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Daily Forecast for Crosses: August 24
EURJPY Forecast
The EURJPY didn’t make significant movement yesterday but overall still able to maintain its bullish intraday bias and keeps making higher lows so far. The bias remains bullish in nearest term testing 100.00 region. Immediate support is seen around 98.00. A clear break and daily close below that area will interrupt the current bullish intraday bias but as long as stays inside the bullish channel I still prefer to buy on dips.
GBPJPY Forecast
The GBPJPY was indecisive yesterday but overall still able to maintain its bullish bias after broke above the bearish channel. The bias is neutral in nearest term. Immediate support is seen around 124.50 – 124.00. A clear break and daily close below that area could trigger further bearish pressure testing 123.20 region. On the upside, we need a clear break above 125.50 to continue the bullish phase.
AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday and now struggling around the lower line of the bullish channel as you can see on my daily chart below. Price is now in a critical phase. I think now is the best time to buy targeting 1.0600 with tight stop loss below the bullish channel and 1.0400. A clear break and daily close below 1.0400 will activate my wait and see mode but turn my intraday bias to a bearish view testing 1.0300 region even a potential bearish reversal scenario.
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2012-08-24 05:21:06
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-august-24-4
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