Daily Forecast for Crosses

Wednesday, August 11, 2010

EURJPY Daily Forecast

The EURJPY made a significant bearish momentum by slipped below the bullish channel as you can see on my h4 chart below indicating a serious threat to the upside correction scenario. The bias is bearish in nearest term testing 110.70. Immediate resistance at 112.70. Break above that area should keep the upside scenario intact.

GBPJPY Daily Forecast

The GBPJPY continued its bearish momentum yesterday and keep moving lower earlier today in Asian session traded around 134.60 at the time I wrote this comment. The bias is bearish in nearest term testing 113.70. Immediate resistance at 135.80. Break above that area could lead us into neutral zone but the bearish scenario remains intact as long as price move inside the bearish channel.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.9058 but closed higher at 0.9131 and traded lower again around 0.9070 at the time I wrote this comment. After price break below the rising wedge, technically we are enter the bearish phase at least in nearest term now testing 0.9040 area. Break below that area could trigger further bearish pressure targeting 0.8965 before testing key support level around 0.8858. Immediate resistance at 0.9139 (current high). Break above that area could lead us into neutral zone.