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Daily Forecast for Crosses: October 15
EURJPY Forecast
The EURJPY attempted to push lower last week, bottomed at 100.13 but closed higher and traded around 101.50 at the time I wrote this comment. As you can see on my daily chart below price still found a good support at the lower line of the bullish channel which keep the bullish scenario remains valid. The bias is neutral in nearest term but I still prefer to buy on dips as long as stays above 99.50. 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. A clear break above that area could trigger further bullish pressure testing 102.80 or higher.
GBPJPY Forecast
The GBPJPY attempted to push lower last week, bottomed at 124.72 but closed higher and traded around 126.00 at the time I wrote this comment. The bias is neutral in nearest term but as long as stays above the trend line support (white) and 123.75 I still prefer a bullish scenario. Immediate support is seen around 125.50. A clear break back below that area could trigger further bearish pressure testing 125.00 – 124.50. Immediate resistance is seen around 126.20. A clear break above that area could trigger further bullish pressure testing 127.00.
AUDUSD Forecast
The AUDUSD attempted to push higher last week, topped at 1.0292 but closed lower and traded around 1.0217 at the time I wrote this comment. The bias is bearish in nearest term but as long as stays above 1.0170/50 the false breakdown bullish (short term) scenario should remain valid. 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 region which need to be broken to the upside to continue the false breakdown bullish scenario. On the downside, a clear break and daily close below 1.0170/50 could continue the bearish scenario since the break below the bullish channel and reactivate my bearish mode.
2012-10-15 00:24:30
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-15-3
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