Daily Forecast for Crosses

Tuesday, July 20, 2010

EURJPY Daily Forecast

The EURJPY was volatile but indecisive yesterday. I have made adjustment to my bullish channel following newest development. Price seems to be trapped in range area of 113.50 - 110.85 and need a break on either side to see clearer direction but the bullish correction scenario remains intact. Break above 113.50 could trigger further bullish pressure testing 115.50 area while break below 110.85 could end the bullish correction at least testing 109.00 region. I think I will stand aside from this pair from now and see further development.

GBPJPY Daily Forecast

The GBPJPY was volatile but indecisive yesterday and still trapped in the range area 136.30 - 130.50. This volatile yet unclear movement is something that should watch, but not trade. I will keep stay away from this pair. Aggressive traders may long around 130.50 or short around 136.30 with tight stop loss.

AUDUSD Forecast

The AUDUSD was indecisive yesterday but had a bullish momentum earlier today in Asian session, hit 0.8775. The bias is bullish in nearest term testing 0.8858 but we need a consistent move above the ascending triangle and 0.8858 to continue the major bullish outlook. Note that as long as price stay below 0.8858 we still have potential downside consolidation inside the circled area. Immediate support at 0.8665 (current low).