Daily Forecast for Crosses: November 09

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 had a bearish momentum yesterday, break below my trendline, as you can see in my daily chart below. However, like I said, last week movement was driven by many important big news and data in the market such as ECB and The Fed economy outlook and US employment data on Friday, so I think the fact that price now traded below the trendline could be another misleading bearish signal, as we can clearly see, happened several times last week. The bearish momentum was caused by risk aversion sentiment on bad US employment numbers. The fact that risk aversion had a very limited impact on EURUSD might reduce bearish momentum on EURJPY. I think I will keep stay out from the market now and wait for further development. If we have significant upside pullback and bring the pair above the trendline, I am in bullish mode.

GBPJPY Forecast
The GBPJPY had a bearish momentum on Friday, bottomed at 148.39 but closed higher at 149.26 and keep moving higher earlier today in Asian session around 149.85 at the time I wrote this comment, as you can see in my daily chart below, struggling around the trendline resistance again. The trendline resistance (red), compared to the trendline support (blue) has been tested more often as price touched and slipped above it several times indicating the pressure is more to the upside and I still prefer a bullish scenario at least re-testing 151.29 area. Immediate support at 149.00. Break below that area should trigger further bearish momentum but lead us into no trading zone as direction would become unclear for me.

AUDUSD Forecast
As I had expected, the AUDUSD continued it’s bullish scenario on Friday, topped at 0.9197 and closed at 0.9187 and keep moving higher around 0.9258 earlier today in Asian market at the time I wrote this comment. The bias is bullish targeting at least 0.9327 – 0.9400 before aim for 0.9500 area. Immediate support at 0.9180. Break below that area should lead us into no trading zone as nearest direction would become unclear for me but I still prefer a bullish scenario.