Daily Forecast for Crosses: July 14

on July 13 2009 5:32 PM

EURJPY Forecast

The EURJPY was corrected higher, topped at 130.18 and and closed at 130.09. We might have another upside pressure today but as long as the pair stay below key level 131.50, any upside movement has to be seen as corrective movement. However, once that level violated to the upside, the bearish H&S scenario view should be diminished or even canceled. Immediate support is seen at 129.50 followed by 128.90. CCI in oversold area and about to cross the -100 line up on daily chart suggesting a potential upside pressure.

GBPJPY Forecast

The GBPJPY attempted to push lower yesterday, bottomed at 147.13 but further bearish scenario was rejected as the pair whipsawed to the upside and closed higher at 151.04. On h1 chart below we can see that the pair is moving in rectangle area indicating consolidation after significant bearish momentum. The bias is bullish in nearest term testing 152.30 area but the bearish scenario in medium term remains intact. Immediate support at 150.00. CCI about to cross the -100 line up on daily chart suggesting potential upside pressure.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday, bottomed at 0.7700 but failed to stay below 0.7710 key level and closed higher at 0.7839. The bullish medium term remains intact, but nearest bias remains neutral. Immediate resistance at 0.7860 followed by 0.7920. Initial support at 0.7710 which should give us a strong but critical support at this phase.

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