Daily Forecast for Crosses: December 15

 @ibtimes on December 14 2009 10:26 PM

EURJPY Forecast

The EURJPY attempted to push lower yesterday, bottomed at 129.16 but closed higher at 129.95. On h4 chart below we can see that the trendline support did a good job preventing further bearish pressure, keep the bullish scenario intact so far. The bias is neutral in nearest term and I think it’s better to stand aside for now. Expected range at 129.00 – 131.75.

GBPJPY Forecast

The GBPJPY mad indecisive movement yesterday, formed a Doji on daily chart. On h4 chart below we can see that the trendline support (red) did a good job preventing further bearish attack, keep the bullish scenario intact. The bias is neutral in nearest term. Immediate resistance at 144.85. Break above that area should trigger further upside momentum towards 145.64. Immediate support at 143.75 area and the trendline support area. Break below that area and below the trendline support should trigger further bearish momentum towards 141.99 area and cancel the bullish scenario. We might have a good place for long position if price move near the trendline support area with tight stop loss below it.

AUDUSD Forecast

The AUDUSD had moderate bullish momentum yesterday, but still failed to break above the trendline resistance area thus should keep the bearish scenario intact. On h4 chart below we can see that once again, price seems to reject to move above the trendline and 0.9180 area. For me, this fact give us a good short opportunity targeting 0.9090 – 0.9030 area with tight stop loss above the trendline resistance and 0.9180 area. Good technical set up and risk-reward ratio.

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