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Daily Forecast for Crosses: October 01
EURJPY Forecast
The EURJPY continued its bearish momentum last week bottomed at 99.62. As you can see on my daily chart below price slipped below the bullish channel suggests a serious threat to the bullish outlook. The bias is bearish in nearest term but 99.50 support area remains a good place to buy with a tight stop loss as a clear break and daily close below that area will stop the bullish outlook and activate my bearish mode. Immediate resistance is seen around 100.70. A clear break and daily close above that area will keep the bullish outlook remains intact.
GBPJPY Forecast
The GBPJPY had a bearish momentum last week bottomed at 125.32. The bias is bearish in nearest term testing 125.00 even 123.75 support area. Immediate resistance is seen around 126.20. A clear break above that area would lead price to neutral zone in nearest term testing 127.00. Overall, as long as stays above the trend line support (white) I still prefer to buy on dips as a part of the bullish scenario after break above the bearish channel.
AUDUSD Forecast
The AUDUSD continued its bearish momentum last week and hit 1.0325 earlier today. The bias is bearish in nearest term testing 1.0250 – 1.0170. Immediate resistance is seen around 1.0420. A clear break above that area could lead price to neutral zone in nearest term but overall I still prefer to sell on rallies. Hourly indicators are in oversold area so watch out for potential upside pullback.
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2012-10-01 13:49:33
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-01-3
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