Daily Forecast for Crosses: July 08

The EURJPY attempted to push lower yesterday, bottomed at 109.30 but whipsawed to the upside, topped at 110.93 and closed at 110.83. On daily chart below we can see that price now seems convincingly stay above the falling wedge formation indicating potential bullish view in nearest term and bullish reversal scenario in medium term. Nearest bullish target at 111.70 and 113.50 area. Immediate support at 110.70 (current low). Break below that area could lead us into neutral area in nearest term as direction would become unclear.

GBPJPY Forecast

The GBPJPY slipped below the triangle yesterday, but whipsawed to the upside and now back inside the triangle with strong upside pressure. This fact could potentially produce a false breakdown scenario which usually trigger significant bullish movement especially if price make a breakout above the triangle targeting 136.00 area. Immediate support at 133.01 (current low). Break below that area could lead us into neutral zone in nearest term as  direction would become unclear.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday and slipped above my minor trendline resistance earlier today in Asian session indicating potential bullish outlook both in nearest and medium term at least targeting 0.8780 before testing 0.8858. Immediate support at 0.8621 (current low). Break below that area could lead us into neutral zone in nearest term but as long as price stay above 0.8550 the main scenario remains to the upside.

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