Daily Forecast for Crosses

Tuesday, August 10, 2010

EURJPY Daily Forecast


The EURJPY attempted to push higher yesterday, but so far unable to consistently move above the minor trendline resistance and traded lower around 113.16 at the time I wrote this comment. The bias is bearish in nearest term testing 112.70 but the bullish correction scenario remains intact as long as the bullish channel hold. Break below 112.70 could trigger further downside pressure testing the lower line of the bullish channel and 112.00 - 111.50 region which could be a serious threat to the bullish correction scenario. Immediate resistance at 113.73 (current high). Consistent move above that area could resume the upside correction scenario testing 114.73 and 115.50.

GBPJPY Daily Forecast

The GBPJPY was indecisive yesterday, but traded lower around 135.90 at the time I write this comment. On h1 chart below we can see the upper line of the bearish channel did a good job preventing upside pressure indicating potential further downside momentum testing 134.96/50 area. On the upside, only a violation to the bearish channel and movement above 137.00 could continue the upside correction scenario re-testing 137.50/70.

AUDUSD Forecast

The AUDUSD made a significant technical movement today, by break below the rising wedge formation. This fact could trigger further bearish pressure at least testing 0.9040 region. Immediate resistance remains at 0.9220/30 and only break above that area could continue the bullish scenario.