Daily Forecast for Crosses: May 13

By @ibtimes on

EURJPY Forecast

The EURJPY was volatile but indecisive yesterday. Price attempted to push lower, bottomed at 114.17 but closed higher at 115.27. There are some downside pressures earlier today in Asian session and another clear break below 114.50 could trigger another bearish pressure retesting 114.00 support area. A clear break below 114.00 could continue the bearish scenario testing 112.05. Immediate resistance remains around 116.00 followed by 117.00/50.

GBPJPY  Forecast

The GBPJPY had a bearish momentum yesterday after unable to make a clear break above 132.97 and hit 131.27 earlier today in Asian session. The bias is bearish in nearest term but we seem to have a good intraday support around 130.90 as you can see on my h4 chart below. We need a clear break below that area to continue the bearish scenario testing 130.20. A clear break below 130.20 could continue the bearish scenario testing 129.16 support area. Immediate resistance at 132.00. A clear break above that area would lead us to neutral zone in nearest term as direction would become unclear testing 132.97 but overall I still prefer a bearish scenario at this phase.

AUDUSD Forecast

The AUDUSD attempted to push lower yesterday but still unable to make a clear break below 1.0581/40 support area and traded higher around 1.0627 at the time I wrote this comment. The bias is neutral in nearest term. On daily chart below we can see that after the fall from 1.1010 historical high, price made a lower high at 1.0887 where a trend line resistance can be drawn. As long as price stays below 1.0887 and the trend line resistance, this pair is still in a bearish correction outlook, but need a clear break below 1.0581/40 to continue the bearish phase testing 1.0440 even lower. Immediate resistance remains around 1.0704 (yesterday’s high). A clear break above that area could trigger further bullish pressure testing 1.0750 – 1.0779 resistance area, even testing the trend line resistance. The major bullish scenario remains intact but my bullish mode will be reactivated at least by a movement above the trend line resistance and 1.0887, aiming for another new historical high.

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