Daily Forecast for Crosses

Monday, July 26, 2010

EURJPY Daily Forecast

The EURJPY continued its upside pressure on Friday. On daily chart below we can see price is now testing 113.50 key resistance which is the upper line of my range area. A consistent move above that area could trigger further upside pressure targeting 115.50 before testing 117.00. Immediate support at 112.50. Break below that area could trigger further downside pressure and lead us back into range and no trading zone.

GBPJPY Daily Forecast

The GBPJPY had a significant bullish momentum on Friday after breakout above my minor trendline resistance as you can see on my h4 chart below. The bias is bullish in nearest term testing 136.30 but note that overall we are still consolidating between 136.30 - 130.50. We need a clear break above 136.30 to take us into a new bullish phase at least testing 139.38 area. Immediate support at 134.50/00 region.

AUDUSD Forecast

The AUDUSD had a limited bullish momentum on Friday. The bias is neutral in nearest term but overall we are still in strong bullish phase targeting 0.9076. The tricky thing is that we have a rising wedge formation which is a bearish formation especially if price break below the formation and 0.8858 support area.