Daily Forecast for Crosses: August 09

By @ibtimes on

EURJPY Forecast

The EURJPY had a bearish momentum yesterday, slipped below 109.45, hit 109.07 earlier today in Asian session but bounced higher and hit 110.53. On daily chart below we can see actually price has been moving in a sideways mode between 113.40 – 109.45 since July 12 but as long as price stays below the trend line resistance the major scenario remains to the downside. The bias is neutral in nearest term. Immediate resistance is seen around 110.50 followed by 111.20. A clear break above 111.20 could trigger further bullish pullback testing 112.00/50 region even could open the door for another upside attempt retesting 113.40 and the trend line resistance. On the downside we need a clear break below 109.45 to continue the bearish scenario retesting 106.57.

GBPJPY  Forecast

The GBPJPY had a bearish momentum yesterday, hit 125.36 earlier today but whipsawed to the upside and hit 127.02. The bias is neutral in nearest term but as long as price stays below the trend line resistance my overall technical bias remains to the downside. Immediate resistance is seen around 127.30. A clear break above that area could trigger further bullish pullback testing 128.20 – 129.00 region. Immediate support is seen around 126.50. A clear break back below that area could trigger further bearish pressure retesting 125.36 and keep the major bearish scenario remains strong which would open the door for another retest of 122.93 region.

AUDUSD Forecast

The AUDUSD attempted to push lower earlier today in Asian session, touched the trend line support which is also located around the 38.2% Fibonacci retracement of 0.8066 – 1.1079 at 0.9925 area but bounced higher at 1.0255 in a volatile market. Price is still in a bearish phase since the rapid fall from historical high 1.1079 but the bias is neutral in nearest term. Immediate resistance is seen around 1.0300. Immediate support is seen around 1.0100. A clear break back below that area could trigger further bearish pressure retesting 0.9925.

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