Daily Forecast for Crosses

Thursday, July 22, 2010

EURJPY Daily Forecast

The EURJPY had a significant bearish momentum, slipped below the bullish channel and 110.85 support area indicating potential bearish view not only targeting 119.15 in nearest term but potentially resume the major bearish scenario as upside correction may over now. Another movement above 110.85 could lead us into neutral zone as direction is unclear testing 111.50 area.

GBPJPY Daily Forecast

The GBPJPY had a significant bearish momentum yesterday, bottomed at 131.57 and closed at 131.96 and traded around 131.58 at the time I wrote this comment. The bias is bearish in nearest term testing 131.25 and 130.50 region but unless we have a break from the range area I will keep out from the market. Immediate resistance at 132.20/30. Consistent move above that area could trigger further upside pressure testing 133.00/10.

AUDUSD Forecast

The AUDUSD failed to break above 0.8858 yesterday. The bias is neutral in nearest term. The major scenario remains to the upside but again, we need a clear break above 0.8858 area to continue the bullish scenario testing 0.8980 - 0.9000. Below 0.8858, we still have potential volatility and downside consolidation inside the circled area. Immediate support at 0.8660/80 region.