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Daily Forecast for Crosses: August 20
EURJPY Forecast
The EURJPY continued its bullish momentum last week. As you can see on my daily chart below price is still moving consistently inside the bullish channel suggest a bullish intraday mode. The bias remains bullish in nearest term especially if price able to make another break above 98.50 testing 99.00 – 100.00 region. Immediate support is seen around 97.50/20. A clear break below that area will interrupt the current bullish intraday bias but as long as stays inside the bullish channel my overall intraday bias remains to the upside.
GBPJPY Forecast
The GBPJPY had a bullish momentum last week, broke above the bearish channel and now struggling around the daily EMA 200 key resistance area. The bias remains bullish in nearest term testing 125.50. A clear break and daily close above that area could trigger further bullish momentum testing 126.50. Immediate support is seen around 124.50. A clear break below that area could lead price to neutral zone in nearest term but as long as stays above 123.20 I still prefer a bullish intraday scenario at this phase.
AUDUSD Forecast
The AUDUSD was corrected lower last week and now testing the lower line of the bullish channel as you can see on my daily chart below. The bias is bearish in nearest term but as long as stays inside the bullish channel I still prefer a bullish scenario. In fact, I think now is a good time to buy with a tight stop loss below the bullish channel and 1.0400 targeting 1.0600 region.
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2012-08-19 22:04:13
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-august-20-3
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