Daily Forecast for Crosses: August 30

The EURJPY continued its bullish momentum on Friday and keep moving higher testing 109.20 resistance area earlier today in Asian session. Break above that area could trigger further bullish momentum testing 110.40 region and could be a serious threat to the bearish outlook and potential bullish reversal scenario. Immediate support at 108.89 (current low). Break below that area could lead us into neutral zone in nearest term as direction is unclear but should keep the major bearish scenario intact testing 107.65 region.

GBPJPY Forecast

The GBPJPY also continue its bullish correction on Friday and keep moving higher around 133.10 at the time I wrote this comment. The bias is bullish in nearest term testing 134.50 and the upper line of the major bearish channel but note that as long as price still move inside the bearish channel the major bearish scenario remains intact. Immediate support at 132.52 (current low). Break below that area could lead us into neutral zone in nearest term as direction is unclear but should keep the major bearish scenario intact testing 132.00 – 130.80 region.

AUDUSD Forecast

The AUDUSD had a significant bullish momentum on Friday. As you can see on my h4 chart below price broke above the trendline resistance indicating potential further upside pressure especially if able to move above 0.9040 targeting 0.9145 – 0.9220. Immediate support at 0.8966. Break below that area could lead us into neutral zone in nearest term as direction would become unclear but looks like the bearish scenario has failed and I prefer a bullish scenario at this phase.

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