Daily Forecast for Crosses: May 04

By @ibtimes on

EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. On hourly chart below we can see price attempted to push higher but found a good resistance at the violated trend line support. This fact keeps the bearish phase intact testing 118.40/00 support area. Immediate resistance at 120.38. A clear break above that area would lead us to neutral zone in nearest term testing 121.00.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday after break below the bullish channel and now seems ready to test 132.97 support area as you can see on my h4 chart below. A clear break below that area could trigger further bearish pressure testing 131.93 even lower. Immediate resistance at 134.00. A clear break above that area would lead us to neutral zone in nearest term but as long as price moves below 135.00 the overall intraday bias should remain more to the downside.

AUDUSD Forecast

The AUDUSD continued its bearish correction yesterday and now seems ready to test 1.0770 as you can see on my daily chart below. A clear break below 1.0770 could continue the bearish correction testing 1.0581. Immediate resistance at 1.0865 (current high). A clear break above that area would lead us to neutral zone in nearest term testing 1.0930 and keep the major bullish scenario remains strong.

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