Daily Forecast for Crosses: November 16
EURJPY Forecast
The EURJPY attempted to push lower on Friday, bottomed at 132.84 but closed higher at 133.60. On h4 chart below we can see that the bearish pressure was rejected by the trendline support (red) and price now bounce to the upside. As long as the trendline support hold, the bias is more to the upside testing 135.00 in nearest term. Immediate support at 133.10 area. Break below that area should trigger further downside pressure testing the trendline support area.
GBPJPY Forecast
The GBPJPY made indecisive movement on Friday. As you can see on my daily chart below, price still moving between trendline support and resistance (triangle) but I hope break on either side is imminent so we can see clearer direction. Breakout to the upside should confirm bullish scenario with technical target at least at 153.22. Breakdown to the downside should trigger bearish momentum at least towards 148.24 even 146.36 area.
AUDUSD Forecast
The AUDUSD had a significant bullish on Friday. On h4 chart below, we can see that again, price break above 0.9327. Technical bias is bullish in nearest term with 0.9400 – 0.9500 as potential target. However, false breakout on Thursday should be our concern as it might happen again this time. We need consistent move above 0.9370 area to confirm the bullish continuation scenario. The situation could be very tricky at this phase so do not rush jump into the market. Another break below 0.9327 should lead us into no trading zone as direction would become unclear for me.
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Daily Forecast for Crosses: November 16
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