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Daily Forecast for Crosses: October 12
EURJPY Forecast
The EURJPY regained its bullish momentum yesterday and go back inside the bullish channel as you can see on my daily chart below. This fact keeps the major bullish scenario remains intact but short/medium term outlooks are in consolidation phase. I still prefer a bullish scenario and buy on dips strategy and only a clear break below 99.50 will stop the bullish outlook and activate my bearish mode. Immediate support is seen around 101.00. A clear break below that area could trigger further bearish pressure testing 100.50 – 100.00. Immediate resistance is seen around 101.80 followed by 102.80.
GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday topped at 126.10. The bias is bullish in nearest term testing 127.00. Immediate support is seen around 125.50. A clear break below that area could lead price to neutral zone in nearest term and reopen the door for another bearish pullback testing the trend line support (white) but as long as stays above the trend line support and 123.75 I still prefer a bullish scenario.
AUDUSD Forecast
The AUDUSD continued its bullish momentum yesterday topped at 1.0292. The bias remains bullish in nearest term testing 1.0300 – 1.0350 as a part of the false breakdown bullish scenario (short term) but medium term outlook remains sideways between 1.0610 – 1.0170. Immediate support is seen around 1.0250. A clear break back below that area could lead price to neutral zone in nearest term retesting 1.0170 key support area which need to be clearly broken to continue the bearish scenario.
2012-10-12 02:25:43
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-12-4
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