Daily Forecast for Crosses

Wednesday, August 4, 2010

EURJPY Daily Forecast

The EURJPY failed to continue its bullish momentum yesterday and now back below 113.50. The bias is neutral in nearest term as direction is unclear but as long as price move inside the bullish channel the upside correction scenario remains intact. Immediate support at 112.70. Break below that area could trigger further downside pressure testing 111.50 and the lower line of the bullish channel. Initial resistance at 113.70/50 followed by 114.10/15 area.

GBPJPY Daily Forecast

The GBPJPY failed to continue its bullish momentum yesterday and slipped below 136.30 support area earlier today in Asian session. The bias is bearish in nearest term especially if price able to move consistently below 136.30 and violate the bullish channel testing 134.90 support area. Initial resistance at 137.36 (yesterday's high). Break above that area could continue the upside correction scenario testing 139.50 this week.

AUDUSD Forecast

The AUDUSD was indecisive yesterday. The bias is neutral in nearest term. The main scenario remains bullish but as long as the rising wedge exist, I will stand aside from this pair. Immediate support at 0.9070. Initial resistance, which is also the nearest technical bullish target at 0.9230 area.