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Daily Forecast for Crosses: August 27
EURJPY Forecast
The EURJPY was indecisive on Friday but overall still able to maintain its bullish intraday bias so far. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 100.00 area. Immediate support remains around 98.00. A clear break and daily close below that area will interrupt the current bullish intraday bias testing 97.50 – 97.00 but as long as stays inside the bullish channel I still prefer to buy on dips.
GBPJPY Forecast
The GBPJPY attempted to push lower on Friday but still found a good intraday support around 124.00. The bias is neutral in nearest term but as long as stays above 124.00 I still prefer a bullish intraday scenario at this phase as a part of the bullish scenario after broke above the bearish channel. A clear break and daily close below 124.00 will interrupt the bullish outlook testing 123.20 support area.
AUDUSD Forecast
The AUDUSD was indecisive last week but overall still able to maintain its bearish correction bias and slipped below the bullish channel as you can see on my daily chart below. This fact is a serious threat to the bullish scenario and creates a potential bearish reversal scenario testing 1.0200 region. Immediate resistance is seen around 1.0425. A clear break above that area could trigger further bullish pressure testing 1.0460 and give the bullish scenario another chance.
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2012-08-27 01:04:47
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-august-27-3
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