Daily Forecast for Crosses: November 25

By @ibtimes on

EURJPY Forecast

The EURJPY was indecisive yesterday. However, my overall intraday bias remains to the downside testing 102.20 – 100.74. Immediate resistance is seen around 103.45 (yesterday’s high). A clear break above that area could trigger further upside pressure testing 104.00/40 but only a clear break and daily close above 104.95 would stop the current bearish intraday outlook.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday, bottomed at 119.34 and closed at 119.42. The bias remains bearish in nearest term testing 119.00. A clear break and daily close below that area could trigger further bearish pressure testing 118.00 – 117.75 before testing the double bottom around 116.90. Immediate resistance is seen around 120.00/50. A clear break above that area could lead price to neutral zone in nearest term but only a clear break and daily close above 122.62 could stop the bearish intraday outlook and turn my intraday bias to a bullish mode.

AUDUSD Forecast

The AUDUSD attempted to push higher yesterday, topped at 0.9784 but whipsawed to the downside, closed at 0.9702 and hit 0.9682 earlier today in Asian session. The bias remains bearish in nearest term testing 0.9620. A clear break and daily close below that area could trigger further bearish scenario retesting 0.9400 key support area. Immediate resistance is seen around 0.9800. A clear break above that area could lead price to neutral zone in nearest term but any upside pullback after strong bearish momentum is normal and only a clear break above 0.9925 would diminish the current bearish outlook.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.

Join the Discussion