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Daily Forecast for Crosses: August 17
EURJPY Forecast
The EURJPY continued its bullish bias yesterday, topped at 98.17. The bias remains bullish in nearest term testing 98.50 – 99.00 area. Immediate support is seen around 97.86 (current low). A clear break back below that area could lead price to neutral zone in nearest term but as long as stays above 97.00 my overall intraday bias remains bullish.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday, topped at 124.91. The bias remains bullish in nearest term testing 125.50. A clear break and daily close above that area could create a major bullish reversal scenario. Immediate support is seen around 124.50 (current low). A clear break below that area could lead price to neutral zone in nearest term but only a clear break back below 123.20 will interrupt the current bullish intraday outlook after broke above the bearish channel as you can see on my daily chart below.
AUDUSD Forecast
The AUDUSD continued its bearish correction earlier today and now seems ready to test the lower line of the bullish channel and 1.0435 – 1.0400 support area. The bias is bearish in nearest term but overall as long as stays inside the bullish channel I remain bullish and still prefer to buy on dips. On the upside, we need a clear break and daily close above 1.0520/50 to end the current bearish correction phase and continue the major bullish scenario.
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2012-08-17 00:04:21
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-august-17-4
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