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Daily Forecast for Crosses: October 10
EURJPY Forecast
The EURJPY continued its bearish momentum yesterday and hit 100.42 earlier today. As you can see on my daily chart below, price slipped below the bullish channel. The bias is bearish in nearest term but buying around the lower line of the bullish channel is a good idea with a tight stop loss. A consistent movement below the bullish channel will be a threat to the bullish outlook with a clear break below 99.50 as bearish reversal confirmation. Immediate resistance is seen around 101.25. A clear break above that area could lead price to neutral zone in nearest term but would keep the bullish scenario intact testing 102.00 or higher.
GBPJPY Forecast
The GBPJPY continued its bearish momentum yesterday bottomed at 124.92. The bias remains bearish in nearest term testing 124.00 – 123.75 but as long as stays above the trend line support (white), the bullish scenario after broke above the bearish channel should remain intact and I still prefer to buy on dips. Immediate resistance is seen around 125.50 followed by 126.00.
AUDUSD Forecast
The AUDUSD attempted to push lower yesterday but still unable to make a clear break below 1.0170 key support area so far. There are no changes in my technical outlook. The bias remains neutral in nearest term and the false breakdown bullish (short term) scenario remains valid. 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 after the break below the bullish channel.
2012-10-10 07:28:37
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-10-2
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