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Daily Forecast for Crosses: July 29

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07/28/2010 08:40

EURJPY Forecast
The EURJPY failed to continue its bullish momentum yesterday and slipped below 113.50 indicating potential bullish failure and a false breakout scenario. I will stand aside from this phase for now. Immediate support at 112.70/60 region. Break below that area could trigger further downside pressure testing 111.60/50 area. On the upside, 115.50 and 117.00 remains the nearest bullish targets.

GBPJPY Forecast
The GBPJPY attempted to push higher yesterday, topped at 137.55 but closed lower at 136.18. On h1 chart below we have a descending triangle formation indicating potential bearish in nearest term especially if price breakdown below the triangle targeting 135.50/15 region. On the other hand, breakout above the triangle could trigger further upside momentum re-testing 137.55 as bearish scenario fails.

AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday. The rising wedge formation bearish warning is now become more real, threat the bullish scenario especially if price able to move consistently below the formation and 0.8858 key support area at least testing 0.8770. Immediate resistance at 0.8980 area. Break above that area could trigger further upside pressure testing 0.9025/70 region.

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History

07/28/2010
GBPUSD Daily Forecast: July 29
07/28/2010
USDJPY Daily Forecast: July 29
07/28/2010
USDCHF Daily Forecast: July 29
07/28/2010
EUR/USD Daily Review 28 Jul 10
07/27/2010
EURUSD Daily Forecast: July 28

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