Daily Forecast for Crosses: August 09

The EURJPY had another indecisive movement yesterday. The bias is neutral in nearest term but as long as stays inside the bullish channel (see my daily chart below) price is still in a bullish correction phase testing 98.50 resistance area. Immediate support is seen around 96.50. A clear break below that area could interrupt the bullish correction phase testing 96.00 – 95.60 support area.

GBPJPY Forecast

The GBPJPY was volatile but indecisive yesterday. The bias is neutral in nearest term. Price is now struggling around the upper line of the bearish channel as you can see on my daily chart below. A quick look at the daily chart shows that price has been trapped in range area between 123.20 – 121.70 in the last four days. A clear break above 123.20 could trigger further bullish pressure testing 123.80 – 124.00 or higher. On the other hand, a clear break below 121.70 could continue the bearish scenario testing 120.40 or lower. Aggressive intraday traders can short around 123.20 or long around 121.70 with tight stop loss. I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD regained its bullish momentum earlier today, hit 1.0612. The bias is bullish in nearest term testing 1.0700 area or higher. Immediate support is seen around 1.0550 followed by 1.0500. A clear break back below 1.0500 will interrupt the bullish scenario but as long as stays inside the bullish channel I still prefer to buy on dips.

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