Daily Forecast for Crosses: November 10

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 bullish momentum yesterday. With all the noises from ECB and The Fed are now gone, I believe that yesterday’s bullish momentum is the real direction. The bias is bullish in nearest term targeting 135.70/90 area. Immediate support at 134.50 and the trendline support area. Break below that area should lead us into no trading zone as direction would become unclear for me.

GBPJPY Forecast
The GBPJPY had a significant bullish momentum yesterday. On daily chart below we can see that the pair is now convincingly traded above the trendline resistance (red, now support) indicating potential further bullish scenario. The bias is bullish in nearest term targeting 153.22 area. Immediate support at 150.20. Break below that area should lead us into no trading zone but I still prefer a bullish scenario at this phase.

AUDUSD Forecast
As I had expected, the AUDUSD continued it’s bullish momentum yesterday, topped at 0.9307 and closed at 0.9305. The bias remains bullish in nearest term but watch out for a potential double top formation around 0.9327 area. We need a breakout above that area to confirm bullish continuation targeting at least 0.9400 before aim for 0.9500 as usually a bearish correction/reversal scenario failure lead to the other scenario: bullish continuation. Immediate support at 0.9250. Break below that area should lead us into no trading zone but I still prefer a bullish scenario at this phase.