Daily Forecast for Crosses: September 10

 @ibtimes
on September 09 2009 4:19 PM

EURJPY Forecast

The EURJPY had indecisive movement yesterday. The pair attempted to push higher, topped at 134.38 but further bullish momentum was rejected as the pair closed lower at 133.92. On my h4 chart below we can see that the pair is trapped in range area of 134.50 – 133.60. We still have a valid bullish channel (blue) after violation of bearish channel (red), so I still prefer a breakout to the upside and continue bullish movement towards 135.30 area. However the bias is neutral in nearest term and do not rush jump into the market. Immediate support at 133.60. Break below that area could also be considered as violation to the bullish channel and threat the current bullish outlook.

GBPJPY Forecast

The GBPJPY made another indecisive movement yesterday. On h4 chart below we can see that the pair still struggling around 23.6 Fibo retracement of 163.05 – 149.02. The bias remains neutral in nearest term and I prefer to stand aside for now. We have an important technical point, where price is now testing the bullish channel. A violation to the bullish channel should be seen as potential threat to the current bullish correction and could trigger further bearish momentum at least towards 151.31 area. Immediate resistance at 153.00/30 area. Break above that area should trigger further bullish momentum targeting 154.35 area.

AUDUSD Forecast

The AUDUSD had a volatile market yesterday. On my h1 chart below we can see that the price made a false breakout to triangle 3 before made a breakdown then move higher and lower, made triangle 4. I think it’s better to stand aside for now and wait for further development. I prefer a breakout from triangle 4 and continue bullish scenario since these triangle are formed inside the bullish channel so consolidations must be seen in bullish context, except the bullish channel violated to the downside. Immediate support at 0.8564 (yesterday’s low). Break below that area could also be a potential violation to the bullish channel and lead us into no trading zone. Initial resistance at 0.8667 (yesterday’s high). Break above that area should trigger further bullish momentum targeting 0.8730.

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