Daily Forecast for Crosses: April 20

By @ibtimes on

EURJPY Forecast

The EURJPY failed to continue it bearish momentum yesterday after unable to make a break below 116.00 key support area and now struggling around 119.30 as you can see on my h4 chart below. This fact keeps the bullish scenario which started since the intervention remains intact especially if price able to make a clear break above 119.30 and the trend line resistance (white) testing 121.40. However note that as long as price stays below 123.31 we are still in consolidation phase. Immediate support at 118.50. A clear break below that area would lead us to neutral zone in nearest term but would keep the bearish correction phase remains strong, still testing 116.00 key support area.

GBPJPY  Forecast

The GBPJPY failed to continue its bearish momentum yesterday and slipped back above 135.00 as you can see on my h4 chart below. This fact keeps the bullish scenario which started since the intervention remains intact, but as long as price stays below 139.67 we are still in consolidation phase and intraday movement can be tricky. The bias is bullish in nearest term testing 137.00. Immediate support at 135.00. Another move back below that area would lead us to neutral zone in nearest term as direction would become unclear but could reopen the door for another downside attempt testing 132.50.

AUDUSD Forecast

The AUDUSD failed to continue its bearish correction yesterday and hit 1.0597 earlier today in Asian session. My rising wedge scenario is no longer valid. On the other hand, as you can see on my h4 chart below, we have an ascending triangle suggests a bullish continuation scenario testing new all time high projection around 1.0700. Immediate support at 1.0530. A clear break below that area would lead us to neutral zone in nearest term but overall this pair is in a strong bullish phase.

 

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