see price is still moving inside the major bullish channel since bullish run from 1.1875 but now is in a bearish correction phase since the fall from 1.4939. As long as price moves inside the bullish channel the major bullish scenario from 1.1875 remains intact. However price is actually making lower highs since hit 1.6038 (1.6038, 1.5143, 1.4939).  The lower line of the bullish channel, 1.3850 support area and EMA 200 play important role as key supports. If those supports hold and price breaks above the minor bearish channel (blue) and 1.4577 resistance area, the 1.3850 could remain a bottom for several weeks ahead, give further upside outlook. On the other hand, a break below the bullish channel and a weekly close below EMA 200 could give a significant impact which could start a bearish weekly outlook. I personally prefer a bearish scenario but as long as Euro holds above those supports, the bearish scenario is still far enough.

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EURUSD Forecast
The EURUSD was unable to continue the bullish momentum yesterday. While my daily/h4 chart outlook remains unclear, we have a descending triangle formation on the hourly chart as you can see on my chart below suggests a potential bearish intraday outlook especially if price able to make a clear break below the triangle and 1.4110 testing 1.4000 support area. Immediate resistance is seen around 1.4170 – 1.4200. A clear break above that area would cancel the descending triangle bearish scenario testing 1.4280 region.

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USDJPY Forecast
The USDJPY failed to continue its bullish intraday bias on Friday and now testing the lower line of the bullish channel as you can see on my h4 chart below. The bias is bearish in nearest term but note that as long as price moves inside the bullish channel the overall intraday bias remains to the upside testing 82.20 key resistance area. Overall there are no changes in my daily chart outlook where price still consolidating, moving in range area of 82.20 – 79.55 and we had another Doji on weekly chart suggests indecisive/unclear movement. Aggressive intraday traders can long around the lower line of the bullish channel with a tight stop loss on a break below the bullish channel. Immediate resistance is seen at 81.20/50 area. A clear break above that area would keep the bullish intraday outlook remains strong testing 82.20. Immediate support is seen at 80.50. A clear break below that area and a violation to the bullish channel could trigger further bearish pressure testing 80.00 and 79.55 support area.

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USDCHF Forecast
The USDCHF was volatile on Friday but overall still able to maintain its bearish intraday bias. The bias is bearish in nearest term especially if price able to make a clear break below 0.8350 testing 0.8274 historical low. However note that from an h4/daily chart outlook price is still consolidating in a range area of 0.8274 – 0.8555 and need a clear break on either side to see clearer direction. I think the best intraday strategy remains to long around 0.8274 or short around 0.8555 with tight stop loss. Immediate resistance is seen around 0.8440. A clear break above that area could stop the current bearish intraday outlook testing 0.8555 key resistance area.

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USDJPY Forecast
The USDJPY had a bullish momentum yesterday and now struggling around 81.20 resistance area. The bias is bullish in nearest term testing 82.20 key resistance area. However note that as long as price stays below 82.20, the h4/daily chart outlook remains sideways. Aggressive intraday traders can still activate their bullish mode as long as price moves inside the bullish channel or short around 82.20 with a good risk – reward ratio, a tight stop loss above 82.20. Immediate support at 80.85. A clear break below that area could lead us back to a neutral zone testing 80.20/00 support area. Price has been moving in a sideways and boring condition for more than two months now and I am expecting a good trending market on a clear break above 82.20 key resistance area.

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EURUSD Forecast
The EURUSD attempted to push lower yesterday, bottomed at 1.4236 but further bearish pressure was rejected and whipsawed to the upside, topped at 1.4396 and hold above 1.4320 after market reacted positively on Greece budget plan approval. Overall price is still in a consolidation phase inside the triangle formation but the fact that price broke above 1.4320 change my intraday bias to bullish especially if price able to make a clear break above 1.4400 and the minor trend line resistance (blue) testing 1.4441 – 1.4500 and the upper line of the triangle. On the downside, another move back below 1.4320 could lead us to neutral zone in nearest term testing 1.4250/30 region and give another chance for downside attempt retesting the lower line of the triangle but as long as price moves inside the triangle my h4 /daily chart outlook remains unclear.

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EURUSD Forecast
The EURUSD continued its bullish momentum yesterday, topped at 1.4518 but corrected lower earlier today in Asian session and hit 1.4453. The bias is neutral in nearest term. Although my daily and weekly outlook is bullish, the CCI bearish divergence seen on h4 chart below still suggests potential bullish exhaustion and downside correction while the upside momentum seems limited. Do not rush jump into the market and let?s keep our stop losses very tight. Immediate support at 1.4400 followed by 1.4350. A clear break below 1.4350 could trigger further bearish pullback testing 1.4250 which is the upper line of the previous range. On the upside, a clear break above 1.4518 would change the intraday bias to bullish testing 1.4550 ? 1.4600 area.