Daily Forecast for Crosses: October 27
EURJPY Forecast
My concern about EURJPY is in transition and we need to wait for further development proved to be right. On daily chart below we can see that price failed to break the upper line of rectangle area at 138.68 and had a bearish momentum. I see interesting relation between the upper line of the rectangle area with the CCI, as you can see in my daily chart below. Every time price failed to break above the rectangle and CCI in overbought area, we had a significant bearish momentum towards the lower line. Now I am expecting the same thing, a bearish momentum at least targeting 136.26 area in nearest term. Only valid break above 138.68 area should lead us into new phase of the bullish scenario. Immediate resistance at 137.70 area. Break above that area should trigger further bullish momentum re-testing 138.68.
GBPJPY Forecast
The GBPJPY had indecisive movement yesterday. The pair attempted to push lower but failed to break convincingly below my support at 149.40 so far. I think we are in no trading zone but I am expecting another downside pressure re-testing 149.40 before aim for 147.03 area. Immediate resistance at 151.16 (yesterday’s high). Break above that area should trigger further upside pressure re-testing 153.20.
AUDUSD Forecast
The AUDUSD continued it’s moderate bearish momentum yesterday. For me, the fact that price able to move away from the bullish channel indicating potential downside pressure testing 0.9090 area but overall we still in range area of 0.9270 – 0.9090 area. Immediate resistance at 0.9180 – 0.9200 area. Break above that area should trigger further bullish momentum re-testing 0.9270.
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Daily Forecast for Crosses: October 27
