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Daily Forecast for Crosses: September 07
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday and hit 100.12 earlier today. The bias remains bullish in nearest term testing 101.00/60 resistance area. CCI and MACD are in overbought area on hourly and h4 chart so any downside pullback is normal but as long as stays inside the bullish channel I still prefer to buy on dips. Immediate support is seen around 99.50. A clear break below that area could lead price to neutral zone in nearest term testing 98.75 area.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday and hit 126.14 earlier today. The bias remains bullish in nearest term testing 127.00 as a part of the bullish scenario after broke above the bearish channel as you can see on my daily chart below. CCI and MACD are in overbought are on hourly and h4 chart so any downside pullback is normal. Immediate support is seen around 125.50. A clear break below that area could lead price to neutral zone in nearest term testing 125.00 – 124.80 but overall I still prefer to buy on dips.
AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday and hit 1.0344 earlier today on broad US Dollar weakness. The bias is bullish in nearest term testing 1.0400. I still prefer a bearish scenario at this phase and 1.0400 area seems to be the best place to sell with a tight stop loss as a clear break and daily/weekly close above that area will interrupt the bearish outlook after broke below the bullish channel. Immediate support is seen around 1.0270. A clear break below that area could lead price to neutral zone in nearest term but would keep the bullish scenario remains strong testing 1.0200. Fundamental focus today will be on the US NFP.
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2012-09-07 03:41:55
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-september-07-4
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