Daily Forecast for Crosses: December 02

About 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.

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EURJPY Forecast
The EURJPY continued its bullish momentum yesterday, topped at 131.26 and closed at 130.74. Price had a nice bullish momentum in Asian session but moved in small range on European and US session. The bias remains bullish at least targeting 131.75 and testing the major trendline resistance area. It’s too early for a bullish reversal scenario, but once the trendline resistance violated convincingly to the upside, the bullish reversal scenario is confirmed at least targeting 132.20 and 133.20 area. CCI in overbought area and about to cross the 100 line down on h4 chart so watch out for potential downside pullback testing 130.35 support area. Break below that area should trigger further bearish momentum re-testing 129.00 area but I prefer to buy the dips as intervention threat could provide long position opportunity every time price attempt to push lower.

GBPJPY Forecast
The GBPJPY had a bullish momentum yesterday, topped at 144.41 and closed at 144.03. The bullish correction scenario triggered by the hammer formation should remains intact, but we need a valid break above 144.60 key resistance area to continue bullish towards 148.50 thus potentially become a serious threat to the technical bearish view in longer term. In current situation, where Japanese government wants a weaker Yen, bullish reversal scenario is wide open. However CCI in overbought area and heading down in h4 chart so watch out for potential downside pressure testing immediate support around 143.50. Break below that area should trigger further bearish pressure testing 142.50 area but I prefer to buy the dips as intervention threat could provide long position opportunity every time price attempt to push lower.

AUDUSD Forecast
The AUDUSD had a bullish momentum yesterday. On h4 chart below we can see how price made a good bullish momentum, made a long bullish candle after break above 0.9180 resistance area (now support). The bias is bullish in nearest term as bullish scenario triggered by hammer formation surely remains intact targeting 0.9327. Immediate support at 0.9180. Break below that area should lead us into no trading zone as direction would become unclear for me.