Daily Forecast for Crosses

Wednesday, July 21, 2010

EURJPY Daily Forecast

The EURJPY still trapped in range area of 113.50 - 110.85 in a volatile but unclear movement. I think I will keep stand aside for now and need a break on either side to see clearer direction. 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. Aggressive traders may short around 113.50 or long around 110.85 with tight stop loss.

GBPJPY Daily Forecast

The GBPJPY had a bullish momentum yesterday, topped at 133.74 and closed at 133.52. The bias is bullish in nearest term testing 134.50 area. However, we have a broadening formation inside the range area (0f 136.30 - 130.50) which is actually confirm unclear direction and should keep us out from the market for now.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday and now seems ready to test 0.8858 key resistance area. Consistent move above that area confirms the bullish continuation scenario at least testing 0.8980 - 0.9000 area. Immediate support at 0.8790. Break below that area could lead us into neutral zone in nearest term testing 0.8730 but the main scenario remains to the upside.