Daily Forecast for Crosses: April 16

By @ibtimes on

EURJPY Forecast

The EURJPY attempted to push higher last week, topped at 107.45 but whipsawed to the downside and hit 104.94 earlier today. This fact keeps the bearish scenario after the break below the trend line support remains strong. The bias is bearish in nearest term testing 104.50 – 103.50 area. Immediate resistance is seen around 105.60. A clear break back above that area could lead price to neutral zone in nearest term but as long as stays below 107.45 my overall intraday outlook should remain to the downside.

GBPJPY  Forecast

The GBPJPY attempted to push higher last week, topped at 130.21 but whipsawed to the downside and hit 127.53 earlier today. This fact keeps the bearish correction scenario remains intact and the false breakout above 130.00 could trigger further bearish pressure testing 126.70 – 125.50 support area. Immediate resistance is seen around 128.50. A clear break above that area could lead price to neutral zone in nearest term but as long as stays below 130.00 I still prefer to sell on rallies at this phase.

AUDUSD Forecast

The AUDUSD was volatile but indecisive last week. Price attempted to push higher, slipped above 1.0400, topped at 1.0451 but closed lower and hit 1.0310 earlier today. My overall technical outlook remains to the downside and the false breakout above 1.0400 could trigger further bearish pressure at least testing 1.0200 even lower. The bias is bearish in nearest term. Immediate resistance is seen around 1.0400 – 1.0450, which is a good place for a short position with a stop loss above 1.0480 at least targeting 1.0200.

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion