Daily Forecast for Crosses

Thursday, August 12, 2010

EURJPY Daily Forecast

The EURJPY continued its bearish momentum yesterday, bottomed at 109.65 and closed at 109.74. The bias remains bearish in nearest term testing 108.07 - 107.30 area. Immediate resistance at 110.00 followed by 110.70. Break above 110.70 could lead us into neutral zone in nearest term but the main scenario remains to the downside.

GBPJPY Daily Forecast

The GBPJPY also continued its bearish pressure yesterday, bottomed at 132.79 and closed at 133.58. On h1 chart below, as a result of huge bearish pressure, we have a new sharper bearish channel indicating strong bearish momentum. The bias remains bearish in nearest term testing 132.00 region. Immediate resistance at 133.70. Break above that area could lead us into neutral zone in nearest term but overall we are still in a strong bearish scenario.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday, bottomed at 0.8966 and closed at 0.8969. Although overall the major bullish scenario remains intact, it is surely under a serious threat since we have the rising wedge formation. To ignore this bearish reversal warning is foolish. The bias is bearish in nearest term testing key support area 0.8858. Break below that area could trigger further bearish pressure testing 0.8715 region. Immediate resistance at 0.9040. Break above that area could lead us into neutral zone in nearest term.