Daily Forecast for Crosses

Wednesday, July 14, 2010

EURJPY Daily Forecast

The EURJPY attempted to push lower yesterday, slipped below the bullish channel and 110.85 support area but whipsawed to the upside, break above the minor bearish channel, topped at 112.92 and closed at 112.87. The bias is bullish in nearest term targeting 113.50 and 114.40 area. Immediate support at 112.20. Break below that area could lead us into no trading zone but overall we are still in upside correction phase as long as price move inside the bullish channel.

GBPJPY Daily Forecast

The GBPJPY was bullish yesterday after break above 134.00 and keep moving higher around 135.10 at the time I wrote this comment earlier today in Asian session. The bias is bullish in nearest term testing 136.30 region but overall price still trapped in range area. Immediate support at 134.00. Break below that area could lead us into neutral zone both in nearest and medium outlook.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.8682 but whipsawed to the upside, closed at 0.8829. The bias is bullish in nearest term testing 0.8858 resistance area. We need a consistent move above that area to continue the bullish scenario testing 0.8970 - 0.9025 area. Immediate support at 0.8790/60. Break below that area could lead us into neutral zone in nearest term but the main scenario remains to the upside.

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