Daily Forecast for Crosses

Friday, August 13, 2010

EURJPY Daily Forecast

The EURJPY was technically a mess yesterday. I have no significant chart patterns that could show me the direction in nearest term. After violated the bullish channel, the direction should be more to the downside, but we have a very strong support around 109.20 area as you can see on my h1 chart below. Consistent move above 110.70 could trigger further upside pressure testing 111.50/60 area. On the downside we need a clear break below 109.20 to continue the bearish pressure testing 108.07 - 107.30 area.

GBPJPY Daily Forecast

The GBPJPY was volatile but indecisive yesterday. On h1 chart below we can see that the minor bearish channel (red) has been violated to the upside indicating potential upside pressure in nearest term testing 135.50 but note that unless price break above the major bearish channel (white) the bearish scenario remains intact. Immediate support at 133.70 followed by 132.98 (yesterday's low).

AUDUSD Forecast

The AUDUSD was indecisive yesterday, formed a Doji on daily chart indicating consolidation. The bias is neutral in nearest term but overall we are still in major bullish outlook. Immediate resistance at 0.9040. Break above that area could trigger further upside pressure testing 0.9145 and could be an early sign of bullish continuation. Initial support remains around 0.8858 area. Break below that area could be a serious threat to the current bullish outlook.