Daily Forecast for Crosses: September 14

By @ibtimes on

EURJPY Forecast

The EURJPY had another volatile but indecisive movement yesterday, made another Doji on daily chart. The bias remains neutral in nearest term. A quick look at the hourly chart easily reveals that price is moving in a sideways mode since Monday but as long as price stays below the trend line resistance my overall technical outlook remains strongly to the downside, still targeting May 2001 low at 100.08. Immediate resistance is seen around 105.50. A clear break above that area could trigger further upside pullback testing 106.57 but overall I still prefer a bearish scenario at this phase. On the downside, we need a clear break and daily close below 103.88 to continue the bearish scenario.

GBPJPY  Forecast

The GBPJPY continued its bearish momentum yesterday and hit 121.14 earlier today in Asian session. The bias is bearish in nearest term and looks like the hammer formation bullish pullback scenario is diminishing now as price seems ready to resume its bearish scenario still targeting 118.83. Immediate support, which is also the nearest bearish target is seen around 120.00. Immediate resistance is seen around 121.60. A clear break back above that area could lead price to neutral zone in nearest term testing 122.00/50 but as long as price stays below 122.93 my overall intraday bias remains strongly to the downside.

AUDUSD Forecast

The AUDUSD was indecisive yesterday, made a Doji on daily chart but had a bearish momentum earlier today in Asian session hit 1.0209. The bias is bearish in nearest term testing 1.0120 and the lower line of my triangle as you can see on my daily chart below. Immediate resistance is seen around 1.0300. A clear break back above that area could lead price to neutral zone in nearest term as direction would become unclear. Price is now below EMA 200 on daily, h4 and hourly chart suggests a strong bearish outlook, but we need a clear break from the triangle to see a clearer long term direction.

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

.

Join the Discussion