Daily Forecast for Crosses: May 03

By @ibtimes on

EURJPY Forecast

The EURJPY attempted to push higher yesterday, topped at 121.02 but whipsawed to the downside and hit 119.74 earlier today in Asian session. On hourly chart below we can see the trend line support has been broken to the downside suggests potential further bearish pressure testing 119.50 – 118.40 support area. On the upside, immediate resistance at 120.38 (former support). A clear break above that area would lead us to neutral zone in nearest term as direction would become unclear testing 121.00 resistance area.

GBPJPY  Forecast

The GBPJPY continued its bearish pressure yesterday and hit 134.37 earlier today in Asian session. On hourly chart below we can see the bullish channel has been violated to the downside suggests a serious threat to the major bullish outlook. The bias is bearish in nearest term testing 133.75 – 132.97. Immediate resistance at 135.00. A clear break above that area would lead us to neutral zone in nearest term testing 135.90 but would keep the major bullish scenario intact.

AUDUSD Forecast

The AUDUSD was corrected lower earlier today in Asian session and hit 1.0887 after made a new historical high at 1.1010. The bias is bearish in nearest term especially if price able to make a clear break below 1.0877 testing 1.0820 but note that the major scenario remains strongly bullish and any downside momentum now should be seen just as a corrective movement. Immediate resistance at 1.0950. A clear break above that area would lead us to neutral zone in nearest term but would keep the major bullish scenario strong still targeting 1.1050 – 1.1100 new historical high projection.

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