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Daily Forecast for Crosses: October 04
EURJPY Forecast
The EURJPY continued its bullish momentum yesterday and hit 101.76 earlier today. The bias remains bullish in nearest term testing 102.00 or higher. Immediate support is seen around 101.20. A clear break below that area could lead price to neutral zone in nearest term testing 100.70 but as long as moving inside the bullish channel I still prefer a bullish scenario at this phase.
GBPJPY Forecast
The GBPJPY had another indecisive movement yesterday but traded higher and hit 126.70 earlier today. The bias is bullish in nearest term testing 127.00/50. Immediate support is seen around 126.10. A clear break below that area could lead price to neutral zone in nearest term testing 125.50/30 but overall I still prefer a bullish scenario.
AUDUSD Forecast
The AUDUSD was indecisive yesterday but overall still able to maintain its bearish bias and keeps making lower highs and lows. The bias remains bearish in nearest term testing key major support at 1.0170. As you can see on my daily chart below, 1.0170 support area has been tested twice and still hold so far. We need a clear break and daily/weekly close below that area to continue the bearish scenario. Immediate resistance is seen around 1.0250. A clear break above that area could lead price to neutral zone in nearest term testing 1.0300/25 and keep the medium term outlook in a sideways condition between 1.0610 – 1.0170.
2012-10-04 02:50:24
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-04-3
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