Daily main currencies outlook

EURUSD Outlook

The EURUSD didn't make significant movement yesterday, with only 60 pips movement. On h4 chart below we can see that the bearish channel has been violated to the upside indicating potential bullish outlook but the lack of trade volume usually leads to false breakout so we have to be very careful here and do not rush jump into the market. The bias remains neutral in nearest term and I still prefer to stand aside for now. I think range trading strategy to buy around 1.4180 or to sell around 1.4405/46 is still the best strategy in this situation. Be patient. CCI in overbought area and about to cross the 100 line down on h4 chart suggesting potential downside pressure testing 1.4275/50 support area. Break below that area should trigger further bearish momentum re-testing 1.4180. Initial resistance is seen at 1.4359 (yesterday's high). Break above that area should trigger further bullish momentum testing 1.4405/46 key resistance level.

GBPUSD Outlook

The GBPUSD failed to continue it's bullish scenario yesterday. On h4 chart below we can see that the pair failed to consistently break above the trendline resistance (yellow) which is technically a false breakout. The pair is now retreat to the downside and struggling around trendline support (blue) area. Usually, a false breakout lead to significant downside momentum so I think the GBPUSD is very vulnerable for further bearish pressure, especially if we have consistent movement below the trendline support. Immediate support at 1.6250/35 area. Break below that area should trigger further bearish momentum and diminish the bullish outlook.

USDJPY Outlook

The USDJPY had indecisive movement yesterday, formed a Doji on daily chart. The main trend should remains bearish, but we have bullish reversal (correction) warning showed by an inverse head and shoulders formation, as you can see on my h4 chart below. Please note that the bullish reversal scenario will be confirmed only if the price breakout above the “neckline”. Immediate resistance is seen at 93.50. Break above that area could also be considered as a breakout above the “neckline” which could trigger further bullish correction at least towards 94.15 or even 95.00 area. Initial support at 92.60 followed by 91.80 key support level.

USDCHF Outlook

Similar to EURUSD, the USDCHF didn't make significant movement yesterday with no more than 60 pips movement. I think we are in no trading zone. Price still trapped in range area of 1.0715 – 1.0527 and range trading strategy which is to buy around 1.0527 or to sell around 1.0715 is still the best strategy for now. I prefer a bearish continuation scenario but a valid break below 1.0527 is needed to confirm the bearish scenario. CCI in neutral area both on h4 and daily chart.

EURJPY Outlook

The EURJPY attempted to push higher yesterday, topped at 133.86 but bullish momentum was limited as the pair closed lower at 133.37. On h4 chart below we can see that the price touched the upper line of the bearish channel before retreat lower, show us that the bearish channel (red) still hold so far but the bullish channel (blue) also remains valid indicating potential bullish correction scenario remains intact. I think we are in no trading zone now. Immediate resistance is seen at 133.86 (yesterday's high). A clear break below that area could be considered as bearish channel violation and should trigger further bullish momentum towards 134.50 area. Initial support at 132.80.

GBPJPY Outlook

The GBPJPY failed to continue it's bullish momentum yesterday. The pair attempted to push higher, topped at 153.23 but further bullish scenario was rejected as the pair closed lower at 151.97. On h4 chart below we can see that the bullish channel (blue) has been violated to the downside indicating bullish scenario failure and the price might move towards the upper line of the bearish channel (red). The bias is bearish in nearest term testing 151.15 and 150.50 area. Immediate resistance at 153.23 (yesterday's high).

AUDUSD Outlook

The AUDUSD had a moderate bullish momentum yesterday, topped at 0.8575 and closed at 0.8553. On h4 chart below we can see that after breakout from the triangle and hit yesterday's high, the pair is now seems to consolidating a little bit lower. The bias is neutral in nearest term but I am expecting further bullish momentum and 0.8615 is still a potential bullish target. However CCI about to cross the 100 line down on h4 chart suggesting potential downside rebound testing 0.8470/80 area

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