Daily Forecast for Crosses: September 16

EURJPY ForecastThe EURJPY had a moderate bullish momentum yesterday, topped at 133.75 and closed at 133.47. On h4 chart below we have a shooting star appeared after some bullish momentum indicating potential bearish correction testing the bearish channel upper line (red) area. However, I still prefer to stand aside since like I said yesterday, the pair is in no trading zone. Immediate support at 132.80 followed by 132.20. Initial resistance at 134.36.

GBPJPY ForecastThe GBPJPY attempted to push higher yesterday, topped at 151.74 but whipsawed to the downside and closed lower at 149.44. On my h4 chart below we can see that after had a significant bearish momentum from 163.05 and hit 149.02, the pair has been corrected higher but never really able to stay above the 23.6% Fibo before fell below it again. The bias is bearish in nearest term re-testing 149.02. Immediate resistance at 150.30. Break above that area should lead us into no trading zone.

AUDUSD ForecastThe AUDUSD made another indecisive movement yesterday, formed another a Doji on daily chart and we have 5 Dojis in a row for the last 5 trading days indicating a long consolidation after some bullish running. On h1 chart below we can see that the pair still trapped in range area of 0.8674 – 0.8570 area (0% – 23.6% Fibo retracement of 0.8239 – 0.8674) indicating consolidation but still in bullish context. I still prefer a bullish scenario but I think it’s better to stay out for now. The best place to put a long position is still around 0.8570 area with a tight stop loss or if we have a breakout above 0.8674 also with a tight stop loss.

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Daily Forecast for Crosses: September 15

EURJPY ForecastThe failed to continued it’s bearish momentum yesterday. The pair failed to move below 131.00 area, topped at 133.05 and closed at 132.94. On h4 chart below we can see that the pair is technically a mess as after break below the bullish channel (blue) and go inside the bearish channel (red) the pair is now back outside the bearish channel, which is for me a no trading zone, although the bias is bullish in nearest term testing 134.36. Immediate resistance is seen at 133.20 area. Consistent move above that area should trigger further bullish momentum towards 134.36. Initial support at 132.00 area.

GBPJPY ForecastThe GBPJPY bearish momentum was paused yesterday. The pair attempted to push lower, bottomed at 149.88 but whipsawed to the upside and closed higher at 150.62. The bias is bullish in nearest term testing 152.30 area but I still prefer a bearish scenario, so I will stay out for now. Immediate support at 150.80 area. Break below that area should trigger further bearish momentum re-testing 149.88 area (yesterday’s low).

AUDUSD ForecastThe AUDUSD made indecisive movement yesterday, formed a Doji on daily chart. On h1 chart below we can see that the pair actually still trapped in range area of 0.8674 – 0.8570 area (0% – 23.6% Fibo retracement of 0.8239 – 0.8674) indicating consolidation but still in bullish context. I still prefer a bullish scenario but I think it’s better to stay out for now. The best place to put a long position is still around 0.8500 area with a tight stop loss. CCI just cross the 100 line down on h1 chart suggesting potential downside pressure.

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