Daily Forecast for Crosses: July 03

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 failed to continue it’s bullish momentum yesterday. On daily chart below we can see that the pair is now ready to challenge the trendline support. Violation to the trendline support should trigger further bearish scenario. The bias is bearish in nearest term testing 132.50 but remains neutral in medium term. Use only tight money management at this phase. Immediate resistance at 134.80. Break above that area should lead us into no trading zone.

GBPJPY Forecast
The GBPJPY had a bearish momentum yesterday. On h4 chart below we can see that the minor bullish channel has been violated to the downside and the price is now challenging the major trendline support. The bias is bearish in nearest term testing 155.50 area. Immediate resistance at 157.50. Break above that area should lead us into no trading zone.

AUDUSD Forecast
The AUDUSD had a bearish momentum yesterday. On h1 chart below we have confirmed bearish scenario indicated by violation of the neckline of H&S formation. The bias is bearish in nearest term testing 0.7850 but medium term bullish outlook remains intact so make sure to use only tight money management at this phase. Immediate resistance at 1.7980 followed by 0.8050. CCI just cross the -100 line up on h1 chart suggesting potential upside pressure.