Daily Forecast for Crosses: November 17

on November 16 2009 8:30 PM

EURJPY Forecast

The EURJPY was indecisive yesterday. The pair failed to make a bullish momentum, but so far the 133.10 support area still hold. The bias is neutral in nearest term, but like I said yesterday, as long as the pair stay above the trendline support (red), I still prefer a bullish scenario. Immediate resistance at 134.00 and the trendline resistance area (blue). Break above that area should trigger further bullish momentum at least targeting 135.00 area.

GBPJPY Forecast

The GBPJPY made another indecisive movement yesterday, still trapped between two trendlines (triangle) as you can see in my daily chart below. I prefer a bullish scenario, but I think we are still in no trading zone area and need a break on either side to find clear direction. Be patient and do not rush jumping into the market at this phase. Immediate support at 149.10 (yesterday’s low). Break below that area should trigger further bearish momentum back towards 148.24 area and could be a could be a serious threat to my bullish outlook. Initial resistance at 150.35. Break above that area should trigger further bullish momentum testing the trendline resistance (blue) area.

AUDUSD Forecast

The AUDUSD made indecisive movement yesterday, but technically the pair able to stay above 0.9327 area so I think the pressure remains to the upside with technical target at 0.9400 – 0.9500 area. Only break below 0.9327 area could be seen as serious threat to my bullish outlook, re-testing 0.9180 area.

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