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Daily Forecast for Crosses: October 18
EURJPY Forecast
The EURJPY continued its bullish bias yesterday and hit 103.83 earlier today. The bias remains bullish in nearest term especially if price able to make a clear break above 103.84 testing 104.40 or higher. Immediate support is seen around 103.30. A clear break below that area could lead price to neutral zone in nearest term testing 102.80 but as long as stays inside the bullish channel I still prefer a bullish scenario.
GBPJPY Forecast
The GBPJPY continued its bullish momentum yesterday and hit 127.79 earlier today. The bias remains bullish in nearest term especially if price able to make a clear break above 127.80 testing 128.80 area. Immediate support is seen around 127.30. A clear break below that area could lead price to neutral zone in nearest term testing 126.75 but as long as stays above the trend line support (white) I still prefer a bullish scenario.
AUDUSD Forecast
The AUDUSD continued its bullish momentum yesterday and hit 1.0395 earlier today. The bias remains bullish in nearest term testing 1.0400 region as a part of the false breakdown bullish scenario. A clear break above 1.0400 could trigger further bullish pressure testing 1.0450 – 1.0520 area. Immediate support is seen around 1.0365. A clear break below that area could lead price to neutral zone in nearest term but overall price is still in a bullish phase after the false breakdown below 1.0170 last week which keep the medium term outlook remains sideways between 1.0610 – 1.0170.
2012-10-18 12:24:37
Source: http://www.fxinstructor.com/blog/daily-forecast-for-crosses-october-18-2
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