Daily Forecast for Crosses: October 26

By @ibtimes on

EURJPY Forecast

The EURJPY had another indecisive movement yesterday. There are no changes in my technical outlook. Price has been trapped in range area of 106.50 – 104.95 since last week and need a clear break from the range area to see clearer intraday direction. I still prefer a bullish intraday scenario at this phase and 104.95 remains a good area for a long position with a tight stop loss. On the upside, a clear break and daily close above 106.50 could trigger further bullish pressure testing the major trend line resistance and 108.00 area.

GBPJPY  Forecast

The GBPJPY had another volatile but indecisive movement yesterday, made another Doji on daily chart. There are no changes in my technical outlook. The bias remains neutral in nearest term with potential daily range between 122.62 – 120.00. I still prefer a bullish intraday scenario at this phase and only a clear break and daily close back below 120.00 could stop the current bullish intraday outlook, challenging the double bottom formation. On the upside, a clear break and daily close above 122.62 would give further confirmation to the double bottom bullish reversal scenario.

AUDUSD Forecast

The AUDUSD bullish momentum was stopped yesterday and hit 1.0355 earlier today in Asian session. I still prefer a bullish intraday scenario at this phase but need another movement back above 1.0400 to keep the bullish scenario strong, still testing 1.0530 and 1.0660. Immediate support is seen around 1.0320 – 1.0280. I do not expect any movement/daily close below that area at this phase as it would be a threat to the bullish intraday outlook testing 1.0200 even 1.0110.

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