Daily Forecast for Crosses: March 29

 @ibtimes
on March 29 2010 12:36 AM

EURJPY Forecast

The EURJPY had a bullish momentum on Friday, topped at 124.18, closed at 124.04 and keep moving higher around 124.40 at the time I wrote this comment. The bias is bullish in nearest term targeting 125.15 area. Immediate support at 124.00. Break below that area lead us into no trading zone as direction would become unclear but the bullish scenario after bullish running from 121.50 area should remain intact as long as price stay above 123.00 region.

GBPJPY Forecast

The GBPJPY didn’t make significant movement on Friday. The bias is neutral in nearest term but as you can see on my h4 chart below price still move consistently inside the bullish channel indicating the direction still more to the upside in general testing 139.34 area. Immediate support at 137.30. Break below that area could trigger further bearish pressure testing 136.65 region.

AUDUSD Forecast

The AUDUSD attempted to push lower on Friday, bottomed at 0.9000, closed higher at 0.9038 and keep retreat higher around 0.9070 at the time I wrote this comment. The bearish scenario after price break below the trendline support remains intact but a break above 0.9090 should lead us into no trading zone with potential resistance to be tested around 0.9140 even back towards 0.9250 region. On the downside, 0.8970 remains key support area at this phase.

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