Daily Forecast for Crosses: March 23

By @ibtimes on

EURJPY Forecast

The EURJPY continued its bearish intraday momentum yesterday after unable to make a break above 111.58 on Wednesday, bottomed at 108.49 and closed at 108.96 but there were some upside pressure earlier today hit 109.46. The bias is neutral in nearest term but overall I still prefer a bullish scenario at this phase as long as price stays above the trend line support (red). Immediate support is seen around 108.49 (yesterday’s low). A clear break and daily close below that area could trigger further bearish pullback testing 107.50/00 support area. Immediate resistance is seen around 109.50. A clear break above that area could trigger further bullish momentum testing 110.00/45 region.

GBPJPY  Forecast

The GBPJPY had a bearish momentum yesterday, bottomed at 130.08 but traded higher earlier today hit 131.17. The bias is bearish in nearest term testing 130.00 but overall I still prefer a bullish scenario at this phase and any downside pullback now is normal and should be seen as a corrective movement. Immediate resistance is seen around 131.50. A clear break above that area could trigger further bullish pressure testing 132.50 and keep the bullish scenario remains strong. On the downside, a clear break and daily close below 130.00 could trigger further bearish pullback testing 129.00 – 128.00 support area.

AUDUSD Forecast

The AUDUSD had a significant bearish momentum yesterday, broke below 1.0400 key support area and bottomed at 1.0335. The bias is bearish in nearest term testing 1.0300 – 1.0200 area. Immediate resistance is seen around 1.0420. A clear break above that area could lead price to neutral zone in nearest term testing 1.0500 but overall I still prefer a bearish scenario at this phase and only a movement back above 1.0600 would postpone the bearish reversal scenario.

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