Daily Forecast for Crosses

Wednesday, July 28, 2010

EURJPY Daily Forecast

The EURJPY finally broke above the range area of 113.50 - 108.07 , topped at 114.41 and closed at 114.21. This fact change my medium mode into bullish outlook testing 115.50 before targeting 117.00 region. Another downside pullback below 113.50 would lead us into neutral and no trade zone but overall we are still in upside correction phase which begin from 107.50.

GBPJPY Daily Forecast

The GBPJPY also made a breakout from the range area yesterday, topped at 137.21 and closed at 136.99. The bias is bullish in nearest term testing 138.18 - 139.38 before targeting 140.56 region. On the downside, immediate support at 136.30 (former resistance). Break below that area could lead us into neutral and no trade zone testing 135.30.

AUDUSD Forecast

The AUDUSD failed to continue its bullish momentum yesterday. Like I said, although the main scenario remains bullish, the bearish warning indicated by the rising wedge can not be ignored especially if price break below 0.8858 area testing 0.8740 even 0.8630 region. Immediate resistance at 0.9070. Break above that area could continue the bullish scenario testing 0.9140 and 0.9380 area. I will stay away from this pair for now.