Daily Forecast for Crosses: January 29

 @ibtimes
on January 28 2010 10:26 PM

EURJPY Forecast

The EURJPY attempted to push higher yesterday, slipped above 126.89, topped at 127.07 but whipsawed to the downside and closed lower at 125.60. This fact should keep the bearish scenario intact and I will stay with sell on rallies strategy. Only a consistent move above 126.89 area could be seen as potential threat to the bearish outlook. On the downside, nearest target remains around 124.50. Break below that area should continue the bearish momentum towards 122.10.

GBPJPY Forecast

The GBPJPY attempted to push higher yesterday, topped at 147.21 but whipsawed to the downside and closed lower at 145.07. On daily chart below we can see that price is not able to make a clear direction and still struggling around the lower line of the triangle. However, actually overall the pressure is more to the downside. The bias is neutral in nearest term and I will stay away from this pair until we have a clearer direction. Immediate support at 143.63. Break below that area should be seen as bearish confirmation targeting 141.50 even 139.29 area. Initial resistance at 146.00 followed by 147.20 area.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 0.9046 but whipsawed to the downside and closed lower at 0.8944. This fact should keep the bearish scenario intact targeting 0.8810 area. Immediate resistance at 0.8980. Break above that area should lead us into no trading zone but I still prefer a bearish scenario with sell on rallies strategy.

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