Daily Forecast for Crosses

Monday, July 19, 2010

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum on Friday, slipped below the bullish channel as you can see on my h4 chart below indicating potential bullish failure testing 110.85 in nearest term. On the upside, another movement inside the bullish channel and consistent move above 112.30 resistance area could produce a false breakdown scenario which could potentially trigger another upside momentum testing 113.50 area.


GBPJPY Daily Forecast

The GBPJPY also had a significant bearish momentum on Friday, break below the minor bullish channel indicating potential downside pressure testing 131.25 and 130.50. However note that overall price still trapped in range area of 136.30 - 130.50 so I will keep stay out for now. Immediate resistance at 133.05 area. Consistent move above that area could trigger further upside pressure testing 134.00/20 region.


AUDUSD Forecast

The AUDUSD had a bearish momentum on Friday, bottomed at 0.8681 and closed at 0.8695 and hit 0.8631 earlier today in Asian session. I think this is a normal downside correction as long as price still move inside the ascending triangle which indicating major bullish scenario. We may have further downside consolidation inside circled area but only violation to the downside of the ascending triangle could cancel the bullish scenario after made a triple bottom formation around 0.8070 area. Immediate resistance at 0.8710/20 region. Break above that area could trigger further upside pressure testing 0.8780 before re-testing 0.8858.