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Daily Forecast for Crosses: September 03

Monday, September 3, 2012 0:00
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(Before It's News)

EURJPY Forecast
The EURJPY had another indecisive movement last week but overall still able to move inside the bullish channel, keep the bullish phase remains intact. The bias is neutral in nearest term but overall I still prefer a bullish intraday scenario at this phase with nearest target remains around 100.00. Immediate support is seen around 97.80/50. A clear break below that area could interrupt the bullish outlook testing 97.00 or lower.

GBPJPY Forecast
The GBPJPY had another indecisive movement last week. We have two small Dojis on weekly chart with lower highs and lows but overall price has been moving sideways between 124.80 – 123.70 and need a clear break from the range area to see clearer direction. A clear break and daily close below 123.70 could be a threat to the bullish scenario after broke above the bearish channel testing 123.20/00 support area. On the upside, we need a clear break and daily close above 124.80 to keep the bullish scenario remains strong testing 125.00/50 resistance area.

AUDUSD Forecast
The AUDUSD opened with a gap down earlier today after corrected higher on Friday. The bias is bearish in nearest term still testing 1.0200. However, watch out for another potential bullish pullback filling the gap testing 1.0300/50 resistance area. As long as stays below 1.0400 I still prefer to sell on rallies as a part of the bearish scenario after broke below the bullish channel.

©2012 FX Instructor Forex Blog – For Traders, By Traders. All Rights Reserved.

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