Daily Forecast for Crosses

Tuesday, July 27, 2010

EURJPY Daily Forecast

The EURJPY was indecisive yesterday. Price so far unable to stay consistently above 113.50 area indicating limited upside pressure. Overall price still trapped in range area of 113.50 - 108.07. We need a consistent move above 113.50 to continue the bullish correction testing 115.50. Immediate support at 112.25 followed by 111.50/60 region.

GBPJPY Daily Forecast

The GBPJPY attempted to push higher yesterday, topped at 135.60 but closed lower at 134.64. Overall we are still in range area of 136.30 - 130.50 and I will keep stay away from this pair for now. On h1 chart below we have a descending triangle formation indicating potential downside pressure especially if price break below the triangle testing 133.70/20 support area. On the upside, we need a clear break above 136.30 resistance area to confirm the bullish scenario testing 139.38 region.

AUDUSD Forecast

The AUDUSD had a moderate bullish momentum yesterday. The main scenario remains bullish but the rising wedge bearish scenario warning is still there and we need price to violate the formation with strong momentum to continue the bullish scenario targeting 0.9140 before testing 0.9380 in longer term. On the downside, only a break below 0.8858 and the rising wedge formation could be considered as potential bullish failure.