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Daily Forecast for Crosses: September 05
EURJPY Forecast
The EURJPY had another indecisive movement yesterday. The bias is neutral in nearest term. As you can see on my daily chart below price is moving near the lower line of the bullish channel, a good place and time to buy targeting 100.00 with tight stop loss below 97.80 as a clear break below that area and below the bullish channel will interrupt the bullish outlook and turn my intraday bias to a bearish view testing 97.00 or lower.
GBPJPY Forecast
The GBPJPY had another indecisive movement yesterday. Price is still trapped inside a range area of 124.80 – 123.70 and need a clear break from the range area to see clearer direction. The bias is neutral in nearest term probably with a little bearish intraday bias after bounced from the upper line of the range area (124.80) testing 123.70. A clear break and daily close below 123.70 would be a threat to the bullish scenario and turn my intraday bias to a bearish mode. On the upside, we need a clear break and daily close above 124.80 to continue the bullish scenario after break above the bearish channel testing 125.00/50 area.
AUDUSD Forecast
The AUDUSD continued its bearish bias yesterday and slipped below 1.0200 earlier today. The bias is bearish in nearest term testing 1.0100 region. Immediate resistance is seen around 1.0230 area. A clear break above that area could lead price to neutral zone in nearest term testing 1.0300 but overall my intraday bias remains to the downside and I still prefer to sell on rallies as a part of the bearish reversal scenario after broke below the bullish channel as you can see on my daily chart below.
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2012-09-05 04:59:26
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-september-05-2
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