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Daily Forecast for Crosses: October 08
EURJPY Forecast
The EURJPY regained its bullish momentum last week after found a good support at the lower line of the bullish channel as you can see on my daily chart below. The bias is bullish in nearest term testing 103.00 before testing 104.00 area. Immediate support is seen around 101.60. A clear break below that area could lead price to neutral zone in nearest term testing 101.20/00 but as long as stays inside the bullish channel I still prefer a bullish scenario at this phase.
GBPJPY Forecast
The GBPJPY had a bullish momentum last week topped at 127.79 but corrected lower earlier today hit 126.29. The bias is bearish in nearest term testing 125.80/50 area but overall I still prefer a bullish scenario. Immediate resistance is seen around 127.00/20. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish scenario remains strong.
AUDUSD Forecast
The AUDUSD continued its bearish momentum last week and slipped below 1.0170 major support as you can see on my daily chart below. The bias is bearish in nearest term testing 1.0100 or lower. Indicators are in oversold area suggests potential upside pullback. Immediate resistance is seen around 1.0200. A clear break above that area could lead price to neutral zone in nearest term but only a clear break back above 1.0270 could interrupt the current strong intraday bias and keep price in a sideways condition between 1.0610 – 1.0170.
2012-10-08 05:46:11
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-08-3
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