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Daily Forecast for Crosses: August 30

Daily Forecast for Crosses: August 30
Tuesday, August 30th, 2011 @ 5:01 am by Setyo Wibowo

About Setyo Wibowo:

Setyo Wibowo Living in East Java, Indonesia and holding International Relations degree, Setyo Wibowo began his forex trading career by joining Fortune Channel Investment in 2000 as a market analyst, while learning to trade forex independently on his own. Driven by his desire to share his trading experiences and ideas, Setyo joined the FX Instructor team in 2008. Setyo Wibowo is now living in Mojokerto, East Java, Indonesia.

About Me My Articles

EURJPY Forecast
The EURJPY had a bullish momentum yesterday and now seems ready to test the trend line resistance and 112.50 region. The ascending triangle bullish scenario still looks strong, ready to challenge the major bearish scenario. A clear break above the trend line resistance and 112.50 region is a threat to the bearish scenario testing 113.40 which could be the early signal of a bullish reversal scenario. Immediate support is seen around 111.40. A clear break below that area could lead price to a neutral zone in nearest term testing 111.00 – 110.50. A clear break back below 110.50 would keep the bearish scenario remains strong retesting 109.45.

GBPJPY  Forecast
The GBPJPY had a bullish pullback yesterday and now seems ready to test the trend line resistance and 127.00/30 resistance area. As long as price stays below the trend line resistance the major bearish scenario remains intact, but a clear break above the trend line resistance could be a threat to the bearish scenario even could be an early signal of a new bullish reversal scenario. The trend line resistance and 127.00/30 area is a good place for a short position due to a good risk reward ratio, a tight stop loss above 127.30 and nearest target remains around 124.85.

AUDUSD Forecast
The AUDUSD made a valid breakout above the range area yesterday, topped at 1.0678 and closed at 1.0667. This fact is a part of bullish continuation scenario after bounced from the trend line support as you can see on my daily chart below. The bias remains bullish in nearest term testing 1.0785 region. On the downside, only a movement back below 1.0600 could stop the current bullish intraday outlook.

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