Daily Forecast for Crosses: July 23
23 Jul, 2012 @ 03:52 am BST | By swibowo
The EURJPY continued its bearish momentum last week and hit 94.22 earlier today. The bias remains bearish in nearest term testing 94.00 – 93.50 support area. Immediate resistance is seen around 95.60. A clear break above that area could lead price to neutral zone in nearest term as direction would become unclear but overall I still prefer a bearish scenario at this phase.
The GBPJPY continued its bearish momentum last week, closed below 123.00 and hit 121.26 earlier today. The bias is bearish in nearest term testing 120.40. I am still in a bearish mode and the current strong bearish outlook can only be interrupted by a clear break back above 123.00.
The AUDUSD was corrected lower on Friday and slipped below 1.0300 earlier today on broad US Dollar strength. The bias is bearish in nearest term testing 1.0200 but as long as stays inside the bullish channel (see my daily chart below) I remain bullish and still prefer to buy on dips.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.
For more forex information, go to FxInstructor.com