Daily Forecast for Crosses: December 20

By @ibtimes on

EURJPY Forecast

The EURJPY attempted to push higher on Friday, but whipsawed to the downside, bottomed at 110.39 and closed at 110.74 after found a good resistance around 111.91. This fact gives us further validation to the rising wedge bearish scenario testing 109.85 in nearest term. A clear break below that area could trigger further bearish pressure testing 108.33. Immediate resistance at 110.70/80. Break above that area could lead us to neutral zone in nearest term testing 111.60/90 resistance area.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum on Friday, fell below 130.84 strong support area. The bias remains bearish in nearest term targeting 129.33 as the double top bearish scenario has further bearish validation. On the upside, another move back above 130.84 could lead us to neutral zone in nearest term testing 132.00 which could lead us to a ranging market condition.

AUDUSD Forecast

The AUDUSD was volatile but indecisive on Friday. The bias is neutral in nearest term but still within the context of a rising wedge bearish scenario especially if price able to make a clear break below the trend line support as you can see on my h4 chart below targeting 0.9710. Immediate resistance at 0.9925 followed by 1.0000. Break above 1.0000 could be a serious threat to the bearish scenario.

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