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Daily Forecast for Crosses: October 09
EURJPY Forecast
The EURJPY was corrected lower yesterday, bottomed at 101.11 but traded higher earlier today hit 101.83. The bias is neutral in nearest term but as long as moving inside the bullish channel I still prefer a bullish scenario. Immediate resistance is seen around 102.00 followed by 102.80. On the downside, a clear break and daily close below 101.00 could trigger further bearish pullback testing the lower line of the bullish channel.
GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday bottomed at 125.11 (daily EMA 200) and closed at 125.49. The bias remains bearish in nearest term but as long as stays above the trend line support (white) and above 123.75 I still prefer to buy on dips. Immediate resistance is seen around 126.25. A clear break above that area could lead price to neutral zone in nearest term testing 127.00 region.
AUDUSD Forecast
The AUDUSD bearish momentum was stopped yesterday. Price failed to consistently move below 1.0170 and hit 1.0246 earlier today. The bias is neutral in nearest term but this fact could create a false breakdown scenario which could keep price in a wide range condition between 1.0610 – 1.0170. Immediate resistance is seen around 1.0270. A clear break above that area could trigger further bullish pressure testing 1.0325 or higher. On the downside, we need a clear break and daily/weekly close below 1.0170 to continue the major bearish scenario.
2012-10-09 16:02:23
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-09-2
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