Daily Forecast for Crosses: October 11

By @ibtimes on

EURJPY Forecast

The EURJPY had a significant bullish momentum yesterday, broke above the minor trend line resistance (red) and closed above 103.50/80, but found a good resistance around 104.95 as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make another break above 104.95 testing 106.97 and the major trend line resistance (white). Immediate support is seen around 103.80. A clear break back below that area could lead price to neutral zone in nearest term but only a movement back below 102.65 could end the current strong bullish correction phase.

GBPJPY  Forecast

The GBPJPY continued its bullish intraday bias yesterday, topped at 120.27 and closed at 119.92. Although the bullish momentum was less than I had expected, my overall intraday bias remains to the upside, still testing 120.50/80 area. A clear break and daily close above that area would give further confirmation to the bullish reversal scenario suggest by the double bottom formation testing the trend line resistance. Immediate support remains around 119.00/20. A clear break back below that area could stop the current bullish intraday bias testing 118.20/00 but only a clear break and daily close below 116.82 could trigger further bearish continuation scenario aiming for new record low as the double bottom bullish scenario will be cancelled.

AUDUSD Forecast

The AUDUSD had a bullish momentum yesterday, slipped above 0.9975 and now struggling around that area as a part of the bullish intraday continuation after bounced from 0.9400 and broke above the trend line resistance as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make another break above 1.0000 testing 1.0070 and 1.0180 area. Immediate support is seen around 0.9949 (current low). A clear break below that area would lead price to neutral zone in nearest term testing 0.9877 but only a clear break back below 0.9700 could stop the current short term bullish outlook and keep price in wide range area of 0.9975 – 0.9400 from a h4 chart perspective.

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